REGISTERED NUMBER: 01856576 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

PLASTICA LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

E H Campbell-Salmon

A P Adlington

D Sawyer

T Campbell-Salmon

F McCallough

SECRETARY:

E H Campbell-Salmon

REGISTERED OFFICE:

Perimeter House

Napier Road

St Leonards on Sea

East Sussex

TN38 9NY

REGISTERED NUMBER:

01856576 (England and Wales)

AUDITORS:

Ashdown Hurrey Auditors Limited

Statutory Auditor

20 Havelock Road

Hastings

East Sussex

TN34 1BP

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

Key Performance Indicators

Turnover

Gross profit

Pre tax profit/(loss)

2025

£7,360,633

£2,396,527

(£244,913)

2024

£7,712,897

£2,586,559

(£330,645)

2023

£8,061,558

£3,026,832

£189,297

2022

£8,952,980

£3,425,217

£517,462

2021

£11,393,769

£4,413,280

£1,591,165

The company has experienced another challenging year, with turnover reducing to £7.36 million compared with £7.71 million in 2024. The swimming pool market continues to be affected by reduced consumer disposable income, with customers facing increased household costs and consequently having less discretionary income available for swimming pool installations and related products.

The business has also continued to experience significant cost pressures during the year. In particular, high business rates, increased energy costs and higher employment costs have placed further pressure on margins. The increase in minimum pay rates during the year, together with the additional cost of employer National Insurance contributions, has further increased the cost base of the business. The National Living Wage increased by 6.7% from April 2025, while employer National Insurance rates also increased during the year.

Despite the reduction in turnover, the company has maintained a significant share of its market and continues to be well placed to navigate the current economic environment. Gross profit for the year was £2.40 million, representing a reduction from £2.59 million in 2024.

The pre-tax loss for the year was £244,913, an improvement on the loss of £330,645 reported in 2024. The directors remain focused on managing costs, protecting margins and ensuring that the business remains competitive in what continues to be a challenging market.

PRINCIPAL RISKS AND UNCERTAINTIES

Although inflationary pressures have eased from their previous levels, the company continues to face a difficult trading environment.

The business remains heavily dependent on consumer confidence and disposable income, as expenditure on swimming pools and related products is discretionary. Continued pressure on household finances could therefore adversely affect demand.

The company is also exposed to increases in operating costs, including energy prices, business rates, employment costs and raw material costs. In particular, increases in minimum pay rates and employer National Insurance contributions have increased the cost of employing staff and may place further pressure on margins.

The business operates within a competitive market and continues to review its pricing strategy to ensure that appropriate margins are maintained whilst remaining competitive.

FUTURE DEVELOPMENTS

The company continues to look for opportunities to modernise its operations, improve efficiency and invest in the machinery and processes required to support the business.

The business is also continuing to explore opportunities to expand its range of non-swimming pool related products. The aim is to reduce the seasonal nature of the business and diversify into new market opportunities, thereby reducing reliance on the traditional swimming pool market.

The directors remain focused on maintaining tight control over costs and improving operational efficiency while continuing to provide competitive products to the market.

The company remains cash positive and is therefore in a strong position to withstand the current challenging trading conditions and take advantage of suitable opportunities for future growth.

ON BEHALF OF THE BOARD:

E H Campbell-Salmon - Director

5 September 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the purchase, manufacture and distribution of swimming pool related products.

DIVIDENDS

Dividends paid during the year totalled £1,250,000 (2024: £nil).

DIRECTORS

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

E H Campbell-Salmon

A P Adlington

D Sawyer

T Campbell-Salmon

F McCallough

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, operating lease agreements and directors' loans. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

The company's operating lease commitments are in respect of the property from which the business operates. The liquidity risk in respect of these is managed by maintaining healthy cash reserves to fund these commitments as they fall due.

The company's trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Ashdown Hurrey Auditors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E H Campbell-Salmon - Director

5 September 2026

Opinion

We have audited the financial statements of Plastica Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2025 and of its loss 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of 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 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 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.

During the planning stage of this audit we considered the laws and regulations relevant to the company, this process included enquiry of management, those charged with governance and a review of the prior year file. This review revealed that the company operates under the Control of Major Accident Hazards (COMAH) legislation. There were also a number of general laws and regulations which were identified as applicable.

Consideration was given to the potential of management override of systems and controls and the possibility of fraud in relation to revenue recognition.

These points were discussed during the audit planning meeting held by the team.

During the course of this audit the team discussed these areas with senior members of staff and also carried out a review of legal expenses for any evidence of such. Minutes of Management and Board meetings were further reviewed. Systems and walkthrough testing was carried out along with detailed testing of revenue.

We are therefore of the opinion that given the risk level identified, our procedures planned and undertaken are adequate for detecting irregularities.

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.

Daniel Oliver FCCA (Senior Statutory Auditor)

for and on behalf of Ashdown Hurrey Auditors Limited

Statutory Auditor

20 Havelock Road

Hastings

East Sussex

TN34 1BP

5 September 2026

TURNOVER

3

7,360,633

7,712,897

Cost of sales

(4,964,106

)

(5,126,338

)

GROSS PROFIT

2,396,527

2,586,559

Administrative expenses

(2,655,002

)

(2,925,825

)

OPERATING LOSS

5

(258,475

)

(339,266

)

Interest receivable and similar income

14,386

11,019

Interest payable and similar expenses

6

(824

)

(2,398

)

LOSS BEFORE TAXATION

(244,913

)

(330,645

)

Tax on loss

7

7,467

22,377

LOSS FOR THE FINANCIAL YEAR

(237,446

)

(308,268

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(237,446

)

(308,268

)

FIXED ASSETS

Intangible assets

9

25,594

-

Tangible assets

10

711,162

756,838

736,756

756,838

CURRENT ASSETS

Stocks

11

2,474,154

2,991,490

Debtors

12

815,575

759,535

Cash at bank and in hand

1,048,043

2,008,880

4,337,772

5,759,905

CREDITORS

Amounts falling due within one year

13

506,195

451,267

NET CURRENT ASSETS

3,831,577

5,308,638

TOTAL ASSETS LESS CURRENT LIABILITIES

4,568,333

6,065,476

CREDITORS

Amounts falling due after more than one year

14

-

(2,230

)

PROVISIONS FOR LIABILITIES

16

(160,622

)

(168,089

)

NET ASSETS

4,407,711

5,895,157

CAPITAL AND RESERVES

Called up share capital

17

25,000

25,000

Retained earnings

18

4,382,711

5,870,157

SHAREHOLDERS' FUNDS

4,407,711

5,895,157

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2026 and were signed on its behalf by:

E H Campbell-Salmon - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

25,000

6,178,425

6,203,425

Changes in equity

Total comprehensive loss

-

(308,268

)

(308,268

)

Balance at 31 December 2024

25,000

5,870,157

5,895,157

Changes in equity

Dividends

-

(1,250,000

)

(1,250,000

)

Total comprehensive loss

-

(237,446

)

(237,446

)

Balance at 31 December 2025

25,000

4,382,711

4,407,711

Cash flows from operating activities

Cash generated from operations

1

443,538

174,949

Interest element of hire purchase payments paid

(824

)

(2,398

)

Tax paid

4,699

(4,664

)

Net cash from operating activities

447,413

167,887

Cash flows from investing activities

Purchase of intangible fixed assets

(26,250

)

-

Purchase of tangible fixed assets

(146,641

)

(113,266

)

Sale of tangible fixed assets

12,347

22,101

Interest received

14,386

11,019

Inter company loan

150

3,029

Net cash from investing activities

(146,008

)

(77,117

)

Cash flows from financing activities

Capital repayments on HPs in year

(12,242

)

(35,626

)

Equity dividends paid

(1,250,000

)

-

Net cash from financing activities

(1,262,242

)

(35,626

)

(Decrease)/increase in cash and cash equivalents

(960,837

)

55,144

Cash and cash equivalents at beginning of year

2

2,008,880

1,953,736

Cash and cash equivalents at end of year

2

1,048,043

2,008,880

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

31.12.25

31.12.24

£

£

Loss before taxation

(244,913

)

(330,645

)

Depreciation charges

175,734

198,157

Loss on disposal of fixed assets

4,894

2,902

Finance costs

824

2,398

Finance income

(14,386

)

(11,019

)

(77,847

)

(138,207

)

Decrease in stocks

517,336

465,395

Increase in trade and other debtors

(60,741

)

(111,840

)

Increase/(decrease) in trade and other creditors

64,790

(40,399

)

Cash generated from operations

443,538

174,949

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

1,048,043

2,008,880

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,008,880

1,953,736

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

2,008,880

(960,837

)

1,048,043

2,008,880

(960,837

)

1,048,043

Debt

Finance leases

(14,467

)

12,242

(2,225

)

(14,467

)

12,242

(2,225

)

Total

1,994,413

(948,595

)

1,045,818

1.	STATUTORY INFORMATION

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

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements.

The company has substantial net current assets and net assets, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. The directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Turnover

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

Turnover represents the sale of products stocked by the company and is recognised at the point when the goods leave Plastica's premises.

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

-

25% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued by the company using a Standard Costing method as is common with manufacturers. This standard cost is periodically reviewed to ensure that it also reflects actual cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Forward purchase contracts for foreign currency are valued in accordance with FRS102. Gains or losses on these are included within the profit & loss account.

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.

Financial instruments

The company accounts for financial instruments using the measurement requirements of FRS102.

In respect of Currency forwards the company accounts for any differences between the contract and year end rates as necessary, unless the amount is deemed immaterial to the financial statements. These contracts are valued at fair value, with any changes being made through the Profit and Loss account.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

6,974,760

7,271,386

Europe

385,873

441,511

7,360,633

7,712,897

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

2,139,281

2,234,887

Social security costs

242,480

213,794

Other pension costs

53,467

52,856

2,435,228

2,501,537

The average number of employees during the year was as follows:

31.12.25

31.12.24

Office and administration

32

36

Production and sales

37

35

69

71

31.12.25

31.12.24

£

£

Directors' remuneration

153,058

163,296

5.	OPERATING LOSS

The operating loss is stated after charging:

31.12.25

31.12.24

£

£

Other operating leases

276,350

278,567

Depreciation - owned assets

168,423

192,039

Depreciation - assets on hire purchase contracts

6,653

6,118

Loss on disposal of fixed assets

4,894

2,902

Licences amortisation

656

-

Auditors' remuneration

25,500

23,750

Auditors' remuneration for non audit work

5,800

11,320

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Hire purchase

824

2,398

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

-

(4,699

)

Deferred tax

(7,467

)

(17,678

)

Tax on loss

(7,467

)

(22,377

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Loss before tax

(244,913

)

(330,645

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(61,228

)

(82,661

)

Effects of:

Expenses not deductible for tax purposes

156

338

Depreciation in excess of capital allowances

9,177

19,715

Utilisation of tax losses

(3,597

)

-

Movement in deferred taxation provision

(7,467

)

(17,678

)

provision

Tax losses surrendered for Group Relief

55,492

53,641

Tax losses carried forward

-

4,268

Total tax credit

(7,467

)

(22,377

)

8.

DIVIDENDS

31.12.25

31.12.24

£

£

Ordinary shares of £1 each

Interim

1,250,000

-

9.	INTANGIBLE FIXED ASSETS

Licences

£

COST

Additions

26,250

At 31 December 2025

26,250

AMORTISATION

Amortisation for year

656

At 31 December 2025

656

NET BOOK VALUE

At 31 December 2025

25,594