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Registered number: 03361843
ACTIVE-PCB SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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ACTIVE-PCB SOLUTIONS LIMITED
COMPANY INFORMATION
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M A Covacha (resigned 20 January 2025)
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T N Murphy (resigned 20 January 2025)
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G J Turner (resigned 20 January 2025)
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M G D Hurley (resigned 20 January 2025)
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D Curran (appointed 20 January 2025)
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Unit B and C, 1-3, Acre Road
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James Cowper Kreston Audit
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Chartered Accountants and Statutory Auditor
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ACTIVE-PCB SOLUTIONS LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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ACTIVE-PCB SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
The directors present the strategic report for the period ended 30th September 2025.
The Company was acquired by Agile Circuit Technology Group Ltd on 20th January 2025 (Agile, or the Group). Consequently, we have extended our accounting period to bring our year end into line with that of Agile at 30th September. While comparability between different length accounting periods is not like for like, the Company has experienced some slowdown in activity in the latter part of the period as a result of global factors, US tariffs and uncertainty ahead of the UK budget, as well as the delay of a number of customer projects. In spite of this, the Company remains strongly profitable, with strong liquidity.
The Company and Group continued to invest in increased capacity to ensure the necessary resources are in place to support ongoing growth plans.
The Directors are confident that the Company’s strong financial performance will continue.
Results
The Company made a pre-tax profit of £2.40m (2024: £1.65m) for the period on a turnover of £34.28m (2024: £25.60m).
At 30th September 2025 the Company had net assets of £7.73m (2024: £5.95m).
Principal risks and uncertainties
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The Directors believe that the main risks and uncertainties remain that of a general downturn in the economy or a major change in current technologies. The Company seeks to mitigate these risks through proactive engagement with the market.
Other potential risks could arise from significant fluctuations in foreign currency, the failure of a significant customer or component availability issues. Currency and component risks are mitigated by our project-based component ordering model.
Financial key performance indicators
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In the opinion of the Directors, the Key Performance Indicator necessary for an understanding of the development and performance of the business is turnover. As noted above, like for like turnover decreased during the period. The Directors believe that this decrease is the result of temporary factors.
Gross margin increased to 24.1% from the prior year 22% with a greater proportion of activity contributed by assembly versus materials sales.
In addition, the order book and sales order pipelines are key leading indicators of future demand. The Company’s order book and sales order pipelines remain sufficient to support expected activity levels. The Company holds appropriate stock levels to meet the requirements of scheduled customer orders.
This report was approved by the Board and signed on its behalf.
Page 1
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ACTIVE-PCB SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
This report was approved by the board and signed on its behalf.
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D Curran
Director
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Page 2
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ACTIVE-PCB SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
The directors present their report and the financial statements for the period ended 30 September 2025.
The directors who served during the period were:
M A Covacha (resigned 20 January 2025)
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T N Murphy (resigned 20 January 2025)
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G J Turner (resigned 20 January 2025)
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M G D Hurley (resigned 20 January 2025)
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D Curran (appointed 20 January 2025)
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Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 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.
The principal activity of the company continued to be the design and assembly of printed circuit boards and ancillary electronic products.
The profit for the period, after taxation, amounted to £1,967 thousand (2024 - £1,224 thousand).
Ordinary dividend were paid amounting £182k (2024: £313k). The directors do not recommend payment of a further dividend.
Page 3
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ACTIVE-PCB SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
As disclosed in note 2.16, the Company does not make use of complex financial instruments beyond those that arise in the normal course of business. The principal material associated risk is credit risk on trade debtors. Where possible, we secure credit insurance on key counterparties and otherwise seek to limit overall exposures to individual customers.
Research and development activities
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The company has continued its Research and Development investment into innovative electronic products; mainly in areas of monitoring and transportation.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditor, James Cowper Kreston Audit, 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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D Curran
Director
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Page 4
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ACTIVE-PCB SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTIVE-PCB SOLUTIONS LIMITED
We have audited the financial statements of Active-PCB Solutions Limited (the 'Company') for the period ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 30 September 2025 and of its profit for the period 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.
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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
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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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
Page 5
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ACTIVE-PCB SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTIVE-PCB SOLUTIONS LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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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 period 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.
Matters on which we are required to report by exception
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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.
We have nothing to report in respect of the following matters in relation to which 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
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As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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.
Auditor's responsibilities for the audit of the financial statements
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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 Auditor's 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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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ACTIVE-PCB SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTIVE-PCB SOLUTIONS LIMITED (CONTINUED)
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to 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 evidence of 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 Auditor's 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 an Auditor's 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.
Darren O'Connor BSc (Hons) ACA FCCA (Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor
Apex
Forbury Road
Reading
Berkshire
RG1 1AX
23 October 2026
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ACTIVE-PCB SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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Period ended
30 September
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial period
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There was no other comprehensive income for 2025 (2024:£NIL).
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The notes on pages 11 to 26 form part of these financial statements.
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Page 8
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ACTIVE-PCB SOLUTIONS LIMITED
REGISTERED NUMBER: 03361843
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
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Period ended 30 September
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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D Curran
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Page 9
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ACTIVE-PCB SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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Dividends: Equity capital
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
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Dividends: Equity capital
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The notes on pages 11 to 26 form part of these financial statements.
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Page 10
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Active-PCB Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B and C, 1-3, Acre Road, Reading, Berkshire, RG2 OSU.
In the current year the Company extended their year end to 30 September 2025.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of PJ George Topco Ltd as at 30 September 2025 and these financial statements may be obtained from their registered office.
The financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, the directors have considered the wider Group's financial position, cash
flow forecasts and available funding facilities for a period of at least twelve months from the date of approval of the financial statements. During the period, one of the Group company's breached certain covenants attached to its borrowing facilities. The lender formally waived these breaches and has provided written confirmation that, where future covenant breaches are considered likely during the twelve months following approval of the financial statements, it intends to provide further waivers. Based on this support, together with the wider Group's forecasts and funding arrangements, the directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
Page 11
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The Company procures electronic components for assembly into printed circuit boards and ancillary electronic products. Most normally, procurement and assembly services are sold as one turnkey service. In some cases, materials purchased for use on assembled product are sold to customers separately from the assembly work. We only recognise revenue for the sale of materials to customers where ownership risks and rewards have passed entirely to the customer. Regardless of whether materials and assembly work are invoiced separately to customers, we only invoice for assembly work at the point of completion or shipping of the assembly. On both activities, sales are only recognised once the relevant service (component procurement or assembly) is complete and the customer has irrevocably assumed ownership.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 13
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 14
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liablities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
a) Impairment of stocks
The company buys and stocks specialist electronic parts which have specialist demand and are liable to technological change. As a result it is necessary to consider recoverability of the cost of the inventory and the associated provision required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated usage of the components.
b) Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual value assessments consider issues such as the remaining life of the asset and projected disposal values.
Page 15
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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An analysis of turnover by class of business is as follows:
|
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|
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Period ended
30 September
|
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Analysis of turnover by country of destination:
|
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Period ended
30 September
|
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The operating profit is stated after charging:
|
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Period ended
30 September
|
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Research & development charged as an expense
|
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Other operating lease rentals
|
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|
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Depreciation of tangible fixed assets
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Page 16
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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|
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During the period, the Company obtained the following services from the Company's auditor:
|
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Period ended
30 September
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Fees payable to the Company's auditor for the audit of the Company's financial statements
|
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
|
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|
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Staff costs, including directors' remuneration, were as follows:
|
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|
|
|
Period ended
30 September
|
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Cost of defined contribution scheme
|
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|
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The average monthly number of employees, including the directors, during the period was as follows:
|
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|
Period ended
30 September
|
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Page 17
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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Period ended
30 September
|
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Company contributions to defined contribution pension schemes
|
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During the period retirement benefits were accruing to 6 directors (2024 - 5) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £383 thousand (2024 - £174 thousand).
|
|
|
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2 thousand (2024 - £1 thousand).
|
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Key management personnel are deemed to be the Company Directors.
|
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Period ended
30 September
|
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|
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Current tax on profits for the year
|
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|
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Origination and reversal of timing differences
|
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Page 18
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
9.Taxation (continued)
|
|
Factors affecting tax charge for the period/year
|
|
|
The tax assessed for the period/year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|
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|
|
|
|
Period ended
30 September
|
|
|
|
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|
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|
|
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|
|
Profit on ordinary activities before tax
|
|
|
|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
|
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|
|
|
|
|
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|
|
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
|
|
|
|
|
|
|
|
|
Group relief surrendered/(claimed)
|
|
|
|
|
Total tax charge for the period/year
|
|
|
|
|
Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
|
|
|
|
|
|
|
|
|
Period ended 30 September
|
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Page 19
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Page 20
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
11.Tangible fixed assets (continued)
|
|
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|
|
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|
|
|
|
Period ended 30 September
|
|
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|
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|
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|
|
|
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|
|
Period ended 30 September
|
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|
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Raw materials and consumables
|
|
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|
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|
|
|
Finished goods and goods for resale
|
|
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|
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|
|
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, the costs of conversion and all other costs incurred in bringing the stocks to their present location and condition.
|
|
|
|
|
|
|
Period ended 30 September
|
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|
Amounts owed by group undertakings
|
|
|
|
|
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|
|
Prepayments and accrued income
|
|
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|
|
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Page 21
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
Period ended 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
Period ended 30 September
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
Period ended 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net obligations under finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
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Page 22
|
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ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
Period ended 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In a prior year the Company obtained a CBILS loan that totalled £1,000,000. The loan term is for a period of 6 years. Interest is applied to the loan at a rate of 3.99% per annum over the Bank of England base rate. The loan was fully repaid in the current period.
There are no securities associated with the loan.
|
|
|
Hire purchase and finance leases
|
|
|
Minimum lease payments under hire purchase fall due as follows:
|
|
|
|
|
|
|
Period ended 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The outstanding debt on finance leases is secured against the relevant asset.
|
Page 23
|
|
ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
Period ended 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed asset timing differences
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
5,666 (2024 - 5,666) Ordinary shares of £0.01 each
|
|
|
Profit and loss account
The reserve account represents cumulative profits available for distribution to shareholders.
The Company has granted fixed and floating charges over substantially all of its assets, including leasehold properties, intellectual property, book debts, bank accounts and other business assets, in support of financing arrangements entered into by fellow group undertakings.
The security is held by TC Loans Limited and Ethos Partners LLP under the terms of the relevant financing agreements.
Page 24
|
|
ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
The company operated a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Charge to profit or loss in respect of defined contribution schemes are £164k (2024: £123k). There were no balances due at the balance sheet date (2024: Nil).
|
|
Commitments under operating leases
|
|
|
At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
Period ended 30 September
|
As restated
Year ended 30 April
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period, the Company identified an error in its prior year operating lease commitments disclosure. The comparative figures have been restated to reflect the full non-cancellable lease terms rather than lease break dates that management does not intend to exercise.
This correction affects only the disclosure of lease commitments and has no impact on the Company's profit, net assets or cash flows for the current or prior period.
The impact on the 2024 operating lease commitments is as follows:
Not later than 1 year: decreased from £364,000 to £337,000.
Later than 1 year and not later than 5 years: increased from £903,000 to £1,274,000.
Later than 5 years: increased from £nil to £829,000.
|
|
Related party transactions
|
|
|
During the year the Company purchased goods totaling £149k (2024: £130k) from Active-Display Solutions Limited. One of the Directors during the period also holds a Directorship with Active-Display Solutions Limited. At 30 September 2025, the Company owed £Nil (2024: £130k).
During the year the Company sold goods totalling £122k (2024: £96k) to Active-Display Solutions Limited. At 30 September 2025, the Company was due £Nil (2024: £96k).
|
Page 25
|
|
ACTIVE-PCB SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
The immediate parent of Active-PCB Solutions Limited is Agile Circuit Technology Group Ltd.
The ultimate parent company of Active-PCB Solutions Limited at the balance sheet date was PJ George Topco Ltd, a company incorporated in England and Wales.
The parent of the smallest and largest group for which group accounts including Active-PCB Solutions Limited are drawn up is PJ George Topco Ltd. Copies of the accounts can be obtained from their registered office.
Page 26
|