Automotive Trim Developments Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 03913878

Automotive Trim Developments Limited

Financial Statements

31 January 2026

Automotive Trim Developments Limited

Financial Statements

Year ended 31 January 2026

Contents	Page

Strategic report	1

Directors' report	2

Independent auditor's report to the members	4

Consolidated statement of comprehensive income	8

Consolidated statement of financial position	9

Company statement of financial position	11

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

Automotive Trim Developments Limited

Strategic Report

Year ended 31 January 2026

The Directors of Automotive Trim Developments Limited ("ATD") present their Strategic Report together with the audited consolidated financial statements for the year ending 31 January 2026. Principal Activities and Review of the Business The principal activity of the company in the year under review was that of the design, development and manufacture of automotive seating and interiors. ATD acquired 100% of the sole remaining volume UK flock manufacturer, Qualplast (1991) Ltd, in November 2023, ostensibly to secure the supply of onshore flocked parts for the UK automotive industry. Turnover decreased from £19.8m to £14.4m, down by 27.3% due to the cyber attack on JLR at the end of August 2025 which led to a 7-week gap in associated production, which caused a negative impact of £500k on ATD's profit. Despite this gross margin increased 29.4% to 31.9% year on year. Principal Risks and Uncertainties However, staff levels and associated overheads have been maintained in anticipation of an uplift once new projects begin to mature. ATD has reduced its' over-reliance on one its' major customer with the start of several new projects within the year. This strategy will reduce ATD's exposure to fluctuating customer demand in the coming years. Health, Safety and Wellbeing Employees are central to ATD's performance and the business provides an inclusive and safe working environment in order to nurture individual talent. Its' H&S committee meets on a monthly basis in order to discuss incidents and promote continuous improvement in the workplace. Corporate Social Responsibility ATD Ltd is an equal opportunities employer and will not discriminate against race, ethnic or national origin, religion or sexual orientation. As a vertically integrated design and manufacturing company, skilled personnel are the core resource. Training is provided and personnel encouraged to develop themselves at every opportunity. Environment ATD has a continual reduction plan to reduce waste through material efficiencies, and continues to develop sustainable products in order to reduce the impact of petrochemical based plastics. ATD will achieve accreditation to ISO14001 during the coming year. Key Performance Indicators ATD uses gross margin by project to monitor profitability, acid test ratio to measure risk to cash flows and a wide range of Quality Assurance metrics in order to comply with the demands of the automotive industry.

This report was approved by the board of directors on 26 October 2026 and signed on behalf of the board by:

B. Townsend

Director

Automotive Trim Developments Limited

Directors' Report

Year ended 31 January 2026

The directors present their report and the financial statements of the group for the year ended 31 January 2026 .

Directors

The directors who served the company during the year were as follows:

B. Townsend
J. Sandford

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Qualifying indemnity provision

Qualifying third party indemnity provisions were in force during the year, for the benefit of one or more directors (of the group).

Disclosure of information in the strategic report

In accordance with Section 414C(11) of the Companies Act 2006, the company has chosen to set out in its Strategic Report certain information required to be included in the Directors’ Report. The Directors’ Report should be read in conjunction with the Strategic Report.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 26 October 2026 and signed on behalf of the board by:

B. Townsend

Director

Automotive Trim Developments Limited

Independent Auditor's Report to the Members of Automotive Trim Developments Limited

Year ended 31 January 2026

Opinion

We have audited the financial statements of Automotive Trim Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 January 2026 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement on Page 2, 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

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. 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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors, and from our knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC and relevant regulators Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error. 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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:/ /www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

David Pearson

(Senior Statutory Auditor)

For and on behalf of

Edwards Pearson & White (Audit) Limited

Chartered Certified Accountants & statutory auditor

8 Jury Street

Warwick

CV34 4EW

26 October 2026

Automotive Trim Developments Limited

Consolidated Statement of Comprehensive Income

Year ended 31 January 2026

		2026	2025
			(restated)
Note		£	£
Turnover	4	14,358,431	19,778,371

Cost of sales	9,773,470	13,974,707
	------------	------------
Gross profit	4,584,961	5,803,664

Administrative expenses		4,046,939	5,048,045
Other operating income	5	139,906	50,869
		-----------	-----------
Operating profit	6	677,928	806,488

Share of (loss)/profit of associates	16	( 7,981)	43,794
Other interest receivable and similar income	10	–	1,124
Amounts written off investments		250,000	–
Interest payable and similar expenses	11	171,220	162,318
		-----------	-----------
Profit before taxation		248,727	689,088

Tax on profit	12	100,095	107,252
		--------	--------
Profit for the financial year and total comprehensive income		148,632	581,836
		--------	--------

All the activities of the group are from continuing operations.

Automotive Trim Developments Limited

Consolidated Statement of Financial Position

31 January 2026

	2026	2025
		(restated)
Note	£	£

Fixed assets

Intangible assets	14	141,926	162,201
Tangible assets	15	3,727,336	3,946,963
Investments	16	617,527	404,408
		-----------	-----------
		4,486,789	4,513,572

Current assets

Stocks	17	2,432,649	2,192,848
Debtors	18	3,593,108	3,082,072
Cash at bank and in hand		149,203	1,117,673
		-----------	-----------
		6,174,960	6,392,593

Prepayments and accrued income	245,399		207,807

Creditors: amounts falling due within one year	20	3,867,665		3,049,333
		-----------		-----------
Net current assets			2,552,694	3,551,067
			-----------	-----------
Total assets less current liabilities			7,039,483	8,064,639

Creditors: amounts falling due after more than one year	21		1,273,145	1,627,648

Provisions	23		514,720	562,253

Accruals and deferred income	46,324	718,076
	-----------	-----------
Net assets	5,205,294	5,156,662
	-----------	-----------

Capital and reserves

Called up share capital	28	85	85
Revaluation reserve	29	816,080	816,080
Capital redemption reserve	29	15	15
Profit and loss account	29	4,389,114	4,340,482
		-----------	-----------
Shareholders funds		5,205,294	5,156,662
		-----------	-----------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

Automotive Trim Developments Limited

Consolidated Statement of Financial Position (continued)

31 January 2026

These financial statements were approved by the board of directors and authorised for issue on 26 October 2026 , and are signed on behalf of the board by:

B. Townsend

Director

Company registration number: 03913878

Automotive Trim Developments Limited

Company Statement of Financial Position

31 January 2026

	2026	2025
Note	£	£

Fixed assets

Tangible assets	15	3,709,025	3,926,698
Investments	16	796,898	575,798
		-----------	-----------
		4,505,923	4,502,496

Current assets

Stocks	17	2,384,185	2,138,986
Debtors	18	3,576,386	2,993,127
Cash at bank and in hand		98,717	1,081,051
		-----------	-----------
		6,059,288	6,213,164

Prepayments and accrued income	241,657		200,967

Creditors: amounts falling due within one year	20	3,627,283		2,809,303
		-----------		-----------
Net current assets			2,673,662	3,604,828
			-----------	-----------
Total assets less current liabilities			7,179,585	8,107,324

Creditors: amounts falling due after more than one year	21		1,273,145	1,627,648

Provisions	23		514,720	562,253

Accruals and deferred income	36,454	711,759
	-----------	-----------
Net assets	5,355,266	5,205,664
	-----------	-----------

Capital and reserves

Called up share capital	28	85	85
Revaluation reserve	29	816,080	816,080
Capital redemption reserve	29	15	15
Profit and loss account	29	4,539,086	4,389,484
		-----------	-----------
Shareholders funds		5,355,266	5,205,664
		-----------	-----------

The profit for the financial year of the parent company was £ 249,602 (2025: £ 711,448 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

Automotive Trim Developments Limited

Company Statement of Financial Position (continued)

31 January 2026

These financial statements were approved by the board of directors and authorised for issue on 26 October 2026 , and are signed on behalf of the board by:

B. Townsend

Director

Company registration number: 03913878

Automotive Trim Developments Limited

Consolidated Statement of Changes in Equity

Year ended 31 January 2026

		Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 February 2024		100	816,080	–	4,511,646	5,327,826

Profit for the year					581,836	581,836
		----	--------	----	-----------	-----------
Total comprehensive income for the year		–	–	–	581,836	581,836

Dividends paid and payable	13	–	–	–	( 150,000)	( 150,000)
Cancellation of subscribed capital		( 15)	–	15	( 603,000)	( 603,000)
		----	--------	----	-----------	-----------
Total investments by and distributions to owners		( 15)	–	15	( 753,000)	( 753,000)

At 31 January 2025		85	816,080	15	4,340,482	5,156,662

Profit for the year					148,632	148,632
		----	--------	----	-----------	-----------
Total comprehensive income for the year		–	–	–	148,632	148,632

Dividends paid and payable	13	–	–	–	( 100,000)	( 100,000)
		----	----	----	--------	--------
Total investments by and distributions to owners		–	–	–	( 100,000)	( 100,000)

		----	--------	----	-----------	-----------
At 31 January 2026		85	816,080	15	4,389,114	5,205,294
		----	--------	----	-----------	-----------

Automotive Trim Developments Limited

Company Statement of Changes in Equity

Year ended 31 January 2026

			Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total
			£	£	£	£	£
At 1 February 2024			100	–	–	4,431,036	4,431,136

Profit for the year						711,448	711,448
Other comprehensive income for the year:
	Revaluation of tangible assets	15	–	816,080	–	–	816,080
			----	--------	----	-----------	-----------
Total comprehensive income for the year			–	816,080	–	711,448	1,527,528

Dividends paid and payable		13	–	–	–	( 150,000)	( 150,000)
Cancellation of subscribed capital			( 15)	–	15	( 603,000)	( 603,000)
			----	--------	----	-----------	-----------
Total investments by and distributions to owners			( 15)	–	15	( 753,000)	( 753,000)

At 31 January 2025			85	816,080	15	4,389,484	5,205,664

Profit for the year						249,602	249,602
			----	--------	----	-----------	-----------
Total comprehensive income for the year			–	–	–	249,602	249,602

Dividends paid and payable		13	–	–	–	( 100,000)	( 100,000)
			----	----	----	--------	--------
Total investments by and distributions to owners			–	–	–	( 100,000)	( 100,000)

			----	--------	----	-----------	-----------
At 31 January 2026			85	816,080	15	4,539,086	5,355,266
			----	--------	----	-----------	-----------

Automotive Trim Developments Limited

Consolidated Statement of Cash Flows

Year ended 31 January 2026

	2026	2025
		(restated)
Note	£	£

Cash flows from operating activities

Profit for the financial year	148,632	581,836

Adjustments for:
Depreciation of tangible assets	320,145	384,128
Amortisation of intangible assets	20,275	20,275
Amounts written off investments	250,000	–
Government grant income	( 26,137)	( 8,997)
Share of profit of associates	7,981	( 43,794)
Other interest receivable and similar income	–	( 1,124)
Interest payable and similar expenses	171,220	162,318
Loss on disposal of tangible assets	8,451	18,262
Tax on profit	100,095	107,252
Accrued (income)/expenses	( 671,752)	617,738

Changes in:
Stocks	( 239,801)	( 40,848)
Trade and other debtors	( 548,628)	2,673,955
Trade and other creditors	246,893	( 1,111,891)
	--------	-----------
Cash generated from operations	( 212,626)	3,359,110

Interest paid	( 171,220)	( 162,318)
Interest received	–	1,124
Tax paid	( 147,628)	( 165,234)
	--------	-----------
Net cash (used in)/from operating activities	( 531,474)	3,032,682
	--------	-----------

Cash flows from investing activities

Purchase of tangible assets	( 108,969)	( 136,516)
Proceeds from sale of tangible assets	–	4,015
Purchases of other investments	( 471,100)	( 160,000)
	--------	-----------
Net cash used in investing activities	( 580,069)	( 292,501)
	--------	-----------

Cash flows from financing activities

Purchase of own shares	–	( 603,000)
Proceeds from borrowings	( 118,737)	436,587
Government grant income	26,137	8,997
Payments of finance lease liabilities	( 314,373)	( 341,803)
Dividends paid	( 100,000)	( 150,000)
	--------	-----------
Net cash used in financing activities	( 506,973)	( 649,219)
	--------	-----------

Net (decrease)/increase in cash and cash equivalents		( 1,618,516)	2,090,962
Cash and cash equivalents at beginning of year		1,117,673	(973,289)
		-----------	-----------
Cash and cash equivalents at end of year	19	( 500,843)	1,117,673
		-----------	-----------

Automotive Trim Developments Limited

Notes to the Financial Statements

Year ended 31 January 2026

1. General information

The company is a private limited company limited by shares, incorporated, registered and trading in England and Wales. The registered office and the principal place of business address is Unit 1, Priory Mill, Charter Avenue, Coventry, England, CV4 8AF. The company's registration number is 03913878 .

2. Statement of compliance

The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Automotive Trim Developments Limited which can obtained from Unit 1, Priory Mill, Charter Avenue, Coventry, England, CV4 8AF. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Automotive Trim Developments Limited and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The group financial statements also incorporate the group’s share of the results of its associate undertaking using the equity method of accountin g. Automotive Trim Developments Limited acquired 100% of the share capital of Qualplast (1991) Limited with control passing over on 1 November 2023. The consolidated financial statements include the transactions of Qualplast (1991) Limited only from the date control passed. The parent company has applied the exemption contained in Section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. The directors have assessed the key sources of estimation uncertainty at the reporting date and consider that there are no estimates or assumptions that give rise to a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next financial year. Land and Buildings Professional valuations of the land and buildings are undertaken periodically. In the intervening periods, the directors review the carrying values using the information available to them, including relevant market information and any changes in the condition or use of the properties. Based on this review, the directors consider the carrying values at the reporting date to be appropriate.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line on buildings
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	50% straight line
Computer equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

In the parent company's individual financial statements, investments in associates are carried at cost less any accumulated impairment losses. In the consolidated financial statements, investments in associates are initially recognised at cost and subsequently accounted for using the equity method. Under the equity method, the group's share of the post-acquisition profits or losses of associates is recognised in the consolidated profit or loss, and its share of post-acquisition movements in other comprehensive income is recognised in consolidated other comprehensive income. The carrying-value of the investment includes any goodwill identified on acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only has basic financial instruments. - Financial Assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial Liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2026	2025
		(restated)
	£	£
Sale of goods	14,358,431	19,778,371
	------------	------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2026	2025
		(restated)
	£	£
Government grant income	26,137	8,997
Other operating income	113,769	41,872
	--------	-------
	139,906	50,869
	--------	-------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2026	2025
		(restated)
	£	£
Amortisation of intangible assets	20,275	20,275
Depreciation of tangible assets	320,145	384,128
Loss on disposal of tangible assets	8,451	18,262
Impairment of trade debtors	–	272,566
Foreign exchange differences	( 51,351)	( 82,939)
Research and development expense	–	364,129
Other operating lease rentals	200,693	182,094
	--------	--------

7. Auditor's remuneration

	2026	2025
		(restated)
	£	£
Fees payable for the audit of the financial statements	8,270	7,875
	------	------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2026	2025
	No.	No.
Production staff	90	113
Administrative staff	49	45
Management staff	2	2
	----	----
	141	160
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2026	2025
		(restated)
	£	£
Wages and salaries	4,679,944	5,335,539
Social security costs	489,333	455,772
Other pension costs	98,892	232,715
	-----------	-----------
	5,268,169	6,024,026
	-----------	-----------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2026	2025
		(restated)
	£	£
Remuneration	220,461	221,742
Company contributions to defined contribution pension plans	–	120,000
	--------	--------
	220,461	341,742
	--------	--------

The number of directors who accrued benefits under company pension plans was as follows:

	2026	2025
		(restated)
	No.	No.
Defined contribution plans	–	2
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2026	2025
		(restated)
	£	£
Aggregate remuneration	112,442	114,607
Company contributions to defined contribution pension plans	–	60,000
	--------	--------
	112,442	174,607
	--------	--------

10. Other interest receivable and similar income

	2026	2025
		(restated)
	£	£
Interest on cash and cash equivalents	–	1,124
	----	------

11. Interest payable and similar expenses

	2026	2025
		(restated)
	£	£
Interest on banks loans and overdrafts	60,337	37,328
Interest on obligations under finance leases and hire purchase contracts	49,858	54,344
Other interest payable and similar charges	61,025	70,646
	--------	--------
	171,220	162,318
	--------	--------

12. Tax on profit

Major components of tax expense

	2026	2025
		(restated)
	£	£

Current tax:

UK current tax expense	147,647	165,235
Adjustments in respect of prior periods	( 19)	( 1)
	--------	--------
Total current tax	147,628	165,234
	--------	--------

Deferred tax:

Origination and reversal of timing differences	( 47,533)	( 57,982)
	--------	--------
Tax on profit	100,095	107,252
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2025: lower than) the standard rate of corporation tax in the UK of 25 % (2025: 25 %).

	2026	2025
		(restated)
	£	£
Profit on ordinary activities before taxation	248,727	689,088
	--------	--------
Profit on ordinary activities by rate of tax	149,924	205,003
Adjustment to tax charge in respect of prior periods	( 19)	( 1)
Effect of expenses not deductible for tax purposes	6,577	40,959
Effect of capital allowances and depreciation	1,901	( 1,522)
Utilisation of tax losses	( 18,288)	( 77,286)
Effect of research and development tax credits	( 40,000)	( 59,901)
	--------	--------
Tax on profit	100,095	107,252
	--------	--------

13. Dividends

	2026	2025
		(restated)
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	100,000	150,000
	--------	--------

14. Intangible assets

Group	Goodwill
	£
Cost
At 1 February 2025 (as restated) and 31 January 2026	202,751
	--------
Amortisation
At 1 February 2025	40,550
Charge for the year	20,275
	--------
At 31 January 2026	60,825
	--------
Carrying amount
At 31 January 2026	141,926
	--------
At 31 January 2025	162,201
	--------

The company has no intangible assets.

15. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2025 (as restated)	2,573,267	308,242	3,931,497	72,204	1,670	6,886,880
Additions	–	437	108,532	–	–	108,969
Disposals	–	–	( 61,114)	–	–	( 61,114)
	-----------	--------	-----------	-------	------	-----------
At 31 Jan 2026	2,573,267	308,679	3,978,915	72,204	1,670	6,934,735
	-----------	--------	-----------	-------	------	-----------
Depreciation
At 1 Feb 2025	161,128	289,260	2,416,938	72,204	387	2,939,917
Charge for the year	–	2,100	317,754	–	291	320,145
Disposals	–	–	( 52,663)	–	–	( 52,663)
	-----------	--------	-----------	-------	------	-----------
At 31 Jan 2026	161,128	291,360	2,682,029	72,204	678	3,207,399
	-----------	--------	-----------	-------	------	-----------
Carrying amount
At 31 Jan 2026	2,412,139	17,319	1,296,886	–	992	3,727,336
	-----------	--------	-----------	-------	------	-----------
At 31 Jan 2025	2,412,139	18,982	1,514,559	–	1,283	3,946,963
	-----------	--------	-----------	-------	------	-----------

Company	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 February 2025	2,573,267	3,931,497	72,204	6,576,968
Additions	–	108,532	–	108,532
Disposals	–	( 61,114)	–	( 61,114)
	-----------	-----------	-------	-----------
At 31 January 2026	2,573,267	3,978,915	72,204	6,624,386
	-----------	-----------	-------	-----------
Depreciation
At 1 February 2025	161,128	2,416,938	72,204	2,650,270
Charge for the year	–	317,754	–	317,754
Disposals	–	( 52,663)	–	( 52,663)
	-----------	-----------	-------	-----------
At 31 January 2026	161,128	2,682,029	72,204	2,915,361
	-----------	-----------	-------	-----------
Carrying amount
At 31 January 2026	2,412,139	1,296,886	–	3,709,025
	-----------	-----------	-------	-----------
At 31 January 2025	2,412,139	1,514,559	–	3,926,698
	-----------	-----------	-------	-----------

Land and buildings comprise freehold property, the carrying amount of £2,412,139 (2025: £2,412,139) is all held as security formally charged to the Bank. Included in land and buildings is land of £1,714,700 (2025: £1,714,700) which is not depreciated. The property was last revalued by the directors on an open market value for existing use in 2022. In the intervening periods, the directors have reviewed the carrying values using the information available to them, including relevant market information and any changes in the condition or use of the properties. The directors do not consider there to be any material changes in fair value since that date. If the land and buildings had been accounted for under the historic cost accounting rules, the carrying value would be £1,386,390.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group and company	Fixtures and fittings
	£
At 31 January 2026	885,550
	--------
At 31 January 2025	1,038,989
	-----------

16. Investments

Group	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 February 2025 as restated	15,798	388,610	404,408
Additions	–	471,100	471,100
Other movements	–	( 7,981)	( 7,981)
	-------	--------	--------
At 31 January 2026	15,798	851,729	867,527
	-------	--------	--------
Impairment
At 1 February 2025 as restated	–	–	–
Impairment losses	–	250,000	250,000
	-------	--------	--------
At 31 January 2026	–	250,000	250,000
	-------	--------	--------

Carrying amount
At 31 January 2026	15,798	601,729	617,527
	-------	--------	--------
At 31 January 2025	15,798	388,610	404,408
	-------	--------	--------

Company	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 February 2025 as restated	1,125,798	210,000	1,335,798
Additions	–	471,100	471,100
	-----------	--------	-----------
At 31 January 2026	1,125,798	681,100	1,806,898
	-----------	--------	-----------
Impairment
At 1 February 2025 as restated	–	–	–
Impairment losses	760,000	250,000	1,010,000
	-----------	--------	-----------
At 31 January 2026	760,000	250,000	1,010,000
	-----------	--------	-----------

Carrying amount
At 31 January 2026	365,798	431,100	796,898
	-----------	--------	-----------
At 31 January 2025	1,125,798	210,000	1,335,798
	-----------	--------	-----------

On 1 November 2023 the company acquired 100% of the issued share capital of Qualplast (1991) Limited. Qualplast (1991) Limited is registered in England and Wales (with company number 05650232) whose registered office is Qualplast House, Old Walsall Road, Great Barr, Birmingham, West Midlands, B42 1EA. The principle activity of the company is manufacturing within the car industry. The results of the company are included in the consolidated figures.

Included within Other Investments is an investment in Luzzo Bespoke Limited (with company number 04193991) whose registered office is Claydons Barns, 11 Towcester Road, Whittlebury, NN12 8XU, comprising of 13,500 ordinary shares. The carrying value of this investment is £50,000 in the Company's financial statements (cost method) and £220,628 in the Group's consolidated financial statements (equity method).

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Qualplast (1991) Limited	Ordinary	100

Other significant holdings
Luzzo Bespoke Limited	Ordinary	45

17. Stocks

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Raw materials and consumables	2,432,649	2,192,848	2,384,185	2,138,986
	-----------	-----------	-----------	-----------

18. Debtors

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Trade debtors	3,097,545	2,646,587	2,785,751	2,386,290
Amounts owed by group undertakings	–	–	299,289	171,352
Other debtors	495,563	435,485	491,346	435,485
	-----------	-----------	-----------	-----------
	3,593,108	3,082,072	3,576,386	2,993,127
	-----------	-----------	-----------	-----------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Other debtors	360,000	360,000	360,000	360,000
	--------	--------	--------	--------

19. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2026	2025
		(restated)
	£	£
Cash at bank and in hand	149,203	1,117,673
Bank overdrafts	( 650,046)	–
	--------	-----------
	( 500,843)	1,117,673
	--------	-----------

20. Creditors: amounts falling due within one year

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	813,222	153,600	813,222	153,600
Trade creditors	1,855,165	1,595,853	1,667,497	1,383,649
Social security and other taxes	619,255	536,139	570,934	512,092
Obligations under finance leases and hire purchase contracts	266,458	366,927	266,458	366,927
Director loan accounts	162,001	149,715	161,371	149,085
Other creditors	151,564	247,099	147,801	243,950
	-----------	-----------	-----------	-----------
	3,867,665	3,049,333	3,627,283	2,809,303
	-----------	-----------	-----------	-----------

21. Creditors: amounts falling due after more than one year

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	1,146,078	1,286,677	1,146,078	1,286,677
Obligations under finance leases and hire purchase contracts	127,067	340,971	127,067	340,971
	-----------	-----------	-----------	-----------
	1,273,145	1,627,648	1,273,145	1,627,648
	-----------	-----------	-----------	-----------

Included within creditors: amounts falling due after more than one year is an amount of £576,462 (2025: £619,969) for the group and £576,462 (2025: £619,969) for the company in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within bank loans and overdrafts (current and non-current) is:

i) an amount of £837,857 (2025: £873,801) which is secured by a fixed charge on the property to which it relates, the loan is repayable in instalments, interest being charged at 2.8% above bank base rate.

ii) an amount of £650,046 (2025: £0) which is secured by a fixed and floating charge on the property and undertaking of the company.

iii) an amount of £471,398 (2025: £556,476) which is not secured. The loan is repayable in instalments, interest being charged at 2.8% above bank base rate.

22. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	266,458	366,927	266,458	366,927
Later than 1 year and not later than 5 years	127,067	340,971	127,067	340,971
	--------	--------	--------	--------
	393,525	707,898	393,525	707,898
	--------	--------	--------	--------

23. Provisions

Group and company	Deferred tax (note 24)
	£
At 1 February 2025 (as restated)	562,253
Charge against provision	( 47,533)
	--------
At 31 January 2026	514,720
	--------

24. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Included in provisions (note 23)	514,720	562,253	514,720	562,253
	--------	--------	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Accelerated capital allowances	305,050	352,583	305,050	352,583
Revaluation of tangible assets	209,670	209,670	209,670	209,670
	--------	--------	--------	--------
	514,720	562,253	514,720	562,253
	--------	--------	--------	--------

25. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 98,892 (2025: £ 112,715 ).

26. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2026	2025	2026	2025
	(restated)	(restated)
£	£	£	£

Recognised in other operating income:

Government grants recognised directly in income	26,137	8,997	26,137	8,997
	-------	------	-------	------

27. Prior year adjustment - investment in associate

During the year, the equity method of accounting has been applied to the Group’s investment in an associate in the consolidated financial statements. Accordingly, a prior year adjustment has been recognised to reflect the Group's share of the associate's results and other relevant movements in equity. The comparative figures have been restated, as appropriate, to reflect the investment using the equity method, with the corresponding adjustments recognised in the carrying value of the investment and retained earnings. The adjustment relates solely to the consolidated financial statements and has no impact on the Company's individual financial statements, in which the investment continues to be recognised at cost less impairment. Reconciliation of the prior year (2025) adjustment is as follows:

	As previously reported	Adjustment	As restated
	£	£	£
Consolidated balance sheet:
Investment in associate	50,000	178,610	228,610
Retained earnings	4,161,872	178,610	4,340,482

Consolidated profit and loss account:
Share of profit/(loss) of associate	–	43,795	43,795
Profit/(loss) for the year	538,042	43,795	581,836

28. Called up share capital

Issued, called up and fully paid

	2026		2025
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	85	85	85	85
	----	----	----	----

Each share has an equal right per share; to vote, in any ordinary share dividend declared and in the distribution of any surplus due to the ordinary shareholders on winding up.

29. Reserves

Called up share capital Share capital records the nominal value of shares in issue . Revaluation reserve The revaluation reserve represents non-distributable reserves which reflect unrealised gains and losses on land and buildings carried at fair value including deferred tax. Profit and loss account This represents cumulative profits and losses net of dividends paid . Capital redemption reserve A non-distributable reserve created by the company buy back of its own shares, out of distributable profits.

30. Analysis of changes in net debt

	At 1 Feb 2025	Cash flows	At 31 Jan 2026
	£	£	£
Cash at bank and in hand	1,117,673	(968,470)	149,203
Bank overdrafts	–	(650,046)	(650,046)
Debt due within one year	(670,242)	78,607	(591,635)
Debt due after one year	(1,627,648)	354,503	(1,273,145)
	-----------	-----------	-----------
	( 1,180,217)	( 1,185,406)	( 2,365,623)
	-----------	-----------	-----------

31. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	175,895	188,767	170,366	188,767
Later than 1 year and not later than 5 years	363,297	426,009	353,161	426,009
Later than 5 years	41,800	114,033	41,800	114,033
	--------	--------	--------	--------
	580,992	728,809	565,327	728,809
	--------	--------	--------	--------

Automotive Trim Developments Limited

Notes to the Financial Statements (continued)

Year ended 31 January 2026

32. Limitation of auditors liability

On the 18th February 2026 the company entered into a limitation of Auditor's liability with the auditor limiting the auditor's liability to a maximum of £1,500,000 (including interest).

33. Directors' advances, credits and guarantees

At the reporting date the directors loan account was in credit by £162,001 (2025: £149,715). There is no fixed term for repayment and no interest is charged.

34. Related party transactions

Group

The related parties of the group mirror that of the company.

Company

Joint control:

	2026	2025
	£	£
Sales	9,635	70,938
Purchases	313,130	402,442
Outstanding trade balances owed to entity	(29,750)	(90,676)
Outstanding loan balances owed to entity	425,000	433,850

r the company entered into transactions with related parties. The nature, amounts and balances at the reporting period are shown in the table below. Loan amounts have agreed repayment schedules ranging from due within one year to due within more than one year. No guarantees or securities are given. Joint control:

	2026	2025
	£	£
Sales	9,635	70,938
Purchases	313,130	402,442
Outstanding trade balances owed to entity	(29,750)	(90,676)
Outstanding loan balances owed to entity	425,000	433,850

Other related parties:

	2026	2025
	£	£
Purchases	81,946	–

	2026	2025
	£	£
Purchases	81,946	–

35. Controlling party

The company was under the control of B. Townsend and J. Sandford during the current and previous period.

36. Parent guarantee

Automotive Trim Developments Limited (with company number 03913878 ) has provided its subsidiary undertaking, Qualplast (1991) Limited (with company number 05650232) a guarantee dated 26 October 2026. Qualplast (1991) Limited as a result is exempt from the requirements of audit, under S479A of the Companies Act 2006, with regards to its individual financial statements.

The guarantee given has the effect that:

a) the parent undertaking guarantees all outstanding liabilities to which the subsidiary company is subject at the end of the financial year to which the guarantee relates, until they are satisfied in full, and

b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities.