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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
COMPANY INFORMATION
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SATCO PLASTICS LIMITED
CONTENTS
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SATCO PLASTICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Directors consider the results for the year and the state of the company's affairs at the year end, as shown in the accounts, to be satisfactory.
Turnover decreased by 3% to £33,074,546 (2025: £34,265,343) primarily due to increased market competition and the introduction of the Extended Producer Responsibility (EPR) regime, which significantly impacted demand within the UK food packaging sector. During the year, the Company continued to invest in manufacturing efficiency, product quality and operational improvements. These initiatives helped offset some of the increased operating costs arising from inflationary pressures, employment costs and compliance with new environmental legislation. The Directors remain confident in the long-term prospects of the Company and continue to focus on sustainable growth, investment in UK manufacturing and delivering high-quality food packaging products to customers throughout the UK and Europe.
The principal risks to the business are:
- Employment costs Increasing National Living Wage rates, pension contributions and employment legislation continue to place upward pressure on labour costs, which may impact future profitability. - Logistics costs The cost of transporting both raw materials and finished goods remains susceptible to fluctuations in fuel prices, freight availability and driver shortages, which may adversely affect operating margins. - Cost of Raw Materials Polypropylene resin is the Company's principal raw material. Prices remain influenced by global crude oil prices, energy costs, geopolitical events and international shipping conditions. These factors remain outside the Company's control. - Plastic Packaging Tax Plastic Packaging Tax continues to increase the cost of imported and domestically manufactured plastic packaging. Although the Company has successfully managed the impact during the current year, further increases in the tax rate may place additional pressure on margins if costs cannot be fully recovered from customers.
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SATCO PLASTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Principal risks and uncertainties (continued) - Extended Producer Responsibility The introduction of Extended Producer Responsibility (EPR) for packaging from 1 January 2025 represents one of the most significant regulatory changes affecting the Company. During the transition to the new regime, the Company experienced increased compliance costs and significant financial obligations relating to packaging placed on the UK market. The Company continues to work closely with PackUK and the relevant regulatory authorities regarding implementation of the regulations and associated payment arrangements. There remains a risk that differing levels of compliance across the packaging sector may create an uneven competitive environment for fully compliant UK manufacturers. - Market Competition The UK food packaging market continues to experience increasing competition from imported products. The Directors continue to monitor market developments and remain focused on maintaining product quality, customer service and manufacturing efficiency to retain and grow market share.
The directors use a number of key performance indicators to assess business performance. Principal amongst these are turnover, gross profit margin, profit before tax and net assets which are reported in the audited financial statements.
Brief analysis of these is shown below: 2026 2025 2024 2023 Turnover £33,074,546 £34,265,343 £31,141,295 £29,063,846 Gross Profit Margin 39% 43% 42% 40% Profit before tax £2,818,009 £5,655,088 £4,016,114 £4,016,936 Net profit margin 9% 17% 15% 14% Turnover growth (3)% 10% 7% (0.5)% Turnover reduced by 3% during the year as market conditions became more challenging following the implementation of the EPR regime and increased competition within the sector. Gross profit margin reduced from 43% to 39%, reflecting increased manufacturing costs, pricing pressures and higher environmental compliance costs. Profit before taxation reduced to £2,818,009 (2025: £5,655,088) principally as a result of lower sales volumes and reduced margins. Despite these challenges, the Company remained profitable, generated positive operating cash flows and maintained a strong net asset position.
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SATCO PLASTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The group's principal financial instruments comprise:
- Bank balances - Trade creditors - Trade debtors The primary purpose of these financial instruments is to support the Company's trading activities and maintain sufficient working capital. Liquidity risk Liquidity risk is managed through detailed weekly cash flow forecasting and regular monitoring of working capital requirements. Banking facilities are reviewed periodically to ensure sufficient funding remains available for operational requirements. Credit risk Credit risk is managed through credit assessments of customers, regular monitoring of outstanding balances and prompt collection procedures. The Directors consider the Company's exposure to bad debts to be appropriately managed. Trade creditors Trade creditors are managed by ensuring sufficient liquidity is available to meet obligations as they fall due while maintaining strong relationships with key suppliers. Market risk The Company has limited exposure to price risk in relation to its financial instruments. However, it remains exposed to foreign exchange fluctuations and changes in raw material prices arising from international market conditions, which are actively monitored by management.
This report was approved by the board on 20 October 2026 and signed on its behalf.
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SATCO PLASTICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,100,254 (2025 - £4,217,923).
Total dividends distributed in the year amounted to £6,243,747 (2025 - £3,888,118).
The directors have chosen to report on the use of financial instruments in the strategic report.
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SATCO PLASTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SATCO PLASTICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SATCO PLASTICS LIMITED
We have audited the financial statements of Satco Plastics Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SATCO PLASTICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SATCO PLASTICS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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SATCO PLASTICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SATCO PLASTICS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
∙the results of our enquiries of management and those charged with governange of their assessment of the risks of fraud and irregularities;
∙the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls); and
∙the industry and environment in which it operates.
We also considered UK tax and pension legistlation and laws and regulations relating to employment and the
preparation and presentation of the financial statements such as the Companies Act 2006. Based on this understanding, we identified the following matters as being of significance to the entity:
∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;
∙the timing of the recognition of commercial income;
∙compliance with legislation relating to health and safety; fire risk and employment law;
∙management bias in selecting accounting policies and determining estimates;
∙inappropriate journal entries; and
∙recoverability of debtors;
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
∙enquiries of management and those charged with governance as to whether the entity comples with such laws and regulations
∙enquiries with the same concerning any actual or potential litigation or claims;
∙discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
∙obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
∙review documentation relating to compliance with the regulations in particular health and safety regulation and assessments;
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SATCO PLASTICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SATCO PLASTICS LIMITED (CONTINUED)
∙challenging assumptions made by management in their specific accounting policies and estimates;
∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
∙assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
∙reviewing the financial statements for compliance with the relevant disclosure requirements;
∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
∙evaluating the underlying business reasons for any unusual transactions; and considered the implementation of controls during the year.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’scontrols, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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SATCO PLASTICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
REGISTERED NUMBER: 05603745
BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 28 form part of these financial statements.
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SATCO PLASTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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SATCO PLASTICS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Satco House, Unit 2 Aragon Park, Foster Avenue, Dunstable, LU5 5GN.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 4).
The following principal accounting policies have been applied:
Those charged with governance have undertaken an informal assessment regarding the going concern of the business. They have concluded that there are no issues regarding going concern. The Company will continue as a going concern.
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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 a general meeting.
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
During the prior year, the company changed its accounting policy for Freehold Property from the cost model to the revaluation model in accordance with FRS 102 Section 17. The change was made because management believe that fair value measurement provides more relevant and reliable information about the company's Freehold Property assets. The change is applied prospectively, and comparatives have not been restated.
The financial effect of this change is as follows:
The whole of the turnover is attributable to manufacturing of plastic consumables products.
Analysis of turnover by country of destination:
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £60,724 (2025 - £69,136). Contributions totalling £11,595 (2025 - £14,874) were payable to the fund at the balance sheet date and are included in creditors.
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SATCO PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Mr and Mrs S. H. Asaria were the controlling parties throughout the period by virtue of their share ownership.
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