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

The group's principal activity continues to be that of a paint manufacturer.

The Directors consider that the financial key performance indicators for the business are: Turnover, Gross Profit Margin, Net Profit before Taxation and Net Assets.

The group continues to trade in the UK market and has continued its growth resulting in an increase in turnover of £1,211,996 (9.9%) in 2024 (2024: increase of £1,516,357 - 14.1%).

Despite continued pressure on costs, management were still able to maintain Gross Profit margins, which increased to 35.36% in the current year from 31.25% in 2024.

Overall group Administrative Expenditure and Distribution Costs increased from £3,357,515 to £3,432,524, but remained comparable with turnover at 25.5% (2024: 27.4%). Operating profit compared to the previous year was higher at £1,358,364 (2024: £497,764).

Profit before taxation takes into account interest payable of £119,482 (2024: £123,708), and last year also includes a revaluation loss on the investment property of £171,885. Overall there was an increase in profit before taxation to £1,238,903 compared to £202,189 in 2024.

Other comprehensive income for the year ended 31 March 2024 totalled £908,336, representing property revaluations and provision for deferred tax, whilst there were no such transactions for the year ended 31 March 2025. Total comprehensive income for the year after tax was £929,772 (2024: £996,657). Net Assets of the group have increased from £4,340,146 last year to £4,665,118 as at 31 March 2025.

Post year end, we successfully refinanced our loans into one consolidated loan, over a 15 year period at a lower interest rate than before. This helps provide a secure platform for growth.

As mentioned last year, the benefits of having more than one site, with PP2 being utilized for a large toll manufacturing contract, continue to develop. Expanding to a second shift has seen capacity double, whilst we explore other exciting opportunities to manufacture coatings for well known brands. It remains our intention to be known as the ‘Paint Makers Paint Maker’. A valuation carried out in 2024 has shown an asset increase of £898,951 which will be reviewed every 3-5 years with a formal valuation of all sites.

Even though there continues to be unforeseen challenges due to the conflict in Ukraine and global economic pressures, such as inflation, the Directors still anticipate that there will be continued growth in turnover in the forthcoming year, though pressure on margins remain. Overall, maintaining the level of net profit retained in the business will be a key priority.

We consider the key risks and uncertainties affecting the group to be the continued uncertainty in the global economy and competition in the market. We also recognise the impact which the conflict in Ukraine continues to have on the supply chain of the business and our service delivery.

In order to mitigate the risks and uncertainties, we continue to focus on customer service and taking an active role in our member Federations, both within UK and Europe.

EU CLP, REACH and UN GHS are continually monitored for any future impact on our product range, both for Pronto label and also our fast growing Private Label offering.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company and group continued to be that of a paint manufacturer.

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £604,800. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The directors are responsible for preparing the Annual 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 company, and of 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 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Pronto Industrial Paints Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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 group and the parent company and their 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.

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the application of the Financial Reporting Standard 102 and the Companies Act 2006 together with compliance with UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the

financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We assessed the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by considering the following:

• The nature of the industry and the business performance.

• Discussions with Directors and management and consideration of their policies and procedures for identifying non-compliance or detecting and responding to the risks of fraud.

• Communication throughout the audit team to remain alert to indications of non-compliance throughout the audit.

Based on the results of our risk assessment we designed our audit procedures to identify fraud and non compliance with such laws and regulations identified above.

• We reviewed the disclosures in the financial statements and tested to supporting documentation.

• We considered the risk of fraud through management override of controls and, in response, we incorporated testing of manual journals throughout our audit approach and assessed whether judgements made in making accounting estimates were indicative of potential bias.

• We performed analytical procedures to identify any unusual or unexpected trends or relationships that may indicate risks of material misstatement due to fraud.

• We made enquiries into management of any actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above and therefore 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. Where instances of non-compliance with laws and regulations are not closely linked to events and transactions within the financial statements, then we are less likely to become aware of these. In addition, the risk is increased regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, omission or misrepresentation.

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.

Other matters which we are required to address

Throughout the financial statements comparative figures are unaudited.

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.

The notes on pages 15 to 32 form part of these financial statements.

The notes on pages 15 to 32 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The notes on pages 15 to 32 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £929,771 (2024 - £328,423 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The notes on pages 15 to 32 form part of these financial statements.

The notes on pages 15 to 32 form part of these financial statements.

The notes on pages 15 to 32 form part of these financial statements.

Pronto Industrial Paints Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Stainsby Close, Holmewood Industrial Estate, Chesterfield, Derbyshire, S42 5UG.

The group consists of Pronto Industrial Paints Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Pronto Industrial Paints Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025 except for Eden Properties Chesterfield Limited whose accounts are made up to 28 February 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Since the balance sheet date the company has further utilised its increased capacity and skill base to deliver profitable trading results and whilst certain macro economic uncertainties exist, the company has demonstrated through its response to recent global disruptions that it is agile and will successfully adapt to changing circumstances to maintain profitability. The company is well positioned with cash available, having refinanced its bank loan over a new 15 year term on more favourable terms, and an experienced management team is in place, capable of managing the business through any challenges.

The directors have considered their job book for upcoming work and made reference to a period covering more than twelve months from the date of approving these financial statements. This work supports the view that the company will have sufficient liquid resources to discharge all liabilities as they fall due for payment. Consequently the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on dispatch of the goods.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

As at 31 March 2024 the company changed its accounting policy to recognise Freehold land and buildings at fair value.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Property rented to a group entity is accounted for at fair value with changes in fair value recognised in profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Other investments, which represent a minority investment in an unlisted company, are held at cost less any impairment, as there is no readily available fair value.

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

Cost is calculated using the average cost method.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged to the profit and loss account as incurred.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

During the year ended 31 March 2024, the company decided to adopt the revaluation model for freehold land and buildings. It was determined that given the nature of the freehold land and buildings, fair value was more accurately measurable using this method rather than the previous cost model.

As a result of the change the accumulated depreciation at 31 March 2024 of £243,317 has been adjusted through the revaluation reserve. There has been no impact on the accounts for previous periods.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities 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.

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The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

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When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated future sales of goods for resale and usage of consumables. The stock provision is deducted from the total stock reported in note 18.

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When calculating the value of properties, management considers the nature and condition of the property, as well as applying assumptions about the value of similar properties sold within the area, when arriving at the value of the property at the year end.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

The carrying value of land and buildings comprises:

Included in cost or valuation of land and buildings above is freehold land of £174,277 (2024: £174,277).

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

The fair value of the property has been arrived at on the basis of a professional valuation carried out by Sanderson Weatherall on 21 August 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Subsequently the directors have used this professional valuation, together with a review of conditions existing at 31 March 2025, to arrive at a valuation of the property as at 31 March 2025.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

The fair value of the investment property has been arrived at on the basis of a professional valuation carried out by Sanderson Weatherall on 21 August 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Subsequently the directors have used this professional valuation, together with a review of conditions existing at 31 March 2025, to arrive at a valuation of the property as at 31 March 2025.

The disposal of £1 represents the dissolution of a dormant company, Pronto Paints (South) Limited, on 18 March 2025.

The company also holds an investment in ISO Spaces South West Ltd, a company incorporated in England and Wales.

The original cost of this investment was £30,000 and subsequent impairments have been made totalling £30,000 leaving a net book value of £Nil (2024: £Nil).

Details of the company's subsidiaries at 31 March 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

Bank loans are secured on some of the land and freehold properties and in June 2025 the company refinanced their bank loan over a 15 year period.

Amounts owed under finance leases are secured on the asset to which it relates.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances and an investment property revaluation that are expected to mature within the same period.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The revaluation reserve represents the non distributable fair value uplift on the investment property and freehold property less the associated deferred taxation liability. During the year ended 31 March 2024 the transfer to the revaluation reserve in this respect was £70,236, whilst no such transfer is required in the current year ended 31 March 2025.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Dividends totalling £604,800 (2024 - £516,600) were paid in the year in respect of shares held by the company's directors.

Pronto Industrial Paints Limited is controlled by the directors by virtue of their shareholdings.