EVTEC PLASTICS LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2 in the financial statements, which indicates that during the year ended 31 March 2025, the Company incurred a loss of £2.9m, which included a £2.8m loss on disposal of a subsidiary. As at the same date, the Company also had net current liabilities of £3.0m, including a liability balance amounting to £3.1m, owed to the associate company. The Company's ability to continue as a going concern is dependent on the support of its shareholders and confirmation that the loan of £3.1m due to its associate will not be required to be repaid during the going concern period. The Company has received a letter of support from its associate company confirming that it does not intend to seek repayment of the loan for the foreseeable future and for a period of not less than 12 months from the date of approving these financial statements. These indicates that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

• ◆

  2 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 2 in the financial statements, which indicates that during the year ended 31 March 2025, the Company incurred a loss of £2.9m, which included a £2.8m loss on disposal of a subsidiary. As at the same date, the Company also had net current liabilities of £3.0m, including a liability balance amounting to £3.1m, owed to the associate company. The Company's ability to continue as a going concern is dependent on the support of its shareholders and confirmation that the loan of £3.1m due to its associate will not be required to be repaid during the going concern period. The Company has received a letter of support from its associate company confirming that it does not intend to seek repayment of the loan for the foreseeable future and for a period of not less than 12 months from the date of approving these financial statements. These indicates that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Significant events

• “On 27 June 2024 the Company's immediate subsidiary, JVM Castings Limited issued 150,902 shares. 143,152 of these shares were issued to other shareholders for nil consideration. As a result the Company's ownership percentage was reduced to 40.05% and it was deemed that control had been lost and a disposal had occurred. Subsequently the Company accounted for its holding in JVM Castings Limited as an investment in an associate.”
• “On 12 May 2025, the Company along with Evtec Group Limited and Evtec Aluminium Limited ("the Target Companies") and JVM Castings Limited signed a non-binding letter of intent to complete a reverse merger transaction, with a Canadian Corporation. ("The Issuer").”
• “On 31 August 2025 the associate company's principal customer was impacted by a cyber incident, that forced the shutdown of its IT systems. This in turn forced a suspension in production that lasted until 13 October 2025 when the customer initiated a limited restart, with a structured plan to achieve full production through the month of November 2025.”
• “On 11 November 2025 the shareholders of the Company, along with the shareholders of Evtec Group Limited, Evtec Aluminium Limited and JVM Castings Limited participated in a share exchange agreement, receiving Evtec Group Holdings Limited shares in exchange for Evtec Plastics Limited shares. As a result, the Company became a fully owned subsidiary of Evtec Group Holdings Limited.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.