REGISTERED NUMBER: 01682230 (England and Wales)

GLOSSOP CARTON AND PRINT LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTOR:

W Fitzpatrick

REGISTERED OFFICE:

Raymond Joseph Works

Unit 5, Haigh Avenue

Reddish

Stockport

SK4 1NU

REGISTERED NUMBER:

01682230 (England and Wales)

AUDITORS:

Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Turnover in the year was £15m (2023: £16,4m), down 8.73% (2023: up 7.2%). The reported profit after tax of £149,137 (2023: £299,372) is stated after £Nil of exceptional income (2023: £58,815) which is described in Note 4 of the accounts.

The company monitors performance through the following KPIs:

- Turnover

- Profit before exceptional items.

PRINCIPAL RISKS AND UNCERTAINTIES

Management consider the full range of risks affecting the company on a regular basis, and where appropriate take action to address such risks. The principal risks and uncertainties facing the company are detailed below:

ON BEHALF OF THE BOARD:

W Fitzpatrick - Director

26 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of other paper and paperboard containers.

DIVIDENDS

Interim dividends in the year totalling £92,630 (2023: £88,356) were paid on the Ordinary £1 shares. The total distribution of dividends in the year was £92,630 (2023: £88,356).

The directors are recommending no final dividend (2023: none).

DIRECTOR

W Fitzpatrick held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W Fitzpatrick - Director

26 September 2025

Opinion

We have audited the financial statements of Glossop Carton and Print Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Procedures to identify risks:

-

enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of sales and purchases and their related stock movements, posting of unusual journals; and

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

The procedures to respond to risks identified included:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

-

enquiring of management, concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reviewing correspondence with HMRC;

-

testing the timing and matching of income and expense transactions relating to stock movements either side of the year end; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Graham Travis FCA (Senior Statutory Auditor)

for and on behalf of Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

26 September 2025

TURNOVER

15,008,032

16,442,973

Cost of sales

12,205,800

13,213,473

GROSS PROFIT

2,802,232

3,229,500

Distribution costs

-

53,594

Administrative expenses

2,502,090

2,465,755

2,502,090

2,519,349

300,142

710,151

Other operating income

204,562

58,815

504,704

768,966

Exceptional expense

4

-

64,674

504,704

704,292

Interest receivable and similar income

2,040

632

Interest payable and similar expenses

5

(297,174

)

(311,705

)

PROFIT BEFORE TAXATION

6

209,570

393,219

Tax on profit

7

60,433

93,847

PROFIT FOR THE FINANCIAL YEAR

149,137

299,372

Retained earnings at beginning of year

4,801,888

4,590,872

Dividends

8

(92,630

)

(88,356

)

RETAINED EARNINGS AT END OF YEAR

4,858,395

4,801,888

FIXED ASSETS

Tangible assets

9

1,690,350

1,718,858

CURRENT ASSETS

Stocks

10

1,822,151

1,805,648

Debtors

11

7,034,129

7,111,440

Cash at bank and in hand

168,561

281,210

9,024,841

9,198,298

CREDITORS

Amounts falling due within one year

12

4,831,319

4,863,930

NET CURRENT ASSETS

4,193,522

4,334,368

TOTAL ASSETS LESS CURRENT LIABILITIES

5,883,872

6,053,226

CREDITORS

Amounts falling due after more than one year

13

(639,427

)

(894,644

)

PROVISIONS FOR LIABILITIES

17

(376,050

)

(346,694

)

NET ASSETS

4,868,395

4,811,888

CAPITAL AND RESERVES

Called up share capital

18

10,000

10,000

Retained earnings

19

4,858,395

4,801,888

SHAREHOLDERS' FUNDS

4,868,395

4,811,888

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

W Fitzpatrick - Director

1.	STATUTORY INFORMATION

Glossop Carton and Print Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and 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 if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements:

Legal dispute - Exceptional income and expenses are estimated and detailed in Note 4. The company has been awarded damages and costs following a long running court case relating to a property purchase. Part of this award has been paid, but the balance has still not been received and the company have and are taking legal action to ensure the full outstanding amounts are recovered.

Depreciation - The useful life of fixed assets can vary significantly. Estimates are based on historic experience and current expectations of useful life. The size of prior year gains and losses on disposal are also factored in to estimates.

Bad debts - The directors regularly review debts and provide for those which are doubtful.

Stock provisions - The directors regularly review the net realisable value of stock and provide for any excess above cost.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised as goods are despatched.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks and work in progress 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 first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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.

Pension costs and other post-retirement benefits

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,680,477

2,645,499

Social security costs

255,126

236,424

Other pension costs

165,488

149,410

3,101,091

3,031,333

The average number of employees during the year was as follows:

2024

2023

Directors

1

1

Employees

83

96

84

97

2024

2023

£

£

Director's remuneration

1,130

728

4.	EXCEPTIONAL ITEMS

2024

2023

£

£

Exceptional income

204,562

58,815

Exceptional expense

-

(64,674

)

204,562

(5,859

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

59

19,799

Invoice discounting

273,447

269,949

Loan

20,761

21,957

Hire purchase

2,907

-

297,174

311,705

6.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

368,683

368,902

Depreciation - assets on hire purchase contracts

24,039

-

Profit on disposal of fixed assets

(64,072

)

(4,000

)

Auditors' remuneration

20,160

20,000

Foreign exchange differences

(9,846

)

(13,302

)

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

31,077

43,029

Deferred tax

29,356

50,818

Tax on profit

60,433

93,847

UK corporation tax has been charged at 25% (2023 - 23.52%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

209,570

393,219

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

52,393

92,485

Effects of:

Expenses not deductible for tax purposes

25

14

Income not taxable for tax purposes

(17,797

)

-

Depreciation in excess of capital allowances

25,812

2,995

Group relief

-

(1,647

)

Total tax charge

60,433

93,847

8.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

92,630

88,356

9.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

6,472,694

59,781

6,532,475

Additions

265,887

137,591

403,478

Disposals

(171,779

)

(48,781

)

(220,560

)

At 31 December 2024

6,566,802

148,591

6,715,393

DEPRECIATION

At 1 January 2024

4,753,836

59,781

4,813,617

Charge for year

368,683

24,039

392,722

Eliminated on disposal

(132,515

)

(48,781

)

(181,296

)

At 31 December 2024

4,990,004

35,039

5,025,043

NET BOOK VALUE

At 31 December 2024

1,576,798

113,552

1,690,350

At 31 December 2023

1,718,858

-

1,718,858

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

137,591

At 31 December 2024

137,591

DEPRECIATION

Charge for year

24,039

At 31 December 2024

24,039

NET BOOK VALUE

At 31 December 2024

113,552

These assets are secured against the related obligations disclosed in Note 15.

10.

STOCKS

2024

2023

£

£

Raw materials

721,713

876,491

Work-in-progress

217,257

145,739

Finished goods

883,181

783,418

1,822,151

1,805,648

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,264,619

2,608,791

Amounts owed by group undertakings

4,352,817

4,242,816

Other debtors

194,451

158,048

Directors' current accounts

90,000

-

Prepayments

132,242

101,785

7,034,129

7,111,440

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 14)

499,718

347,171

Hire purchase contracts (see note 15)

67,562

-

Trade creditors

1,998,436

1,675,279

Corporation tax

31,077

43,029

Social security and other taxes

56,038

63,306

VAT

168,836

222,145

Other creditors

22,546

22,704

Invoice discounting liability

1,943,207

2,248,062

Accrued expenses

43,899

242,234

4,831,319

4,863,930

Included within other creditors is £13,362 (2022: £13,263) of unpaid pension contributions.

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 14)

538,853

894,644

Hire purchase contracts (see note 15)

100,574

-

639,427

894,644

14.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

499,718

347,171

Amounts falling due between one and two years:

Bank loans - 1-2 years

208,853

378,266

Amounts falling due between two and five years:

Bank loans - 2-5 years

330,000

516,378