Onboard (Holdings) Limited

	Page
Strategic Report	1—2
Directors' Report	3—5
Independent Auditor's Report	6—9
Consolidated Profit and Loss Account	10
Consolidated Statement of Comprehensive Income	11
Consolidated Balance Sheet	12—13
Company Balance Sheet	14
Consolidated Statement of Changes in Equity	15
Company Statement of Changes in Equity	16
Consolidated Statement of Cash Flows	17
Notes to the Consolidated Statement of Cash Flows	18
Notes to the Financial Statements	19—34

The directors present their strategic report for the year ended 31 December 2024.

Principal Activity

The group's principal activity continued to be that of a manufacturer of corrugated cardboard sheets supplying box manufacturers.

Review of the Business

The group has consistenly invested in plant and machinery in the current and prior years which has created production efficiencies which have helped to maintain the gross profit margin for the current year. It is anticipated that the continued investment and maintenance in plant and machinery will lead to greater efficiencies in the production process and hence deliver increased profitability in the future.

Both the level of business and the year end financial position of the company were as expected in the light of current trading conditions. During the financial year a new corrugator was purchased which was not operational at the year end. It is anticipated that the addition of this will further improve efficiencies and increase turnover.

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Onboard (Holdings) Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Principal Risks and Uncertainties

National minimum wage

The recurring increase in the national minimum wage, without a corresponding rise in skill levels or productivity, can lead to pressure on the gross profit margin.To mitigate this risk, the group has continued to invest in modern plant and machinery in order to improve its productivity.

Trade debtors

The group has several large customers who at any time can each owe in excess of £100,000. The company monitors the credit worthiness of all major customers on an ongoing basis. Furthermore, certain specified debts except for related party debts, are insured to mitigate this risk.

Supplier price fluctuations

The group is mindful of suppliers of raw materials increasing their prices. However, all businesses within this UK market face this issue and generally move rapidly to increase selling prices to address the increase in input costs. Additionally, any price decreases in the price of raw materials could result in stock on hand being held at a higher value than current market selling prices.

This exposure is mitigated by high stock turnover and furthermore the group has not entered into any long term fixed price contracts with any of its customers.

Currency fluctuations

The group purchases a significant amount of raw materials from abroad. The volatility in currency exchange rates may cause some price pressures and reductions in margins.This uncertainty of currency fluctuation is mitigated by the company's use of a bank account denominated in the Euro.

Financial liquidity and interest rates

The group needs access to short-term funding for its working capital. This therefore means that the company is exposed to interest rate increases on such borrowings. To mitigate this risk, the group manages its funding on a very cautious basis.

On behalf of the board

Mr C S Jundu

Director

4 September 2025

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Onboard (Holdings) Limited

Company No. 11823960

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Change of Company Name

On 19 December 2024 the company changed its name from Klingele Onboard (Holdings) Limited to Onboard (Holdings) Limited .

Dividends

No dividends will be distributed for the year ended 31 December 2024.

Directors

The directors who held office during the year were as follows:

Miss C Wagner	Resigned	16/10/2024
Mr A Niethammer	Resigned	18/12/2024
Mr C S Jundu
Dr U F Ilhan	Appointed	18/12/2024
Mr E Eren	Appointed	18/12/2024

Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Group

Section 172 (I) of the Companies Act 2006 requires the directors of the group to act in the way he or she considers, in good faith, would most likely promote the long term success of the company for the benefit of its members as a whole and in doing so have regard to paragraphs (a) to (f) of that section.

When making any decisions, during the year ended 31 December 2024, the directors considered, both individually and together, the matters set out in section l 72(l)(a-f) and has acted in a way that he considers, in good faith, would be most likely to promote the success of the group for the benefit of its members, as a whole. Below are some of the ways in which the directors has engaged with various stakeholders and fulfilled his duty under this section. Customers, suppliers and other stakeholders. The directors strongly believes in operating in a transparent way and treating all stakeholders both equitably and fairly. The directors has ensured that the group communicates in a timely manner all relevant data and information to all stakeholders, the responses from these stakeholders are reviewed and appropriate action is taken. This interaction with the stakeholders provides the directors with a detailed and diverse understanding of the issues most relevant to these stakeholders and therefore enables the directors to make informed decisions.

Customers, suppliers and other stakeholders

The directors strongly believes in operating in a transparent way and treating all stakeholders both equitably and fairly. The directors has ensured that the company communicates in a timely manner all relevant data and information to all stakeholders, the responses from these stakeholders are reviewed and appropriate action is taken. This interaction with the stakeholders provides the directors with a detailed and diverse understanding of the issues most relevant to these stakeholders and therefore enables the directors to make informed decisions.

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Onboard (Holdings) Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

as far the directors are aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Onboard (Holdings) Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, Smith Hannah Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr C S Jundu

Director

4 September 2025

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Independent Auditor's Report

to the Members of

Onboard (Holdings) Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Onboard (Holdings) Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(loss) 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 and parent company's ability to continue as a going concern for a period of at least 12 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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Independent Auditor's Report (continued)

to the Members of

Onboard (Holdings) Limited

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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and 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 or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—5, 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 group and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Onboard (Holdings) Limited

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. Our procedures are designed 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:

We obtained an understanding of the legal and regularity frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through the review of board minutes and discussions with those charged with governance.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and dictate fraud, and how these are monitored by management and also any enhanced risk factors such as performance targets.

Based on our understanding of the control environment, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, testing a sample of revenue transactions, cut-off procedures, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are able to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Onboard (Holdings) Limited

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 that 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.

Mr M I Umar (Senior Statutory Auditor)

for and on behalf of Smith Hannah Limited , Statutory Auditor

4 September 2025

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Onboard (Holdings) Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	44,587,867	39,712,706
Cost of sales		(30,174,989 )	(27,920,936 )

GROSS PROFIT		14,412,878	11,791,770

Administrative expenses		(11,457,168 )	(9,724,484 )
Other operating income		94,719	102,068

OPERATING PROFIT	5	3,050,429	2,169,354
Loss on disposal of fixed assets		(92,504 )	(340,980 )
Other interest receivable and similar income	10	3,356	87
Interest payable and similar charges	11	(647,284 )	(722,999 )

PROFIT BEFORE TAXATION		2,313,997	1,105,462
Tax on Profit	12	(565,787 )	(266,767 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		1,748,210	838,695

The notes on pages 18 to 34 form part of these financial statements.

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Onboard (Holdings) Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2024

Consolidated Statement of Comprehensive Income

	2024	2023
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,748,210	838,695
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	1,748,210	838,695

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Onboard (Holdings) Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 11823960

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		247,198		370,798
Tangible Assets	14		19,488,558		14,805,872

			19,735,756		15,176,670
CURRENT ASSETS
Stocks	16	7,581,455		7,145,589
Debtors	17	17,527,514		12,241,546
Cash at bank and in hand		819,614		2,896,041

		25,928,583		22,283,176
Creditors: Amounts Falling Due Within One Year	18	(14,134,274 )		(8,458,430 )

NET CURRENT ASSETS (LIABILITIES)			11,794,309		13,824,746

TOTAL ASSETS LESS CURRENT LIABILITIES			31,530,065		29,001,416

Creditors: Amounts Falling Due After More Than One Year	19		(9,223,073 )		(10,741,779 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(2,814,750 )		(2,302,937 )

NET ASSETS			19,492,242		15,956,700

CAPITAL AND RESERVES
Called up share capital	23		2,100,100		2,100,100
Share premium account			3,150,000		3,150,000
Fair value reserve			4,201,004		2,449,626
Profit and Loss Account			10,041,138		8,256,974

SHAREHOLDERS' FUNDS			19,492,242		15,956,700

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Onboard (Holdings) Limited

Consolidated Balance Sheet (continued)

As At 31 December 2024

The financial statements were approved by the board of directors on 4 September 2025 and were signed on its behalf by:

Mr C S Jundu

Director

The notes on pages 18 to 34 form part of these financial statements.

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Onboard (Holdings) Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 11823960

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investments	15		2,100,100		2,100,100

			2,100,100		2,100,100
TOTAL ASSETS LESS CURRENT LIABILITIES			2,100,100		2,100,100

NET ASSETS			2,100,100		2,100,100

CAPITAL AND RESERVES
Called up share capital	23		2,100,100		2,100,100

SHAREHOLDERS' FUNDS			2,100,100		2,100,100

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the year was £nil (2023: £nil)

The financial statements were approved by the board of directors on 4 September 2025 and were signed on its behalf by:

Mr C S Jundu

Director

The notes on pages 18 to 34 form part of these financial statements.

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Onboard (Holdings) Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Share Premium	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 January 2023	2,100,100	3,150,000	2,485,580	7,382,325	15,118,005
Profit for the year and total comprehensive income	-	-	-	838,695	838,695

Transfer to/from Fair value reserve	-	-	-	35,954	35,954
Transfer to/from Profit & Loss Account	-	-	(35,954 )	-	(35,954)

As at 31 December 2023 and 1 January 2024	2,100,100	3,150,000	2,449,626	8,256,974	15,956,700


Profit for the year and total comprehensive income	-	-	-	1,748,210	1,748,210

Movements in fair value reserve	-	-	2,397,000	-	2,397,000
Deferred tax charge	-	-	(609,668)	-	(609,668)
Transfer to/from Fair value reserve	-	-	-	35,954	35,954
Transfer to/from Profit & Loss Account	-	-	(35,954 )	-	(35,954)

As at 31 December 2024	2,100,100	3,150,000	4,201,004	10,041,138	19,492,242

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Onboard (Holdings) Limited

Company Statement of Changes in Equity

For The Year Ended 31 December 2024

Company Statement of Changes in Equity

	Share Capital
	£
As at 1 January 2023	2,100,100

As at 31 December 2023 and 1 January 2024	2,100,100


As at 31 December 2024	2,100,100

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Onboard (Holdings) Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	525,188	5,456,605
Interest paid		(647,284 )	(722,999 )
Tax paid		(154,173 )	(342,820 )

Net cash (used in)/generated from operating activities		(276,269 )	4,390,786

Cash flows from investing activities
Purchase of tangible assets		(4,084,082 )	(1,461,267 )
Proceeds from disposal of tangible assets		413,467	137,800
Interest received		3,356	87

Net cash used in investing activities		(3,667,259 )	(1,323,380 )

Cash flows from financing activities
Repayment of bank borrowings		(542,766 )	(544,247 )
Repayment of finance leases		(151,785 )	(103,508 )

Net cash used in financing activities		(694,551 )	(647,755 )



(Decrease)/increase in cash and cash equivalents		(4,638,079 )	2,419,651
Cash and cash equivalents at beginning of year	2	2,896,041	476,390

Cash and cash equivalents at end of year	2	(1,742,038 )	2,896,041

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Onboard (Holdings) Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	1,748,210	838,695
Adjustments for:
Tax on profit	565,787	266,767
Interest expense	647,284	722,999
Interest income	(3,356 )	(87 )
Amortisation of intangible assets	123,600	123,600
Depreciation of tangible assets	1,292,425	1,281,783
Loss on disposal of tangible assets	92,504	340,980
Movements in working capital:
(Increase)/decrease in stocks	(435,866 )	951,649
(Increase)/decrease in trade and other debtors	(5,285,968 )	2,480,796
Increase/(decrease) in trade and other creditors	1,780,568	(1,550,577 )

Net cash generated from operations	525,188	5,456,605

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	819,614	2,896,041
Overdraft facilities repayable on demand	(2,561,652 )	-

Cash and cash equivalents as stated in the Statement of Cash Flows	(1,742,038)	2,896,041

3. Analysis of changes in net debt

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	2,896,041	(2,076,427)	819,614
Overdraft facilities repayable on demand	-	(2,561,652)	(2,561,652)

Cash and cash equivalents	2,896,041	(4,638,079)	(1,742,038 )
Finance leases	(617,819)	151,785	(466,034)
Debts falling due within one year	(541,708 )	(55,798)	(597,506 )
Debts falling due after more than one year	(4,461,663)	598,564	(3,863,099)

	(2,725,149)	(3,943,528)	(6,668,677)

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Onboard (Holdings) Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Onboard (Holdings) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11823960 . The registered office is Onboard House , Neachells Lane, Wolverhampton, WV11 3QH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

The following subsidiaires have been consolidated:

Onboard Investments Limited a company incorporated and registered in England and Wales with company number 08448794.

Onboard Corrugated Limited a company incorporated and registered in England and Wales with company number 07164981.

2.3. Significant judgements and estimations

The group makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

...CONTINUED

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.3. Significant judgements and estimations - continued

Impairment of non-current assets. The group assesses the impairment of property, plant and equipment subject to amortisation or depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following:

Significant underperformance relative to historical or projected future operating results;

Significant changes in the manner of the use of the acquired assets or the strategy for the overall business; and Significant negative industry or economic trends.

The following are the company's key sources of estimation uncertainty:

Carrying value of stocks. Management review the market value of and demand for its stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provisions for impairment is recorded against the carrying value of stocks. Management use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices.

Recoverability of trade debtors. Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

Depreciation and residual values. The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives and residual values are appropriate. The useful lives and residual value of assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological advances, product life cycles and maintenance program.mes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal value.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.5. Research and Development

Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic life of 6 years.

Page 20

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold Property	2% straight line
Plant & Machinery	6.66 - 20 years
Motor Vehicles	25% reducing balance
Fixtures & Fittings	15% reducing balance
Short Leasehold Properties	Term of lease

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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

2.8. Stocks and Work in Progress

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 stocks.

Cost is determined using the weighted average cost basis.

Work in progress and finished goods is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 21

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.10. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flow has been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows. The impairment loss is recognised in the profit and loss.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are receivable or payable within one year, typically trade receivables or payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangement of a short-term instrument constitutes a financing transaction, like the payment of trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

2.11. Interest Payable

Interest payable costs are charged to the Profit and Loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Page 22

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.13. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.14. Provisions and Contingencies

Provisions

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

2.15. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Page 23

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.16. Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17. Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.18. Related Party Exemption

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

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	44,276,627	39,137,086
Europe	293,684	546,349
North America	17,556	29,271

	44,587,867	39,712,706

4. Other Operating Income

	2024	2023
	£	£
Other operating income	94,719	102,068

	94,719	102,068

Page 24

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Bad debts	16,312	3,750
Operating lease rentals	310,837	94,025
Exchange differences	(105,046 )	(82,365 )
Depreciation of tangible fixed assets	1,292,425	1,281,783
Amortisation of intangible fixed assets	123,600	123,600

Operating lease rentals include rental of land, buildings, equipment and commercial vehicle leasing.

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the group and company's financial statements	18,650	17,750

The audit fees that relate to Onboard (Holdings) Limited amount to £2,900 (2023: £2,750).

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	4,179,446	3,508,133
Social security costs	433,795	362,325
Other pension costs	120,561	114,156

	4,733,802	3,984,614

8. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2024	2023
Office and administration	18	17
Manufacturing	77	74
Directors	1	1

	96	92

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Company

Average number of employees, including directors, during the year was: NIL (2023: NIL)

9. Directors' remuneration

	2024	2023
	£	£
Emoluments	91,712	75,000
Company contributions to money purchase pension schemes	23,321	25,321

	115,033	100,321

10. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	3,356	87

11. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	285,231	331,131
Finance charges payable under finance leases and hire purchase contracts	119,953	35,671
Other finance charges	242,100	356,197

	647,284	722,999

12. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	23.5%	695,631	213,819
Prior period adjustment			(31,989 )	(27,657 )

			663,642	186,162
Deferred Tax
Deferred taxation			(97,855 )	80,605


Total tax charge for the period			565,787	266,767

...CONTINUED

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

	2024	2023
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
	£	£
Profit before tax	2,313,997	1,105,462

Tax on profit at 25% (UK standard rate)	595,606	259,784
Goodwill/depreciation not allowed for tax	306,000	285,139
Expenses not deductible for tax purposes	35,997	93,668
Capital allowances	(241,172 )	(424,772 )
Research and Development tax credit	(31,989 )	(27,657 )
Difference in tax rates	(800 )	-
Deferred tax from unrecognised tax loss or credit	(97,855 )	80,605

Total tax charge for the period	565,787	266,767

13. Intangible Assets

Group

	Development Costs
	£
Cost
As at 1 January 2024	741,598

As at 31 December 2024	741,598

Amortisation
As at 1 January 2024	370,800
Provided during the period	123,600

As at 31 December 2024	494,400

Net Book Value
As at 31 December 2024	247,198

As at 1 January 2024	370,798

Company

The company had no intangible fixed assets as at 31 December 2024 or 31 December 2023.

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

14. Tangible Assets

Group

	Land & Property
	Freehold Property	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost or Valuation
As at 1 January 2024	6,093,000	11,446,677	2,101,376	234,119
Additions	-	3,738,399	308,567	-
Disposals	-	(890,593 )	(200,608 )	-
Revaluation	2,397,000	-	-	-

As at 31 December 2024	8,490,000	14,294,483	2,209,335	234,119

Depreciation
As at 1 January 2024	251,903	3,648,717	1,013,111	155,569
Provided during the period	68,425	793,294	401,613	27,031
Disposals	-	(448,179 )	(137,051 )	-

As at 31 December 2024	320,328	3,993,832	1,277,673	182,600

Net Book Value
As at 31 December 2024	8,169,672	10,300,651	931,662	51,519

As at 1 January 2024	5,841,097	7,797,960	1,088,265	78,550


	Short Leasehold Properties	Total
	£	£
Cost or Valuation
As at 1 January 2024	-	19,875,172
Additions	37,116	4,084,082
Disposals	-	(1,091,201 )
Revaluation	-	2,397,000

As at 31 December 2024	37,116	25,265,053

Depreciation
As at 1 January 2024	-	5,069,300
Provided during the period	2,062	1,292,425
Disposals	-	(585,230 )

As at 31 December 2024	2,062	5,776,495

...CONTINUED

Page 28

Page 29

Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	35,054	19,488,558

As at 1 January 2024	-	14,805,872

Included in cost or valuation of freehold land and building is freehold land of £2,671,756 (2023: £2,671,756) which is not depreciated.

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2024	2023
	£	£
Motor Vehicles	526,062	690,250

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

Plant and machinery was valued by Tallon & Associates Limited, at it's open market value for existing use on 17 June 2014.

Freehold property was valued on a fair value basis on 18 June 2024 by Avison Young (UK) Limited, Chartered Surveyors.

	Land & Property
	Freehold Property	Plant & Machinery	Total
	£	£	£
Cost	2,640,893	14,250,574	16,891,467
Accumulated depreciation and impairment	180,874	3,949,923	4,130,797

Carrying amount	2,460,019	10,300,651	12,760,670

Company

The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

15. Investments

Company

	Subsidiaries
	£
Cost
As at 1 January 2024	2,100,100

As at 31 December 2024	2,100,100

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	2,100,100

As at 1 January 2024	2,100,100

Page 30

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

16. Stocks

	2024	2023
	£	£
Materials	7,581,455	7,145,589

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	17,141,186	12,007,165	-	-
Prepayments and accrued income	381,758	234,381	-	-
Other debtors	4,570	-	-	-

	17,527,514	12,241,546	-	-

18. Creditors: Amounts Falling Due Within One Year

	Group
	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	223,532	239,304
Trade creditors	8,395,959	5,984,657
Bank loans and overdrafts	3,159,158	541,708
Corporation tax	595,631	86,162
Other taxes and social security	892,422	734,259
Other creditors	424,657	633,683
Accruals and deferred income	442,915	238,657

	14,134,274	8,458,430

19. Creditors: Amounts Falling Due After More Than One Year

	Group
	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	242,502	378,515
Bank loans	3,863,099	4,461,663
Other creditors	1,200,000	5,901,601
Amounts owed to group undertakings	3,917,472	-

	9,223,073	10,741,779

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Page 32

Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

20. Loans

An analysis of the maturity of loans is given below:

	Group
	2024	2023
	£	£
Amounts falling due within one year or on demand:
Bank loans	597,506	541,708

	Group
	2024	2023
	£	£
Amounts falling due between one and five years:
Bank loans	3,863,099	4,461,663

The group has three bank loans:

1. A loan that has a fixed interest rate of 4.37% per annum for a term of seven year which commenced in October 2020.

2. A loan where the interest rate is 2% per annum above the base rate for a term of five years which commenced in December 2018.

3. A loan where the interest rate is 2.25% per annum above the base rate for term of five years which commenced in March 2022.

Included in creditors falling due within one year is a bank overdraft which amounts to £2,561,652 (2023: £nil)

The bank borrowings and bank overdraft are secured by way of a debenture, a chattel mortgage with respect to certain plant and machinery and a legal charge on the freehold property in favour of Barclays Bank plc. There is also a cross guarantee in favour of Barclays Bank plc in respect of Onboard (Holdings) Limited, Onboard Corrugated Limited and Onboard Investments Limited.

Onboard Corrugated Limited and Onboard Investments Limited are both wholly owned subsidiaries of the parent company.

21. Obligations Under Finance Leases and Hire Purchase

	Group
	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	223,532	239,304
Later than one year and not later than five years	242,502	378,515

	466,034	617,819

	466,034	617,819

Net obligations under finance leases and hire purchase contracts are secured on the asset to which they relate.

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

22. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	2,814,750	2,302,937

23. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 2,100,100.00 each	2,100,100	2,100,100

24. Financial Instruments

The group has the following financial instruments:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Financial assets
Financial assets measured at fair value through profit and loss	819,614	2,896,041	-	-
Financial assets that are debt Instruments measured at amortised cost	17,141,186	12,007,165	-	-

Financial liabilities
Financial liabilities measured at amortised cost	21,869,294	18,005,576	-	-

25. Other Commitments

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

	2024	2023
	£	£
Not later than one year	1,046,204	621,497
Later than one year and not later than five years	1,155,607	227,473

	2,201,811	848,970

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Onboard (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

26. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to profit or loss in respect of defined contribution schemes was £120,561 (2023: £114,156).

At the balance sheet date contributions of £17,792 (2023: £12,306) were due to the fund and are included in creditors.

27. Related Party Disclosures

Key management personnel (including directors) received compensation of £115,033 (2023: £100,321).

At 31 December 2024 the amount due to Mr C S Jundu was £1,000,000 (2023: £1,020,000) and interest at 1% amounting to £10,000 (2023: £10,000) was charged to the company. The amount due to Mrs C K Jundu (who is the wife of Mr C S Jundu) is £500,000 (2023: £498,128) and interest at 6% amounting to £30,000 (2023: £30,000) was charged to the company.

As at 31 December 2024 the amount due to an entity that had either joint control or full control of the parent company during the period is £3,917,472 (2023: £4,881,601) and interest at 1% and 6% amounting to £198,902 (2023: £278,018) was charged to the company. The amount due to this entity is included within amounts due to group undertakings falling due after more than one year. In relation to the balance at the year end of £3,917,472 this was received on 18 December 2024. This is an interest free loan received from Nova Paper and Packaging B.V. which is a company incorporated in the Netherlands.

During the year ended 31 December 2024 the company made purchases of goods amounting to £8,439,001 (2023: £7,808,209) from entities and the amount due to these entities is £336,858 (2023: £840,707) which is included in trade creditors. These entities are associated with the entity that had either joint control or full control of the parent company during the period.

28. Controlling Parties

The company's ultimate controlling party is Nova Paper and Packaging B.V. by virtue of their interest in the share capital of the company.

On 18 December 2024 the entire share capital of Onboard (Holdings) Limited was acquired by Nova Paper and Packaging B.V. a company which is incorporated in the Netherlands.

Page 34