REGISTERED NUMBER: 03631723 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st December 2024

for

C.P. Holdings (UK) Limited

Trading as

C.P. Group of Companies

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Income and Retained Earnings

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr J H Watson

Mr C Monaghan

Mr M L Field

REGISTERED OFFICE:

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

REGISTERED NUMBER:

03631723 (England and Wales)

AUDITORS:

Paul Winston Ltd

Silver Rose

Unit 21, East Lodge Village

Enfield

England

EN2 8AS

The directors present their strategic report of the Company and the Group for the year ended 31st December 2024.

ON BEHALF OF THE BOARD:

Mr J H Watson - Director

30th July 2025

The directors present their report with the financial statements of the Company and the Group for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the Group in the year under review was that of the manufacture and distribution of cardboard boxes and associated packaging materials

DIVIDENDS

The directors recommend final total dividends for each share class as follows:

Ordinary Shares £ 90,000

Ordinary A, B, C & D Shares £ 435,812

Ordinary E, F, G, H & J Shares £ 2,000

The total distribution of dividends for the year ended 31st December 2024 will be £527,812.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

Mr J H Watson

Mr C Monaghan

Mr M L Field

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director 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 Group's auditors are aware of that information.

AUDITORS

The auditors, Paul Winston Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J H Watson - Director

30th July 2025

Opinion

We have audited the financial statements of C.P. Holdings (UK) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31st December 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 Group's and of the Parent Company affairs as at 31st December 2024 and of the Group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that could be contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, UK tax legislation and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the directors' meetings.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We also completed the following procedures:

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

o In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results;

o Assessed the appropriateness of key estimates and judgements made by management and challenged the assumptions used in accounting estimates.

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 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 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.

Paul Winston (Senior Statutory Auditor)

for and on behalf of Paul Winston Ltd

Silver Rose

Unit 21, East Lodge Village

Enfield

England

EN2 8AS

30th July 2025

TURNOVER

22,663,980

21,512,351

Cost of sales

16,379,499

15,167,681

GROSS PROFIT

6,284,481

6,344,670

Distribution costs

993,516

916,472

Administrative expenses

2,858,693

2,822,415

3,852,209

3,738,887

OPERATING PROFIT

4

2,432,272

2,605,783

Interest receivable and similar income

42,035

55,593

2,474,307

2,661,376

Gain/loss on revaluation of investment property

1,055,405

-

3,529,712

2,661,376

Interest payable and similar expenses

5

560,470

566,342

Other finance costs

-

791

560,470

567,133

PROFIT BEFORE TAXATION

2,969,242

2,094,243

Tax on profit

6

715,915

657,471

PROFIT FOR THE FINANCIAL YEAR

2,253,327

1,436,772

Retained earnings at beginning of year

10,561,878

9,619,938

Dividends

8

(527,812

)

(494,832

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

12,287,393

10,561,878

Profit attributable to:

Owners of the parent

2,253,327

1,436,772

FIXED ASSETS

Tangible assets

9

14,604,304

14,397,142

Investments

10

881,483

881,483

15,485,787

15,278,625

CURRENT ASSETS

Stocks

11

1,474,460

1,299,275

Debtors

12

9,480,517

8,622,554

Cash at bank and in hand

578,669

364,979

11,533,646

10,286,808

CREDITORS

Amounts falling due within one year

13

6,666,043

6,082,800

NET CURRENT ASSETS

4,867,603

4,204,008

TOTAL ASSETS LESS CURRENT LIABILITIES

20,353,390

19,482,633

CREDITORS

Amounts falling due after more than one year

14

(5,334,742

)

(6,342,123

)

PROVISIONS FOR LIABILITIES

17

(1,364,386

)

(1,211,763

)

NET ASSETS

13,654,262

11,928,747

CAPITAL AND RESERVES

Called up share capital

18

509

509

Fair value reserve

19

2,421,765

1,366,360

Retained earnings

19

11,231,988

10,561,878

SHAREHOLDERS' FUNDS

13,654,262

11,928,747

The financial statements were approved by the Board of Directors and authorised for issue on 30th July 2025 and were signed on its behalf by:

Mr J H Watson - Director

FIXED ASSETS

Tangible assets

9

27,848

35,852

Investments

10

886,585

886,585

914,433

922,437

CURRENT ASSETS

Debtors

12

3,810,356

3,450,357

Cash at bank

82,888

18,055

3,893,244

3,468,412

CREDITORS

Amounts falling due within one year

13

4,440,034

4,022,861

NET CURRENT LIABILITIES

(546,790

)

(554,449

)

TOTAL ASSETS LESS CURRENT LIABILITIES

367,643

367,988

CREDITORS

Amounts falling due after more than one year

14

(3,221

)

(9,329

)

PROVISIONS FOR LIABILITIES

17

(714

)

(1,748

)

NET ASSETS

363,708

356,911

CAPITAL AND RESERVES

Called up share capital

18

509

509

Retained earnings

19

363,199

356,402

SHAREHOLDERS' FUNDS

363,708

356,911

Company's profit for the financial year

534,609

498,426

The financial statements were approved by the Board of Directors and authorised for issue on 30th July 2025 and were signed on its behalf by:

Mr J H Watson - Director

Cash flows from operating activities

Cash generated from operations

1

2,220,871

2,555,214

Interest paid

(378,563

)

(343,310

)

Interest element of hire purchase payments paid

(181,907

)

(223,032

)

Tax paid

(325,776

)

(287,622

)

Net cash from operating activities

1,334,625

1,701,250

Cash flows from investing activities

Purchase of tangible fixed assets

(18,836

)

(676,700

)

Sale of tangible fixed assets

13,047

52,619

Interest received

42,035

55,593

Net cash from investing activities

36,246

(568,488

)

Cash flows from financing activities

Loan repayments in year

-

(665,173

)

Capital repayments in year

(769,569

)

(765,789

)

Amount introduced by directors

423,491

-

Amount withdrawn by directors

-

(423,491

)

Equity dividends paid

(527,812

)

(494,832

)

Net cash from financing activities

(873,890

)

(2,349,285

)

Increase/(decrease) in cash and cash equivalents

496,981

(1,216,523

)

Cash and cash equivalents at beginning of year

2

(728,293

)

488,230

Cash and cash equivalents at end of year

2

(231,312

)

(728,293

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/12/24

31/12/23

£

£

Profit before taxation

2,969,242

2,094,243

Depreciation charges

863,412

1,003,448

Profit on disposal of fixed assets

(9,381

)

(26,651

)

Gain on revaluation of fixed assets

(1,055,405

)

-

Finance costs

560,470

567,133

Finance income

(42,035

)

(55,593

)

3,286,303

3,582,580

Increase in stocks

(175,185

)

(265,819

)

(Increase)/decrease in trade and other debtors

(1,281,454

)

216,842

Increase/(decrease) in trade and other creditors

391,207

(978,389

)

Cash generated from operations

2,220,871

2,555,214

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

578,669

364,979

Bank overdrafts

(809,981

)

(1,093,272

)

(231,312

)

(728,293

)

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

364,979

554,025

Bank overdrafts

(1,093,272

)

(65,795

)

(728,293

)

488,230

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

364,979

213,690

578,669

Bank overdrafts

(1,093,272

)

283,291

(809,981

)

(728,293

)

496,981

(231,312

)

Debt

Finance leases

(2,955,637

)

769,569

(2,186,068

)

Debts falling due within 1 year

(469,391

)

46,421

(422,970

)

Debts falling due after 1 year

(4,089,381

)

348,634

(3,740,747

)

(7,514,409

)

1,164,624

(6,349,785

)

Total

(8,242,702

)

1,661,605

(6,581,097

)

1.	STATUTORY INFORMATION

C.P. Holdings (UK) 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 General 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 as modified by the revaluation of certain assets.

Turnover

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

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.

Freehold property

-

not provided

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

£

£

Wages and salaries

5,161,131

4,361,098

Social security costs

18,918

21,051

Other pension costs

115,307

108,142

5,295,356

4,490,291

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

31/12/24

31/12/23

Directors

2

2

Administration

22

22

Production

101

98

125

122

31/12/24

31/12/23

£

£

Directors' remuneration

94,384

119,384

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/24

31/12/23

£

£

Other operating leases

182,500

194,328

Depreciation - owned assets

393,093

351,705

Depreciation - assets on hire purchase contracts

470,320

651,744

Profit on disposal of fixed assets

(9,381

)

(26,651

)

Auditors' remuneration

6,000

6,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/24

31/12/23

£

£

Bank interest

109,175

82,800

Bank loan interest

-

2,366

Mortgage

269,388

258,144

Hire purchase

181,907

223,032

560,470

566,342

6.

TAXATION

Analysis of the tax charge

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

31/12/24

31/12/23

£

£

Current tax:

UK corporation tax

563,292

464,618

Deferred tax

152,623

192,853

Tax on profit

715,915

657,471

7.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

8.

DIVIDENDS

31/12/24

31/12/23

£

£

Ordinary Shares shares of 1 each

Final

90,000

90,000

Ordinary A, B, C & D Shares shares of 1 each

Final

435,812

400,832

Ordinary E, F, G, H & J Shares shares of 1 each

Final

2,000

4,000

527,812

494,832

9.	TANGIBLE FIXED ASSETS

Group

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1st January 2024

8,744,595

10,997,605

62,139

19,804,339

Additions

-

18,836

-

18,836

Disposals

-

(256,008

)

-

(256,008

)

Revaluations

1,055,405

-

-

1,055,405

At 31st December 2024

9,800,000

10,760,433

62,139

20,622,572

DEPRECIATION

At 1st January 2024

-

5,380,910

26,287

5,407,197

Charge for year

-

855,409

8,004

863,413

Eliminated on disposal

-

(252,342

)

-

(252,342

)

At 31st December 2024

-

5,983,977

34,291

6,018,268

NET BOOK VALUE

At 31st December 2024

9,800,000

4,776,456

27,848

14,604,304

At 31st December 2023

8,744,595

5,616,695

35,852

14,397,142