Registration number: 10158069

Arrow County Holdings Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 8
Profit and Loss Account	9
Balance Sheet	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 to 20

Arrow County Holdings Limited

Company Information

Directors

Mr J R S Burton Mr D L Cousins Mr D D Stokes

Company Secretary

L M Brinkworth-Bell

Registered office

York House 45 Seymour Street London W1H 7JT

Auditors

CBSL Accountants Limited Chartered Accountants & Statutory Auditor Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Arrow County Holdings Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is that of a holding company.

The immediate parent undertaking and controlling party is Bunzl Holding LCE Limited and the ultimate parent and controlling undertaking is Bunzl plc.

During the year the company converted from an unlimited to a private limited company.

Fair review of the business

The profit for the finanical year was £572,436 (2023 - £534,410).

The key performance indicators of Bunzl plc and its subsidiary undertakings (together the “Group”), which includes the company, are described in the Bunzl plc Annual Report 2024 on pages 36 and 37.

Principal risks and uncertainties

The risks facing the company are continually monitored. The directors are of the opinion that the principal risks facing the company and its subsidiary relate to the wider economic conditions which influence the demand for its products and impact on its supply chain.

Credit risk is closely monitored within the business to reduce the exposure to potential economic loss from the non-recoverability of debtors with minimal bad debts during the year ended 31 December 2024.

The directors are mindful of health and safety regulatory compliance and all aspects of public liability are comprehensively covered by appropriate insurance policies.

Section 172 statement

The Board of directors of Arrow County Holdings Limited recognises the importance of understanding the views of the company’s key stakeholders. From the perspective of the Board, as a result of the Group governance structure, the matters that the Board is responsible for considering under Section 172 of the Companies Act 2006 ("s172") have been considered to an appropriate extent by the Board of directors of Bunzl plc (the ‘Group Board’), the ultimate parent and controlling party, in relation both to the Group and to the company. The Board has also considered relevant matters where appropriate. To the extent necessary for an understanding of the development, performance and position of the company, an explanation of how the Group Board has considered the matters set out in s172 (for the Group and for the company) is set out on pages 62 to 65 of Bunzl plc’s 2024 Annual Report, which does not form part of this report. The Bunzl plc Annual Report 2024 is available at www.bunzl.com.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

L M Brinkworth-Bell Company secretary

Arrow County Holdings Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

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

Mr J R S Burton (appointed 22 October 2024)

Mr D L Cousins (appointed 22 October 2024)

Mr D D Stokes (appointed 22 October 2024)

Mr R A Blackledge (ceased 22 October 2024)

Mr B D Blackledge (ceased 22 October 2024)

Mr R Blackledge (ceased 22 October 2024)

Mr E J Blackledge (ceased 22 October 2024)

Mr S D Blackledge (ceased 22 October 2024)

Dividends

No interim dividend was paid during the year (2023 - £527,435). The directors do not recommend the payment of a final dividend (2023 - £nil).

Financial instruments

The company's principal financial instruments comprise bank balances and inter-group balances.

Bank balances are held in a way that achieves a competitive rate of interest.

Political donations

The company has made no political donations during the year (2023 - £nil).

Future developments

The company is expected to remain as an investment holding company in the foreseeable future.

Directors' indemnities

Indemnities were in force from 22 October 2024, being the date on which the company was acquired by a subsidiary undertaking of Bunzl plc, and remain in force as at the date of this report, under which Bunzl plc, the ultimate parent company of the company, has agreed to indemnify the company's directors and the Company Secretary, to the extent permitted by law and Bunzl plc's Articles of Association, in respect of all losses arising out of or in connection with the execution of their powers, duties and responsibilities as a director or officer of the company.

Disclosure of information to the auditors

As at the date of approval of this Directors’ report, each of the directors of the Company confirms that:

•	so far as they are aware, there is no relevant audit information of which the Company's auditors are unaware; and

•	each director has taken all steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Arrow County Holdings Limited

Directors' Report for the Year Ended 31 December 2024

Reappointment of auditors

The company has abolished the requirement to hold annual general meetings. Subject to the receipt of any objections as provided under statute or the company's Articles of Association, the company is relying on the provisions as provided under section 487 of the Companies Act 2006 for the deemed reappointment of CBSL Accountants Limited as auditors.

Disclosure exemptions

The Directors’ report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemptions.

The Company has also taken advantage of disclosure exemptions available to small companies under section 414B of the Companies Act 2006 and not prepared a Strategic report.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

L M Brinkworth-Bell Company secretary

Registered office

York House
45 Seymour Street
London
W1H 7JT

Arrow County Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

•	select suitable accounting policies and apply them consistently;

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

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors' confirmations

Each of the directors, whose names and functions are listed in the Directors’ report, confirm that, to the best of their knowledge:

•	the company financial statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 102, give a true and fair view of the assets, liabilities, financial position and profit of the company.

•	the Strategic report includes a fair review of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties that it faces.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

L M Brinkworth-Bell Company Secretary

Registered office

York House
45 Seymour Street
London
W1H 7JT

Arrow County Holdings Limited

Independent Auditor's Report to the Members of Arrow County Holdings Limited

Opinion

We have audited the financial statements of Arrow County Holdings Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 auditor 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Arrow County Holdings Limited

Independent Auditor's Report to the Members of Arrow County Holdings Limited

Opinion on other matter 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 our 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 and the Directors' Report.

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 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

Arrow County Holdings Limited

Independent Auditor's Report to the Members of Arrow County Holdings Limited

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

•	We obtained an understanding of the legal and regulatory frameworks that are applicable to this company and its sector and determined that the most significant are those relating to the reporting framework and the relevant UK tax legislation.
•	We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.
•	As an audit engagement team, we assessed the susceptibility of the company’s financial statements to material misstatement including how fraud might occur and considered the opportunities and incentives that may exist within the company for fraud. We considered the controls that the company has established to address the risks identified to prevent, deter and detect fraud; and how the management and directors monitor those controls.
•	Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Those procedures involved: - enquiries of management and those charged with governance; - journal entry testing; - assessing whether judgements 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.
•	Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included revenue recognition and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
•	We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Osselton FCA (Senior Statutory Auditor)
For and on behalf of CBSL Accountants Limited, Statutory Auditor

Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

29 September 2025

Arrow County Holdings Limited

Profit and Loss Account for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Turnover	3	-	527,435
Gross profit		-	527,435
Administrative expenses		(49,416)	(855)
Other operating income	4	10,000	10,000
Operating (loss)/profit	6	(39,416)	536,580
Other interest receivable and similar income	7	18	-
Gain on disposal of subsidiary undertaking		614,159	-
		614,177	-
Profit before tax		574,761	536,580
Tax on profit	9	(2,295)	(2,170)
Profit for the financial year		572,466	534,410

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Arrow County Holdings Limited

(Registration number: 10158069)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	10	-	19,377
Investments	11	3,424,685	3,424,686
		3,424,685	3,444,063
Current assets
Debtors	12	988,585	-
Cash at bank and in hand		6,057	-
		994,642	-
Creditors: Amounts falling due within one year	14	(1,452,694)	(1,049,896)
Net current liabilities		(458,052)	(1,049,896)
Net assets		2,966,633	2,394,167
Capital and reserves
Called up share capital		301	301
Capital redemption reserve		2,381,654	2,381,654
Retained earnings		584,678	12,212
Shareholders' funds		2,966,633	2,394,167

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

Mr J R S Burton Director

Registered office

York House
45 Seymour Street
London
W1H 7JT

Arrow County Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

	Share capital £	Capital redemption reserve £	Retained earnings £	Total £
At 1 January 2024	301	2,381,654	12,212	2,394,167
Profit for the year	-	-	572,466	572,466
At 31 December 2024	301	2,381,654	584,678	2,966,633

	Share capital £	Capital redemption reserve £	Retained earnings £	Total £
At 1 January 2023	301	2,381,654	5,237	2,387,192
Profit for the year	-	-	534,410	534,410
Dividends	-	-	(527,435)	(527,435)
At 31 December 2023	301	2,381,654	12,212	2,394,167

Arrow County Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
York House
45 Seymour Street
London
W1H 7JT

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Summary of disclosure exemptions

The company has taken advantage of the disclosure exemption under section 1.12 of FRS 102 to not present a statement of cash flows.

Name of parent of group

These financial statements are consolidated in the financial statements of Bunzl plc.

The financial statements of Bunzl plc may be obtained from York House, 45 Seymour Street, London W1H 7JT.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The financial statements contain information about Arrow County Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Bunzl plc.

Arrow County Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Arrow County Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

	2024 £	2023 £
Dividends received	-	527,435

4	Other operating income

The analysis of the company's other operating income for the year is as follows:

	2024 £	2023 £
Management charges income	10,000	10,000

5	Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

	2024 £	2023 £
Loss on disposal of tangible assets	(45,482)	-
Gain from disposal of subsidiary undertaking	614,159	-
	568,677	-

Arrow County Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6	Operating (loss)/profit

Arrived at after charging/(crediting)

	2024 £	2023 £
Loss on disposal of property, plant and equipment	45,482	-

7	Other interest receivable and similar income

	2024 £	2023 £
Interest income on bank deposits	18	-

8	Directors and employees

The average number of persons employed by the company during the year was 0 (2023 - 0).

The directors received no fees or other remuneration from the company during the year (2023 - £nil). They were employed by another member of the Group and were remunerated by it in respect of their services to the Group as a whole. It is not considered practical or possible to accurately apportion these costs to each Group entity of which the directors are officers. Their emoluments are dealt with in the consolidated financial statements of Bunzl plc.

Arrow County Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Taxation

Tax charged/(credited) in the profit and loss account

	2024 £	2023 £
Current taxation
UK corporation tax	2,295	2,170

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).

The differences are reconciled below:

	2024 £	2023 £
Profit before tax	574,761	536,580
Corporation tax at standard rate	143,690	126,096
Increase from effect of different UK tax rates on some earnings	-	21
Effect of revenues exempt from taxation	-	(123,947)
Effect of expense not deductible in determining taxable profit (tax loss)	774	-
Tax decrease from effect of reliefs / allowances against capital gains	(142,169)	-
Total tax charge	2,295	2,170

Arrow County Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10	Tangible assets

	Land and buildings £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	-	19,377	19,377
Additions	27,309	-	27,309
Disposals	(46,686)	-	(46,686)
Transfers	19,377	(19,377)	-
At 31 December 2024	-	-	-
Depreciation
Carrying amount
At 31 December 2024	-	-	-
At 31 December 2023	19,377	-	19,377

Included within the net book value of land and buildings above is £Nil (2023 - £19,377) in respect of freehold land and buildings.
 

Arrow County Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11	Investments

	2024 £	2023 £
Investments in subsidiaries	3,424,685	3,424,686