REGISTERED NUMBER: SC011797 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 31 December 2024

for

Carrick Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

J Jordan

D Warren

J Hargreaves

REGISTERED OFFICE:

450 Petershill Road

Glasgow

G21 4PB

REGISTERED NUMBER:

SC011797 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company's trading subsidiaries, James G Carrick & Company Limited and Plastic Closures Limited, continued to trade profitably during the year.

The directors continue to focus on ensuring that the group can offer quality and diversity of products, and consider that this puts the group in a strong position in the market place to be able to retain existing customers and attract new customers in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES

Finance risk management objectives and policies

The group's operations expose it to a variety of financial risks that include the effects of changes in credit risk and liquidity risk. The group seeks to limit the adverse effects on the financial performance by monitoring levels of debt finance and related finance costs.

Credit risk

The group has implemented a policy that requires credit checks on potential customers, where sales will be made on credit, before the transaction takes place. The amount of exposure to any individual counterparty is subject to limits which is regularly assessed by the directors.

Liquidity risk

The group aims to mitigate risk by managing cash generated by its operations efficiently.

Interest rate cash flow risk

The group does not utilise a significant amount of external debt. As such, the group's exposure to interest rate risk is kept at a minimum.

GOING CONCERN

The directors have assessed that the group has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

KEY PERFORMANCE INDICATORS

The directors have identified the following key financial performance indicators :

2024

2023

Turnover

£15,575,231

£14,038,889

Gross profit

31%

28%

Net assets

£8,346,754

£9,537,172

ON BEHALF OF THE BOARD:

J Jordan - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of manufacture of steel, tinplate and plastic containers and closures.

DIVIDENDS

Interim dividends per share on the Ordinary £1 shares were paid as follows:

£68.31 - 26 September 2024

£143.97 - 27 September 2024

£81.16 - 4 December 2024

£ 293.44

No interim dividend was paid on the A Ordinary £1 shares.

The total distribution of dividends for the year ended 31 December 2024 will be £2,549,028.

DIRECTORS

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

J Jordan

D Warren

J Hargreaves

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

ON BEHALF OF THE BOARD:

J Jordan - Director

30 September 2025

Opinion

We have audited the financial statements of Carrick Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 31 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company and group through discussions with directors and other management, and from our wider knowledge and experience;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company and group, including the Companies Act 2006 and FRS 102.

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's and group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Enquiring of management as to actual and potential litigation and claims; and

- Requesting correspondence with HMRC, Companies House and the company's and group's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Graham Cantlay (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

30 September 2025

TURNOVER

15,575,231

14,038,889

Cost of sales

10,806,557

10,156,153

GROSS PROFIT

4,768,674

3,882,736

Distribution costs

230,552

208,183

Administrative expenses

2,742,726

1,875,535

2,973,278

2,083,718

OPERATING PROFIT

4

1,795,396

1,799,018

Interest receivable and similar income

38,474

35,494

1,833,870

1,834,512

Interest payable and similar expenses

5

11,323

3,923

PROFIT BEFORE TAXATION

1,822,547

1,830,589

Tax on profit

6

463,937

466,081

PROFIT FOR THE FINANCIAL YEAR

1,358,610

1,364,508

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,358,610

1,364,508

Profit attributable to:

Owners of the parent

1,358,610

1,364,508

Total comprehensive income attributable to:

Owners of the parent

1,358,610

1,364,508

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

4,964,741

4,038,246

Investments

11

27,043

27,043

4,991,784

4,065,289

CURRENT ASSETS

Stocks

12

1,343,419

1,239,816

Debtors

13

3,253,768

4,137,860

Cash at bank and in hand

1,601,163

2,718,656

6,198,350

8,096,332

CREDITORS

Amounts falling due within one year

14

2,005,572

1,885,651

NET CURRENT ASSETS

4,192,778

6,210,681

TOTAL ASSETS LESS CURRENT LIABILITIES

9,184,562

10,275,970

CREDITORS

Amounts falling due after more than one year

15

(111,054

)

(66,959

)

PROVISIONS FOR LIABILITIES

18

(726,754

)

(671,839

)

NET ASSETS

8,346,754

9,537,172

CAPITAL AND RESERVES

Called up share capital

19

112,761

112,761

Revaluation reserve

20

668,768

715,891

Capital redemption reserve

20

140,250

140,250

Retained earnings

20

7,424,975

8,568,270

SHAREHOLDERS' FUNDS

8,346,754

9,537,172

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

J Jordan - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,394,429

994,150

Investments

11

79,665

79,665

1,474,094

1,073,815

CURRENT ASSETS

Debtors

13

1,741,869

1,629,195

Cash at bank

1,235,907

2,280,296

2,977,776

3,909,491

CREDITORS

Amounts falling due within one year

14

739,317

1,235,086

NET CURRENT ASSETS

2,238,459

2,674,405

TOTAL ASSETS LESS CURRENT LIABILITIES

3,712,553

3,748,220

PROVISIONS FOR LIABILITIES

18

2,195

2,420

NET ASSETS

3,710,358

3,745,800

CAPITAL AND RESERVES

Called up share capital

19

112,761

112,761

Revaluation reserve

668,768

715,891

Capital redemption reserve

140,250

140,250

Retained earnings

2,788,579

2,776,898

SHAREHOLDERS' FUNDS

3,710,358

3,745,800

Company's profit for the financial year

2,513,586

1,347,380

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

J Jordan - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

112,761

7,156,639

763,014

140,250

8,172,664

Changes in equity

Total comprehensive income

-

1,411,631

(47,123

)

-

1,364,508

Balance at 31 December 2023

112,761

8,568,270

715,891

140,250

9,537,172

Changes in equity

Dividends

-

(2,549,028

)

-

-

(2,549,028

)

Total comprehensive income

-

1,405,733

(47,123

)

-

1,358,610

Balance at 31 December 2024

112,761

7,424,975

668,768

140,250

8,346,754

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

112,761

1,382,395

763,014

140,250

2,398,420

Changes in equity

Total comprehensive income

-

1,394,503

(47,123

)

-

1,347,380

Balance at 31 December 2023

112,761

2,776,898

715,891

140,250

3,745,800

Changes in equity

Dividends

-

(2,549,028

)

-

-

(2,549,028

)

Total comprehensive income

-

2,560,709

(47,123

)

-

2,513,586

Balance at 31 December 2024

112,761

2,788,579

668,768

140,250

3,710,358

Cash flows from operating activities

Cash generated from operations

1

2,146,706

3,173,904

Interest paid

(7,234

)

-

Interest element of hire purchase payments paid

(4,089

)

(3,923

)

Tax paid

(544,366

)

(407,541

)

Net cash from operating activities

1,591,017

2,762,440

Cash flows from investing activities

Purchase of tangible fixed assets

(1,719,091

)

(674,446

)

Sale of tangible fixed assets

91,841

104,267

Interest received

38,474

35,494

Net cash from investing activities

(1,588,776

)

(534,685

)

Cash flows from financing activities

Hire purchase in the year

63,848

(13,518

)

Amount withdrawn by directors

1,593,672

413,702

Amount repaid by directors

(228,226

)

(1,593,672

)

Equity dividends paid

(2,549,028

)

-

Net cash from financing activities

(1,119,734

)

(1,193,488

)

(Decrease)/increase in cash and cash equivalents

(1,117,493

)

1,034,267

Cash and cash equivalents at beginning of year

2

2,718,656

1,684,389

Cash and cash equivalents at end of year

2

1,601,163

2,718,656

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

2024

2023

£

£

Profit before taxation

1,822,547

1,830,589

Depreciation charges

695,759

627,272

Loss/(profit) on disposal of fixed assets

4,995

(16,542

)

Finance costs

11,323

3,923

Finance income

(38,474

)

(35,494

)

2,496,150

2,409,748

(Increase)/decrease in stocks

(103,603

)

302,410

(Increase)/decrease in trade and other debtors

(554,435

)

385,569

Increase in trade and other creditors

308,594

76,177

Cash generated from operations

2,146,706

3,173,904

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,601,163

2,718,656

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,718,656

1,684,389

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

2,718,656

(1,117,493

)

1,601,163

2,718,656

(1,117,493

)

1,601,163

Debt

Finance leases

(80,478

)

(63,848

)

(144,326

)

(80,478

)

(63,848

)

(144,326

)

Total

2,638,178

(1,181,341

)

1,456,837

1.	STATUTORY INFORMATION

Carrick Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The significant accounting policies applied in the presentation of the financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to the date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Goodwill

Goodwill representing the excess of the cost of the acquisition of subsidiary undertakings over the fair value of the assets acquired and other purchased goodwill, is capitalised in the year of acquisition. It is amortised through the income statement over the Directors' estimate of its useful economic life of 10 years.

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

-

5% on cost, 4% on cost and 2.5% on revalued amount

Leasehold improvements

-

4% on cost

Fixed plant and equipment

-

20% on reducing balance and 5% on cost

Fixtures and fittings

-

20% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Freehold land is not depreciated.

On transition to FRS 102, the group have taken advantage of S35.10 and included a previous revaluation as deemed cost for freehold property.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each statement of financial position date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds it recoverable amount, an impairment loss is recognised in profit or loss.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks are valued at the lower of cost and net realisable value as follows:

Cost is calculated as follows :

Raw Materials

- purchase cost on a first in first out basis.

Work in Progress

& Finished Goods

- cost of direct materials and

labour plus attributable overheads.

Net realisable value is based on estimated selling price less further costs to be incurred to completion and disposal.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 statement of financial position date.

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

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

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

Foreign currencies

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