Company registration number 12644682 (England and Wales)
BEWI PACKAGING & COMPONENTS (UK) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BEWI PACKAGING & COMPONENTS (UK) LTD
COMPANY INFORMATION
Directors
J D Cooper
R Dobbelaere
J Siljeskär
I Walker
Company number
12644682
Registered office
Unit A
Rudford Industral Estate
Ford Road
NR Arundel
West Sussex
UK
BN18 0BD
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
BEWI PACKAGING & COMPONENTS (UK) LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
BEWI PACKAGING & COMPONENTS (UK) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

The results for the year ended 31st December 2024 reflect a challenging year of trading in which the company made a small operating loss. Increasingly competitive market conditions meant that the decision was taken to exit certain unprofitable accounts during the year, this will allow the company to capitalise upon more viable volumes in the coming years.

Work continues in developing customer relationships which will deliver significant growth in the coming years.

The ongoing commitment to developing talent and investing in capabilities allows the company to provide market leading service and innovative products to the market.

Financial key performance indicators:

The directors believe that analysis using Turnover, Gross Profit, EBITDA, and Operating Profit KPI's is essential for measuring the position and performance of the business:

| 2024 |  | 2023
| £ |  | £

Turnover |  | 12,362,317 |  | 11,416,639
Gross Profit |  | 3,933,555 |  | 4,174,304
EBITDA Profit |  | 267,063 |  | 741,258
Operating Profit |  | 54,637 |  | 538,284

Principal risks and uncertainties

The directors continue to assess the key risks posed to the business and implement appropriate mitigations wherever possible. The principal market risks for the company relate to the changing legislative landscape in respect to packaging, use of plastics and the associated taxation of products, and ongoing geopolitical instability impacting global supply chains and prices.

Foreign exchange risk arises as the company purchases raw materials from overseas. These risks are mitigated by the company using hedging products to eliminate or reduce risk of foreign exchange movements.

The company seeks to manage liquidity risk by ensuring sufficient cash is available to meet foreseeable needs and to invest cash assets safely and profitably. The company reviews its cash flow forecasts on a regular basis.

In order to manage credit risk, the directors ensure that all new customers undergo third party credit checks and credit limits are set based on a combination of credit checks and payment history. The company also uses credit insurance to reduce the risk.

Development and performance

The directors recognise the need to mitigate risks posed by changing legislation and consumer attitudes so continue to invest in the development of innovative, market leading products using low carbon, recycled and alternative material solutions. We provide our customers with high performance, value adding solutions backed by the confidence of dealing with one of Europe’s leading providers of protective and thermal packaging products.

The business is committed to reducing the environmental impact of its activities, products and services. Low carbon and recycled materials are key to the ongoing development of innovative products whilst sustainable, reduced CO2 solutions within the manufacturing process and supply chain are key to the future growth of the business.

The company recognises the importance of high calibre talent within the organisation and as such continues to invest in its employees through high quality training and continuous development opportunities.

BEWI PACKAGING & COMPONENTS (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Section 172

The company engages with its key stakeholders, both at a corporate and business segment levels to understand their concerns and expectations. These insights inform the company's engagement plan to ensure alignment with stakeholder interest and perspectives.

Stakeholders | How BEWI engage | Purpose of engagement
Employees | General meetings Surveys and workplace assessments Personal development dialogues | Understand employees’ perceptions and experiences Creating an inclusive workspace Facilitate training and development Creating a safe workspace
Customers | Customer support and guidance Periodic meetings and reviews Business partner due diligence | Understanding the customer needs and expectations Ensuring product quality Support customers to reach their targets
Suppliers | Supplier due diligence Supplier meetings On site assessments | Compliance with supplier code of conduct Increase knowledge on IRO supply chain Protecting human and labour rights Ensuring a stable and ethical supply chain Decarbonising supply chain
Authorities | Engagement through industry associations Participations in analysis and studies Participation in conferences | Ensuring regulatory compliance Sharing industry best practice
Industry | Membership in associations Workshops and knowledge training Joint initiative and programs | Enabling the industry to engage policy makers Developing industry standards Working towards climate mitigation

On behalf of the board

J D Cooper
Director
14 October 2025
BEWI PACKAGING & COMPONENTS (UK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company continued to that of manufacture of expanded polystyrene packasging products principally for the bespoke industrial sector (Brown/ White Goods) and a range of standard products meeting the needs of the horticulture, fish and produce markets. In addition the company manufactures and sells a range of building products to an associated company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J D Cooper
R Dobbelaere
J Siljeskär
M Poulton
(Resigned 4 July 2025)
I Walker
Statement of directors' responsibilities

The directors are responsible 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 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 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BEWI PACKAGING & COMPONENTS (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
J D Cooper
Director
14 October 2025
BEWI PACKAGING & COMPONENTS (UK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEWI PACKAGING & COMPONENTS (UK) LTD
- 5 -
Opinion

We have audited the financial statements of Bewi Packaging & Components (UK) Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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's 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 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 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 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

BEWI PACKAGING & COMPONENTS (UK) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEWI PACKAGING & COMPONENTS (UK) LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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'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.

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

BEWI PACKAGING & COMPONENTS (UK) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEWI PACKAGING & COMPONENTS (UK) LTD
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, 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 indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Rebecca Boys
Senior Statutory Auditor
For and on behalf of Azets Audit Services
17 October 2025
Chartered Accountants
Statutory Auditor
2nd Floor
Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
BEWI PACKAGING & COMPONENTS (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
12,362,317
11,416,639
Cost of sales
(8,428,762)
(7,242,335)
Gross profit
3,933,555
4,174,304
Administrative expenses
(3,899,932)
(3,657,397)
Other operating income
21,014
21,377
Operating profit
4
54,637
538,284
Interest payable and similar expenses
8
(68,856)
(61,477)
(Loss)/profit before taxation
(14,219)
476,807
Tax on (loss)/profit
9
38,109
(18,100)
Profit for the financial year
23,890
458,707

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BEWI PACKAGING & COMPONENTS (UK) LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,700,858
1,873,359
Current assets
Stocks
11
1,008,300
589,394
Debtors
12
2,411,023
1,891,910
Cash at bank and in hand
351,334
739,876
3,770,657
3,221,180
Creditors: amounts falling due within one year
13
(3,572,469)
(3,138,886)
Net current assets
198,188
82,294
Total assets less current liabilities
1,899,046
1,955,653
Creditors: amounts falling due after more than one year
14
(390,948)
(390,948)
Provisions for liabilities
Deferred tax liability
16
302,000
314,000
(302,000)
(314,000)
Net assets
1,206,098
1,250,705
Capital and reserves
Called up share capital
18
1
1
Revaluation reserve
405,278
473,775
Profit and loss reserves
800,819
776,929
Total equity
1,206,098
1,250,705
The financial statements were approved by the board of directors and authorised for issue on 14 October 2025 and are signed on its behalf by:
J D Cooper
Director
Company Registration No. 12644682
BEWI PACKAGING & COMPONENTS (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
1
542,272
318,222
860,495
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
458,707
458,707
Transfers
-
(68,497)
-
0
(68,497)
Balance at 31 December 2023
1
473,775
776,929
1,250,705
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
23,890
23,890
Transfers
-
(68,497)
-
0
(68,497)
Balance at 31 December 2024
1
405,278
800,819
1,206,098
BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Bewi Packaging & Components (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Rudford Industral Estate, Ford Road, NR Arundel, West Sussex, UK, BN18 0BD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed assets and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Jablite Group Limited. These consolidated financial statements are available from its registered office, Unit A, Rudford Industrial Estate,Ford Road, Ford, Nr Arundel, West Sussex, BN18 0BD.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10 years straight line
Fixtures and fittings
3 years straight line
Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end 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 flows have 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 discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2
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 these 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock valuation

Stocks are valued at the lower of cost and the estimated selling price less costs to sell. In assessing the value of the company's stock, consideration is given to any impairment in its value as a result of any stock which is likely to have become obsolete or which has an estimated selling price less than its cost price.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Bad debt provision

Bad debts are provided for specific debts when no longer considered to be recoverable.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Packaging and components
12,362,317
11,416,639
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,327,776
11,416,639
Europe
34,541
-
12,362,317
11,416,639
BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(23,653)
2,800
Research and development costs
1,300
5,762
Depreciation of owned tangible fixed assets
212,426
202,974
Operating lease charges
696,521
743,637
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,400
14,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
6
5
Factory
57
54
Admin
7
6
Total
70
65

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,136,362
2,045,161
Social security costs
233,542
194,513
Pension costs
77,698
71,170
2,447,602
2,310,844
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
160,933
92,475
Company pension contributions to defined contribution schemes
9,270
8,788
170,203
101,263
BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
(Continued)
- 17 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
68,856
61,477
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
26,100
Adjustments in respect of prior periods
(26,109)
-
0
Total current tax
(26,109)
26,100
Deferred tax
Origination and reversal of timing differences
(12,000)
(8,000)
Total tax (credit)/charge
(38,109)
18,100

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(14,219)
476,807
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(3,555)
119,202
Tax effect of expenses that are not deductible in determining taxable profit
1,568
2,492
Tax effect of utilisation of tax losses not previously recognised
-
0
(60,562)
Group relief
(2,342)
-
0
Permanent capital allowances in excess of depreciation
4,329
(35,032)
Under/(over) provided in prior years
(26,109)
-
0
Deferred tax adjustments in respect of prior years
(12,000)
(8,000)
Taxation (credit)/charge for the year
(38,109)
18,100
BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
2,577,766
25,562
1,039
2,604,367
Additions
99,372
16,629
-
0
116,001
Disposals
(7,579)
-
0
-
0
(7,579)
At 31 December 2024
2,669,559
42,191
1,039
2,712,789
Depreciation and impairment
At 1 January 2024
726,530
3,814
664
731,008
Depreciation charged in the year
206,690
5,390
346
212,426
Revaluation
68,497
-
0
-
0
68,497
At 31 December 2024
1,001,717
9,204
1,010
1,011,931
Carrying amount
At 31 December 2024
1,667,842
32,987
29
1,700,858
At 31 December 2023
1,851,236
21,748
375
1,873,359
11
Stocks
2024
2023
£
£
Raw materials and consumables
473,859
249,121
Finished goods and goods for resale
534,441
340,273
1,008,300
589,394
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,013,718
1,696,180
Other debtors
111,179
-
0
Prepayments and accrued income
286,126
195,730
2,411,023
1,891,910
BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
15
622,859
-
0
Trade creditors
749,439
469,625
Amounts owed to group undertakings
1,391,475
1,573,228
Corporation tax
-
0
26,109
Other taxation and social security
350,370
322,758
Other creditors
198,219
43,403
Accruals and deferred income
260,107
703,763
3,572,469
3,138,886
14
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
390,948
390,948
15
Loans and overdrafts
2024
2023
£
£
Other loans
622,859
-
0
Payable within one year
622,859
-
0

Other loans relate to an invoice discounting facility which is secured by a fixed and floating charge over all property and undertakings of the company and a negative pledge dated 15 June 2020. The invoice discounting facility was in cash at bank and in hand totalling £nil (2023: £580,679).

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
302,000
314,000
BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Deferred taxation
(Continued)
- 20 -
2024
Movements in the year:
£
Liability at 1 January 2024
314,000
Credit to profit or loss
(12,000)
Liability at 31 December 2024
302,000

The deferred tax liability set out above is expected to reverse over the life of the asset and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,698
71,170

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the balance sheet date, the company owed £17,575 (2023: £12,117) in relation to outstanding pension payments.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
19
Financial commitments, guarantees and contingent liabilities

The company has provided a composite guarantee dated 15 June 2020 as a security against other loans of Jablite Group Limited by way of fixed and floating charge over all property and undertakings of the company including a negative pledge.

At the balance sheet date, the value of the loan outstanding was £1,500,000 (2023: £1,500,000).

BEWI PACKAGING & COMPONENTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
711,087
661,300
Between two and five years
2,684,083
1,604,902
In over five years
2,045,274
2,314,274
5,440,444
4,580,476
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Entities with control, joint control or significant influence over the company
2,893,220
2,496,963
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
417,834
177,222
Other information

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

22
Ultimate controlling party

The company is a wholly owned subsidiary of Jablite Group Limited, a company registered in England and Wales.

The results of the company are included in the consolidated financial statements of Jablite Group Limited. The consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The company is considered to be under the control of BEWisynbra Group Ab.

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