JMC Packaging Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: NI043499

JMC Packaging Limited

Financial Statements

31 January 2025

JMC Packaging Limited

Financial Statements

Year ended 31 January 2025

Contents	Page

Strategic report	1

Director's report	3

Independent auditor's report to the members	5

Consolidated statement of comprehensive income	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 financial statements	15

JMC Packaging Limited

Strategic Report

Year ended 31 January 2025

Business review

The director is satisfied with the group's performance. The group operates in a very competitive marketplace and the director has taken steps to ensure that the group will maintain its competitive strengths and are confident of future results. Given the nature of the group's activities, the director is of the opinion that the use of key performance indicators is not necessary for an understanding of the development, performance or position of the group.

Financial risk management objectives and policies

The group has exposures to three main areas of risk - foreign exchange currency exposure, liquidity risk and customer credit exposure. To a lesser extent the group is exposed to interest rate risk. The group recognises that there is an exposure to currency risk as the group both sells and purchases in foreign currencies, notable the Euro. The directors manage the risk through the matching of payments and receipts in the foreign currency and transferring monies from one currency to another when they consider it is prudent and to take advantage of any perceived value in the foreign exchange rates. The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the group will seek additional credit facilities. Given the maturity of the bank loans, the group is in position to meet its commitments and obligations as they come due. The group may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is managed by the strong on-going customer relationships and by credit control procedures. The group borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.

This report was approved by the board of directors on 31 August 2025 and signed on behalf of the board by:

Mr J Cullen
Director

Registered office:

37 Seagoe Industrial Estate

Portadown

Craigavon

Co. Armagh

BT63 5QE

JMC Packaging Limited

Director's Report

Year ended 31 January 2025

The director presents his report and the financial statements of the group for the year ended 31 January 2025 .

Principal activities

The principal activity of the group during the period was the supply and distribution of packaging equipment and packaging materials.

Director

The director who served the company during the year was as follows:

Mr J Cullen

Dividends

Particulars of recommended dividends are detailed in note 14 to the financial statements.

Future developments

The directors will continue to develop the business and will seek to take advantage of opportunities that arise in the future.

Disclosure of information in the strategic report

The directors have chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is 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. He is 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 31 August 2025 and signed on behalf of the board by:

Mr J Cullen
Director

Registered office:

37 Seagoe Industrial Estate

Portadown

Craigavon

Co. Armagh

BT63 5QE

JMC Packaging Limited

Independent Auditor's Report to the Members of JMC Packaging Limited

Year ended 31 January 2025

Opinion

We have audited the financial statements of JMC Packaging Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the consolidated statement of comprehensive income, 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 the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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's affairs as at 31 January 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's or 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 director 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 director is responsible for the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to the importing of goods within the Northern Ireland protocol, Companies Act 2006 and compliance with FRS102; and we assessed the risks of material misstatement in respect of fraud with the consideration of the groups own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that do not have a a direct effect on the financial statements but compliance with which may be fundamental to the groups ability to operate or to avoid a material penalty. These included data protection, employment and health and safety regulations. Audit procedures designed to respond to the risks of fraud: We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the group, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. 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 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.

Mr Kieran McCaughey FCCA

(Senior Statutory Auditor)

For and on behalf of

Hill Vellacott

Chartered accountants & statutory auditor

22 Great Victoria Street

Belfast

BT2 7BA

31 August 2025

JMC Packaging Limited

Consolidated Statement of Comprehensive Income

Year ended 31 January 2025

		2025	2024
Note		£	£
Turnover	4	26,462,343	26,138,881

Cost of sales	22,190,298	22,231,989
	-------------	-------------
Gross profit	4,272,045	3,906,892

Administrative expenses		3,469,730	2,649,667
Other operating income	6	20,736	67,177
		------------	------------
Operating profit	7	823,051	1,324,402

Other interest receivable and similar income	11	92,022	11,822
Interest payable and similar expenses	12	69,207	45,412
		------------	------------
Profit before taxation		845,866	1,290,812

Tax on profit	13	151,004	177,285
		---------	------------
Profit for the financial year and total comprehensive income		694,862	1,113,527
		---------	------------

Profit for the financial year attributable to:

The owners of the parent company	713,311	1,141,406
Non-controlling interests	( 18,449)	( 27,879)
	---------	------------
	694,862	1,113,527
	---------	------------

All the activities of the group are from continuing operations.

JMC Packaging Limited

Consolidated Statement of Financial Position

31 January 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	15	2,371,556	1,970,549
Investments	16	65,000	–
		------------	------------
		2,436,556	1,970,549

Current assets

Stocks	17	5,557,358	4,835,903
Debtors	18	3,666,419	4,383,265
Cash at bank and in hand		2,108,208	3,523,093
		-------------	-------------
		11,331,985	12,742,261

Creditors: amounts falling due within one year	19	4,001,733	5,457,344
		-------------	-------------
Net current assets		7,330,252	7,284,917
		------------	------------
Total assets less current liabilities		9,766,808	9,255,466

Creditors: amounts falling due after more than one year	20	1,054,210	666,599

Provisions	22	366,875	212,819
		------------	------------
Net assets		8,345,723	8,376,048
		------------	------------

Capital and reserves

Called up share capital	27	40	40
Capital redemption reserve	28	60	60
Profit and loss account	28	7,667,203	6,779,964
		------------	------------
Equity attributable to the owners of the parent company		7,667,303	6,780,064

Non-controlling interests	678,420	1,595,984
	------------	------------
	8,345,723	8,376,048
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 31 August 2025 , and are signed on behalf of the board by:

Mr J Cullen
Director

Company registration number: NI043499

JMC Packaging Limited

Company Statement of Financial Position

31 January 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	15	784,559	683,698
Investments	16	2,507,106	1,962,106
		------------	------------
		3,291,665	2,645,804

Current assets

Stocks	17	3,165,924	2,670,902
Debtors	18	2,972,302	2,963,957
Cash at bank and in hand		617,572	2,201,515
		------------	------------
		6,755,798	7,836,374

Creditors: amounts falling due within one year	19	2,352,456	3,653,853
		------------	------------
Net current assets		4,403,342	4,182,521
		------------	------------
Total assets less current liabilities		7,695,007	6,828,325

Creditors: amounts falling due after more than one year	20	289,776	90,164

Provisions	22	296,326	157,862
		------------	------------
Net assets		7,108,905	6,580,299
		------------	------------

Capital and reserves

Called up share capital	27	40	40
Capital redemption reserve	28	60	60
Profit and loss account	28	7,108,805	6,580,199
		------------	------------
Shareholders funds		7,108,905	6,580,299
		------------	------------

The profit for the financial year of the parent company was £ 773,793 (2024: £ 967,106 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 31 August 2025 , and are signed on behalf of the board by:

Mr J Cullen
Director

Company registration number: NI043499

JMC Packaging Limited

Consolidated Statement of Changes in Equity

Year ended 31 January 2025

		Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
		£	£	£	£	£	£
At 1 February 2023		40	60	5,723,058	5,723,158	1,623,863	7,347,021

Profit for the year				1,141,406	1,141,406	( 27,879)	1,113,527
		----	----	------------	------------	------------	------------
Total comprehensive income for the year		–	–	1,141,406	1,141,406	( 27,879)	1,113,527

Dividends paid and payable	14	–	–	( 84,500)	( 84,500)	–	( 84,500)
		----	----	------------	------------	------------	------------
Total investments by and distributions to owners		–	–	( 84,500)	( 84,500)	–	( 84,500)

At 31 January 2024		40	60	6,779,964	6,780,064	1,595,984	8,376,048

Profit for the year				713,311	713,311	( 18,449)	694,862
		----	----	------------	------------	------------	------------
Total comprehensive income for the year		–	–	713,311	713,311	( 18,449)	694,862

Dividends paid and payable	14	–	–	( 245,187)	( 245,187)	–	( 245,187)
Acquisition of remaining interest in GSH Holdings Limited		–	–	–	–	(480,000)	(480,000)
Change in ownership interest in subsidiaries		–	–	419,115	419,115	(419,115)	–
		----	----	---------	---------	---------	---------
Total investments by and distributions to owners		–	–	173,928	173,928	( 899,115)	( 725,187)

		----	----	------------	------------	---------	------------
At 31 January 2025		40	60	7,667,203	7,667,303	678,420	8,345,723
		----	----	------------	------------	---------	------------

JMC Packaging Limited

Company Statement of Changes in Equity

Year ended 31 January 2025

		Called up share capital	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£
At 1 February 2023		40	60	5,697,593	5,697,693

Profit for the year				967,106	967,106
		----	----	------------	------------
Total comprehensive income for the year		–	–	967,106	967,106

Dividends paid and payable	14	–	–	( 84,500)	( 84,500)
		----	----	------------	------------
Total investments by and distributions to owners		–	–	( 84,500)	( 84,500)

At 31 January 2024		40	60	6,580,199	6,580,299

Profit for the year				773,793	773,793
		----	----	------------	------------
Total comprehensive income for the year		–	–	773,793	773,793

Dividends paid and payable	14	–	–	( 245,187)	( 245,187)
		----	----	---------	---------
Total investments by and distributions to owners		–	–	( 245,187)	( 245,187)

		----	----	------------	------------
At 31 January 2025		40	60	7,108,805	7,108,905
		----	----	------------	------------

JMC Packaging Limited

Consolidated Statement of Cash Flows

Year ended 31 January 2025

		2025	2024
Note		£	£
Cash generated from operations	29	( 282,396)	1,349,772

Interest paid	( 69,207)	( 45,412)
Interest received	92,022	11,822
Tax (paid)/received	( 172,739)	286,800
	---------	------------
Net cash (used in)/from operating activities	( 432,320)	1,602,982
	---------	------------

Cash flows from investing activities

Purchase of tangible assets	( 151,449)	( 183,051)
Proceeds from sale of tangible assets	301,593	664,905
Cash advances and loans granted	–	( 497,288)
Acquisition of subsidiaries	( 480,000)	–
Purchases of other investments	(65,000)	–
	---------	------------
Net cash used in investing activities	( 394,856)	( 15,434)
	---------	------------

Cash flows from financing activities

Repayments of borrowings	( 68,662)	( 113,179)
Payments of finance lease liabilities	( 273,860)	( 430,869)
Dividends paid	( 245,187)	( 84,500)
	---------	------------
Net cash used in financing activities	( 587,709)	( 628,548)
	---------	------------

Net (decrease)/increase in cash and cash equivalents	( 1,414,885)	959,000
Cash and cash equivalents at beginning of year	3,523,093	2,564,093
	------------	------------
Cash and cash equivalents at end of year	2,108,208	3,523,093
	------------	------------

JMC Packaging Limited

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 37 Seagoe Industrial Estate, Portadown, Craigavon, BT63 5QE, Co. Armagh.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of JMC Packaging Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Stocks are stated at the lower of cost and net realisable value. At each reporting date, stocks are assessed for impairment and this value may vary depending on a number of factors. Impairment of trade debtors is reviewed on an ongoing basis. The company uses estimates based on historical experience and current information in determining the debts for which an impairment charge is required. Accruals and deferred income include amounts that are estimates of liabilities incurred and for some of these amounts, the estimates can be uncertain and are based on an assessment of the likely amounts due.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Short leasehold property	-	Over the period of the lease
Plant and machinery	-	25% reducing balance and 10% straight line
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	25,766,256	25,763,297
Rendering of services	566,087	375,584
Rental of machines	130,000	–
	-------------	-------------
	26,462,343	26,138,881
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group.

5. Turnover by geographical market

An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	21,159,375	19,219,833
Europe	5,302,968	6,919,048
	-------------	-------------
	26,462,343	26,138,881
	-------------	-------------

6. Other operating income

	2025	2024
	£	£
Rental income	19,718	13,742
Management charges receivable	1,018	2,629
Government grant income	–	48,232
Other operating income	–	2,574
	--------	--------
	20,736	67,177
	--------	--------

7. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	322,100	283,558
Gains on disposal of tangible assets	( 19,876)	( 128,733)
Impairment of trade debtors	871,207	128,516
Foreign exchange differences	39,746	( 112,788)
	---------	---------

8. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	16,975	14,475
	--------	--------

9. Staff costs

The average number of persons employed by the group during the year, including the director, amounted to:

	2025	2024
	No.	No.
Production staff	7	6
Distribution staff	33	31
Administrative staff	22	22
	----	----
	62	59
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	2,528,775	2,326,051
Social security costs	264,837	219,732
Other pension costs	46,958	43,116
	------------	------------
	2,840,570	2,588,899
	------------	------------

10. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	12,639	80,139
Compensation for loss of office	87,896	–
	---------	--------
	100,535	80,139
	---------	--------

11. Other interest receivable and similar income

	2025	2024
	£	£
Interest receivable	20,981	11,822
Other interest receivable and similar income	71,041	–
	--------	--------
	92,022	11,822
	--------	--------

12. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	21,333	27,193
Interest on obligations under finance leases and hire purchase contracts	25,325	18,219
Interest on corporation tax paid late	6,734	–
Other interest payable and similar charges	15,815	–
	--------	--------
	69,207	45,412
	--------	--------

13. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	184,987	385,708
Adjustments in respect of prior periods	( 100,143)	( 91,709)
	---------	---------
Total current tax	84,844	293,999
	---------	---------

Deferred tax:

Origination and reversal of timing differences	66,160	( 116,714)
	---------	---------
Tax on profit	151,004	177,285
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	845,866	1,290,812
	---------	------------
Profit on ordinary activities by rate of tax	215,012	322,704
Adjustment to tax charge in respect of prior periods	( 100,143)	( 91,709)
Effect of expenses not deductible for tax purposes	5,086	2,156
Effect of capital allowances and depreciation	992	17,435
Effect of different UK tax rates on some earnings	(434)	(15,567)
Utilisation of tax losses	( 7,438)	( 53,426)
Unused tax losses	26,777	41,953
Other tax adjustment to increase/(decrease) tax liability	11,152	(46,261)
	---------	------------
Tax on profit	151,004	177,285
	---------	------------

14. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	245,187	84,500
	---------	--------

15. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Investment property	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2024	1,216,484	510,480	634,743	1,042,377	250,000	3,654,084
Additions	–	9,139	21,029	974,656	–	1,004,824
Disposals	( 136,625)	( 70,788)	–	( 342,967)	–	( 550,380)
	------------	---------	---------	------------	---------	------------
At 31 Jan 2025	1,079,859	448,831	655,772	1,674,066	250,000	4,108,528
	------------	---------	---------	------------	---------	------------
Depreciation
At 1 Feb 2024	356,928	309,806	486,632	530,169	–	1,683,535
Charge for the year	17,068	46,049	33,479	225,504	–	322,100
Disposals	–	( 68,897)	–	( 199,766)	–	( 268,663)
	------------	---------	---------	------------	---------	------------
At 31 Jan 2025	373,996	286,958	520,111	555,907	–	1,736,972
	------------	---------	---------	------------	---------	------------
Carrying amount
At 31 Jan 2025	705,863	161,873	135,661	1,118,159	250,000	2,371,556
	------------	---------	---------	------------	---------	------------
At 31 Jan 2024	859,556	200,674	148,111	512,208	250,000	1,970,549
	------------	---------	---------	------------	---------	------------

Company	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 February 2024	264,180	456,253	113,028	737,926	1,571,387
Additions	–	7,273	1,754	528,279	537,306
Disposals	( 136,625)	( 70,788)	–	( 222,123)	( 429,536)
	------------	---------	---------	------------	------------
At 31 January 2025	127,555	392,738	114,782	1,044,082	1,679,157
	------------	---------	---------	------------	------------
Depreciation
At 1 February 2024	120,953	294,819	70,735	401,182	887,689
Charge for the year	4,895	41,249	3,101	145,060	194,305
Disposals	–	( 68,897)	–	( 118,499)	( 187,396)
	------------	---------	---------	------------	------------
At 31 January 2025	125,848	267,171	73,836	427,743	894,598
	------------	---------	---------	------------	------------
Carrying amount
At 31 January 2025	1,707	125,567	40,946	616,339	784,559
	------------	---------	---------	------------	------------
At 31 January 2024	143,227	161,434	42,293	336,744	683,698
	------------	---------	---------	------------	------------

The investment property has been valued at the year end at the open market value as determined by the group, having regard for the market conditions.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 January 2025	34,093	543,735	577,828
	--------	---------	---------
At 31 January 2024	88,598	253,272	341,870
	--------	---------	---------

Company	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 January 2025	34,093	543,735	577,828
	--------	---------	---------
At 31 January 2024	55,122	253,272	308,394
	--------	---------	---------

16. Investments

Group	Other investments other than loans
	£
Cost
At 1 February 2024	–
Additions	65,000
	--------
At 31 January 2025	65,000
	--------
Impairment
At 1 February 2024 and 31 January 2025	–
	--------

Carrying amount
At 31 January 2025	65,000
	--------
At 31 January 2024	–
	--------

Company	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 February 2024	1,962,106	–	1,962,106
Additions	480,000	65,000	545,000
	------------	--------	------------
At 31 January 2025	2,442,106	65,000	2,507,106
	------------	--------	------------
Impairment
At 1 February 2024 and 31 January 2025	–	–	–
	------------	--------	------------

Carrying amount
At 31 January 2025	2,442,106	65,000	2,507,106
	------------	--------	------------
At 31 January 2024	1,962,106	–	1,962,106
	------------	--------	------------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
GSH Holdings Limited	Ordinary	100
Easiweigh Limited (*)	Ordinary	100
Fieldpax Limited (*)	Ordinary	100
Infia UK Limited (*)	Ordinary	57.9
Verti-Pack Limited (*)	Ordinary	73.2

All the above companies have their registered office address at Beech Gate, Peterborough Road, Whittlesey, Peterborough, England, PE7 1PD.

(*) The holdings in these undertakings are through the company's holding in GSH Holdings Limited.

17. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Finished goods and goods for resale	5,557,358	4,835,903	3,165,924	2,670,902
	------------	------------	------------	------------

18. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	3,016,332	3,294,287	2,044,101	1,809,454
Amounts owed by group undertakings	–	–	186,360	95,501
Prepayments and accrued income	306,746	592,808	291,224	565,332
Director's loan account	–	52,288	–	52,288
Other debtors	343,341	443,882	450,617	441,382
	------------	------------	------------	------------
	3,666,419	4,383,265	2,972,302	2,963,957
	------------	------------	------------	------------

19. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	59,087	61,888	–	–
Trade creditors	2,398,113	2,988,633	1,339,502	1,706,258
Amounts owed to group undertakings	–	–	72,975	99,427
Accruals and deferred income	602,708	1,386,510	450,093	1,330,705
Corporation tax	295,820	383,715	180,150	272,298
Social security and other taxes	290,426	343,525	69,516	113,120
Obligations under finance leases and hire purchase contracts	279,980	153,937	206,241	128,293
Director loan accounts	25,586	–	25,586	–
Other creditors	50,013	139,136	8,393	3,752
	------------	------------	------------	------------
	4,001,733	5,457,344	2,352,456	3,653,853
	------------	------------	------------	------------

The bank loan is secured by a charge over the company's premises at Beech Gate, Peterbrough Road, Whittlesey. The interest rate applicable to the loan is 2.4% above the Bank of England base rate. and the loan is repayable on a 5 year basis with repayments calculated on a 10 year repayment basis.

20. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	503,002	568,863	–	–
Obligations under finance leases and hire purchase contracts	551,208	97,736	289,776	90,164
	------------	---------	---------	--------
	1,054,210	666,599	289,776	90,164
	------------	---------	---------	--------

The bank overdraft is secured by a floating charge over the assets of the company. The bank invoice finance is secured by a fixed charge over book debts.

21. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	279,980	153,937	206,241	128,293
Later than 1 year and not later than 5 years	551,208	97,736	289,776	90,164
	---------	---------	---------	---------
	831,188	251,673	496,017	218,457
	---------	---------	---------	---------

22. Provisions

Group	Warranties	Deferred tax (note 23)	Legal claims	Total
	£	£	£	£
At 1 February 2024	30,000	182,819	–	212,819
Additions	–	66,160	87,896	154,056
	--------	---------	--------	---------
At 31 January 2025	30,000	248,979	87,896	366,875
	--------	---------	--------	---------

Company	Warranties	Deferred tax (note 23)	Legal claims	Total
	£	£	£	£
At 1 February 2024	30,000	127,862	–	157,862
Additions	–	50,568	87,896	138,464
	--------	---------	--------	---------
At 31 January 2025	30,000	178,430	87,896	296,326
	--------	---------	--------	---------

The warranty provision stated above covers the expected cost of warranties provided to customers on machinery sales and is based on the past experience of warranty claims made by customers. The legal claim provision arises from an employment matter that arose in a previous year and has been subject to proceedings under the Industrial Tribunal. These proceedings concluded after the year end and the provision is stated at the settlement amount.

23. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 22)	248,979	182,819	178,430	127,862
	---------	---------	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	248,979	182,819	178,430	127,862
	---------	---------	---------	---------

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 46,958 (2024: £ 43,116 ).

25. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2025	2024	2025	2024
£	£	£	£

Recognised in other operating income:

Government grants recognised directly in income	–	48,232	–	48,232
	----	--------	----	--------

26. Financial instruments

The carrying amount for each category of financial instrument is as follows:

Financial assets measured at fair value through profit or loss

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Financial assets measured at fair value through profit or loss	250,000	250,000	–	–
	---------	---------	----	----

27. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	40	40	40	40
	----	----	----	----

28. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

29. Cash generated from operations

	2025	2024
	£	£
Profit for the financial year	694,862	1,113,527

Adjustments for:
Depreciation of tangible assets	322,100	283,558
Other interest receivable and similar income	( 92,022)	( 11,822)
Interest payable and similar expenses	69,207	45,412
Gains on disposal of tangible assets	( 19,876)	( 128,733)
Tax on profit	151,004	177,285
Accrued (income)/expenses	( 783,802)	542,385

Changes in:
Stocks	( 721,455)	( 695,459)
Trade and other debtors	716,846	838,718
Trade and other creditors	( 707,156)	( 815,099)
Provisions and employee benefits	87,896	–
	---------	------------
	( 282,396)	1,349,772
	---------	------------

30. Analysis of changes in net debt

	At 1 Feb 2024	Cash flows	New finance leases	Other changes	At 31 Jan 2025
	£	£	£	£	£
Cash at bank and in hand	3,523,093	(1,414,885)		–	2,108,208
Debt due within one year	(215,825)	342,522	–	(465,764)	(339,067)
Debt due after one year	(666,599)	–	(853,374)	465,764	(1,054,209)
	------------	------------	---------	---------	------------
	2,640,669	( 1,072,363)	( 853,374)	–	714,932
	------------	------------	---------	---------	------------

31. Limitation of auditors liability

The group has entered into a liability limitation agreement with the group's auditor which was approved on 31 March 2025. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.

32. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company and its subsidiary undertakings:

	2025
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J Cullen	52,288	178,937	( 256,811)	( 25,586)
	--------	---------	---------	--------

	2024
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J Cullen	–	148,412	( 96,124)	52,288
	----	---------	--------	--------

The loan above was unsecured and repayable upon demand and was subject to interest at 2.25% pa.

33. Related party transactions

Group

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 12,308 (2024: £ 12,231 ).

JMC Packaging Limited

Notes to the Financial Statements (continued)

Year ended 31 January 2025

33. Related party transactions (continued)

Company

The director received dividends in the year of £245,187 (2024 - £84,500). The company occupies premises owned by the pension fund of the director and was charged £129,500 (2024 - £129,500) in the year for rent.