ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 13216065

D.A. PAK HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

D.A. PAK HOLDINGS LIMITED

COMPANY INFORMATION

Directors	J A Brighton
	R A Brighton
	P A Teasdale


Registered number	13216065


Registered office	Mort House
	Crowcrofts Road, Newstead Industrial Estate
	Trentham
	Stoke-On-Trent
	Staffordshire
	ST4 8HX


Independent auditors	Shorts
	Chartered Accountants & Registered Auditor
	2 Ashgate Road
	Chesterfield
	Derbyshire
	S40 4AA


Bankers	National Westminster Bank plc

D.A. PAK HOLDINGS LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Company Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14 - 15
Consolidated Analysis of Net Debt	16
Notes to the Financial Statements	17 - 33

D.A. PAK HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present their strategic report for the year ended 31 March 2025.

Business review

The Group supplies innovative flexible bulk packaging and handling solutions, using products sourced from trusted partners in the UK, Europe, and Asia.
Our customers value our reputation for responsiveness and reliability in anticipating and meeting their changing requirements.
Our head-office and main distribution centre is situated in Stoke-on-Trent, UK. This location has extensive modern storage capacity with easy access to the UK’s motorway network. Together with our trusted logistics partners, we can provide additional on-demand storage facilities and fast-response distribution capabilities, to deliver the rapid customer response our customers have come to expect.
The war in Ukraine and piracy off the Horn of Africa continues to destabilise global supply chains, but unlike some of our competitors, because of our global spread of suppliers, we can mitigate some of the effects of this disruption for our customers and offer alternate solutions where compressed lead-times are required.
Despite these external challenges, the Group traded strongly during the year under review with robust performances in tonnage, throughput, and profitability, in line with the company’s growth strategy.
Sales increased by 9% to £13.2M in the year under review with profit after tax of £897K.
The key management aims are to continue improving the quality and sustainability of earnings whilst maintaining strong cash generation.
The Directors are satisfied with the financial position of the Group.
Sustainability
The Group complies with all relevant environmental policies the Group is actively commited to sustainability and making a positive impact on educational, social, environmental, and economic outcomes within the communities we operate in.
The UK government implemented a plastic packaging tax in April 2022. The company in line with its manufacturing partners is implementing more sustainable products, where permissible supplying products containing a minimum of 30% recycled materials instead of virgin polymer.
The Group has completed a baseline carbon footprint assessment for the business covering Scopes 1 & 2 and has also scoped the data needed to complete a full carbon footprint for the business.
The Group is continuing to work with partners to successfully deliver its commitments to improving the ESG (Environmental, Sustainability, and Governance) culture within the business.

Page 1

D.A. PAK HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties

Pricing
The Group is exposed to fluctuations in market prices of feedstocks. This position is monitored daily but through using our global network of suppliers, we can mitigate some of this risk. However, although variations in feedstock prices affects all competitors, the company’s strength and liquidity shields it from the more extreme pressures.
Market
The flexible packaging industry within which the Group operates is fragmented and highly competitive. The Group promotes longevity of customer relationships by living by its core values and strengths, to ensure we maintain the highest standards for both the company and all its customers and other stakeholders.
Credit risk
The Group vets all customers prior to conducting business. New customers are assessed against our criteria for improving the quality of our earnings. If they require a credit facility they must pass our credit-checks and adhere to our terms and conditions of sale. Trade debtor balances are continuously monitored to minimising exposure to credit risks.
Foreign currency risk
The Group conducts limited trading in foreign currencies and doesn’t require the provision of accounts in foreign currencies.

Future Developments

Continued challenging trading conditions remain in 2025, namely due to the ongoing conflict in Ukraine and the high levels of inflation and interest rates in the UK. However, the Group is confident that based on the policies and strategy being implemented, it will deliver continued improvement in 2025

This report was approved by the board on 29 October 2025 and signed on its behalf.

R A Brighton

Director

Page 2

D.A. PAK HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £839,449 (2024 - £684,158).

Directors

The directors who served during the year were:

J A Brighton

R A Brighton

P A Teasdale

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Page 3

D.A. PAK HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 October 2025 and signed on its behalf.

R A Brighton

Director

Page 4

D.A. PAK HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.A. PAK HOLDINGS LIMITED

Opinion

We have audited the financial statements of D.A. Pak Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 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; and

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 directors with respect to going concern are described in the relevant sections of this report.

Page 5

D.A. PAK HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.A. PAK HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' 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 directors' remuneration specified by law are not made; or

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

Page 6

D.A. PAK HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.A. PAK HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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 to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

∙through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Company operates in, we identified the laws and regulations applicable to the Company; and

∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

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

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

∙performed analytical procedures to identify any unusual or unexpected relationships;

∙considered journal entries to identify unusual transactions;

Page 7

D.A. PAK HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.A. PAK HOLDINGS LIMITED (CONTINUED)

∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

∙investigated the rationale behind significant or unusual transactions.

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

∙agreeing financial statement disclosures to underlying supporting documentation;

∙enquiring of management as to actual and potential litigation and claims; and

∙reviewing any correspondence with HMRC, relevant regulators and the Company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.

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

Howard Freeman BSc FCA (Senior Statutory Auditor)

for and on behalf of

Shorts

Chartered Accountants

Registered Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA

29 October 2025

Page 8

D.A. PAK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	13,174,529	12,082,772
Cost of sales		(9,741,069)	(9,066,462)
Gross profit		3,433,460	3,016,310
Administrative expenses		(1,953,673)	(1,718,788)
Operating profit	5	1,479,787	1,297,522
Interest receivable and similar income	9	-	2,882
Interest payable and similar expenses	10	(155,779)	(190,642)
Profit before taxation		1,324,008	1,109,762
Tax on profit	11	(426,710)	(374,423)
Profit for the financial year		897,298	735,339

Profit for the year attributable to:
Non-controlling interests	57,849	51,181
Owners of the parent Company	839,449	684,158
	897,298	735,339

The notes on pages 17 to 33 form part of these financial statements.

Page 9

D.A. PAK HOLDINGS LIMITED

REGISTERED NUMBER: 13216065

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		1,692,294		1,944,556
Tangible assets	14		2,157,522		2,075,637
			3,849,816		4,020,193
Current assets
Stocks	16	4,013,413		3,133,363
Debtors: amounts falling due within one year	17	2,236,516		2,281,849
Cash at bank and in hand	18	328,720		569,287
		6,578,649		5,984,499
Creditors: amounts falling due within one year	19	(5,113,605)		(4,323,966)
Net current assets			1,465,044		1,660,533
Total assets less current liabilities			5,314,860		5,680,726
Creditors: amounts falling due after more than one year	20		-		(885,735)
Provisions for liabilities
Net assets			5,314,860		4,794,991

Capital and reserves
Called up share capital	23	250	250
Other reserves	24	3,268,085	3,268,085
Profit and loss account	24	1,890,785	1,335,006
Equity attributable to owners of the parent Company		5,159,120	4,603,341
Non-controlling interests		155,740	191,650
		5,314,860	4,794,991

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2025.

R A Brighton

Director

The notes on pages 17 to 33 form part of these financial statements.

Page 10

D.A. PAK HOLDINGS LIMITED

REGISTERED NUMBER: 13216065

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		1,698,924		1,723,020
Investments	15		3,283,913		3,283,913
			4,982,837		5,006,933
Current assets
Debtors: amounts falling due within one year	17	-		904
Cash at bank and in hand	18	95,383		288,222
		95,383		289,126
Creditors: amounts falling due within one year	19	(1,462,983)		(1,420,108)
Net current liabilities			(1,367,600)		(1,130,982)
Total assets less current liabilities			3,615,237		3,875,951

Creditors: amounts falling due after more than one year	20		-		(885,735)

Net assets			3,615,237		2,990,216

Capital and reserves
Called up share capital	23	250	250
Profit and loss account		3,614,987	2,989,966
		3,615,237	2,990,216

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2025.

R A Brighton

Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11

D.A. PAK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Other reserves	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 April 2023	250	3,268,085	814,518	4,082,853	234,229	4,317,082
Comprehensive income for the year
Profit for the year	-	-	684,158	684,158	51,181	735,339
Total comprehensive income for the year	-	-	684,158	684,158	51,181	735,339
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(163,670)	(163,670)	(93,760)	(257,430)
Total transactions with owners	-	-	(163,670)	(163,670)	(93,760)	(257,430)

At 1 April 2024	250	3,268,085	1,335,006	4,603,341	191,650	4,794,991
Comprehensive income for the year
Profit for the year	-	-	839,449	839,449	57,849	897,298
Total comprehensive income for the year	-	-	839,449	839,449	57,849	897,298
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(283,670)	(283,670)	(93,760)	(377,430)
Total transactions with owners	-	-	(283,670)	(283,670)	(93,760)	(377,430)
At 31 March 2025	250	3,268,085	1,890,785	5,159,120	155,739	5,314,859

The notes on pages 17 to 33 form part of these financial statements.

Page 12

D.A. PAK HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2023	250	1,631,155	1,631,405
Comprehensive income for the year
Profit for the year	-	1,522,480	1,522,480
Dividends: Equity capital	-	(163,670)	(163,670)

At 1 April 2024	250	2,989,965	2,990,215
Comprehensive income for the year
Profit for the year	-	908,692	908,692
Dividends: Equity capital	-	(283,670)	(283,670)
At 31 March 2025	250	3,614,987	3,615,237

The notes on pages 17 to 33 form part of these financial statements.

Page 13

D.A. PAK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	897,298	735,339
Adjustments for:
Amortisation of intangible assets	252,261	252,261
Depreciation of tangible assets	144,897	84,508
Profit on disposal of tangible assets	(10,074)	-
Interest paid	155,779	190,642
Interest received	-	(2,882)
Taxation charge	426,710	374,423
(Increase)/decrease in stocks	(880,050)	566,298
Decrease in debtors	42,340	82,288
Increase/(decrease) in creditors	812,014	(671,599)
Corporation tax (paid)	(411,711)	(322,872)
Net cash generated from operating activities	1,429,464	1,288,406

Cash flows from investing activities
Purchase of tangible fixed assets	(312,875)	(142,857)
Sale of tangible fixed assets	96,167	-
Interest received	-	2,882
Net cash from investing activities	(216,708)	(139,975)

Page 14

D.A. PAK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		£	£


Cash flows from financing activities
Repayment of loans	(920,114)	(303,882)
Dividends paid	(283,670)	(163,670)
Interest paid	(155,779)	(190,642)
Dividends paid to non-controlling interests	(93,760)	(93,760)
Net cash used in financing activities	(1,453,323)	(751,954)
Net (decrease)/increase in cash and cash equivalents	(240,567)	396,477
Cash and cash equivalents at beginning of year	569,287	172,810
Cash and cash equivalents at the end of year	328,720	569,287

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	328,720	569,287
	328,720	569,287

The notes on pages 17 to 33 form part of these financial statements.

Page 15

D.A. PAK HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	569,287	(240,567)	328,720
Debt due after 1 year	(885,735)	885,735	-
Debt due within 1 year	(56,048)	51,782	(4,266)
	(372,496)	696,950	324,454

The notes on pages 17 to 33 form part of these financial statements.

Page 16

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

D.A. Pak Holdings Limited is a private company limited by shares, incorporated in England and Wales (registered number: 13216065). Its registered office is Mort House, Crowcrofts Road, Newstead Industrial Estate, Trentham, Stoke-On-Trent, Staffordshire, ST4 8HX. The principal activity of the company throughout the year continued to be that of a holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The companys functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 22 February 2021.

Page 17

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Operating leases: the Group as lessee

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

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.7

Current and deferred taxation

Tax is recognised in the Income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred balances are recognised in respect of all material timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property	-	2%	straight line
Plant and machinery	-	15%	reducing balance
Motor vehicles	-	25%	reducing balance
Fixtures and fittings	-	15%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Stock provisioning
When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of stock. The carrying value of stock after making such a provision was £4,013,413 (2024: £3,133,363).
ii) Impairment of debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade and other debtors after making such provision was £2,234,384 (2024: £2,270,790).

4.	Turnover
		2025	2024
		£	£

	Turnover	13,174,529	12,082,772

All turnover arose within the United Kingdom.

Depreciation	144,897	84,508
Operating lease rentals - Land and buildings	9,485	7,701
Other operating lease rentals	47,437	45,931
Defined contribution pension costs	182,058	184,526
Profit on disposal of tangible fixed assets	(10,074)	-

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

23,000

21,000

Page 22

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	662,253	562,565	-	-
Social security costs	66,527	62,514	-	-
Cost of defined contribution scheme	182,058	184,526	-	-
	910,838	809,605	-	-

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	3	3	3	3
Employees	16	16	-	-

	19	19	3	3

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	14,965	19,484
Group contributions to defined contribution pension schemes	60,000	60,000
	74,965	79,484

During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

9.	Interest receivable
		2025	2024
		£	£

Other interest receivable

2,882

Page 23

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.	Interest payable and similar expenses
		2025	2024
		£	£

Mortgage interest payable	41,985	87,027
Other interest payable	113,794	103,615
	155,779	190,642

Corporation tax
Current tax on profits for the year	423,719	381,594
Adjustments in respect of previous periods	-	291
	423,719	381,885

Total current tax	423,719	381,885

Deferred tax
Origination and reversal of timing differences	2,155	(6,357)
Changes to tax rates	836	(1,105)
Total deferred tax	2,991	(7,462)


	Tax on profit	426,710	374,423

Page 24

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

1,324,008

1,109,761

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	331,002	277,440
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	89,916	90,535
Capital allowances for year in excess of depreciation	6,024	7,080
Adjustments to tax charge in respect of previous periods	-	291
Marginal relief	(232)	(923)
Total tax charge for the year	426,710	374,423

12.	Dividends
		2025	2024
		£	£

Dividends analysis - Ordinary B shares	141,835	81,835
Dividends analysis - Ordinary C shares	141,835	81,835
	283,670	163,670

Page 25

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	At 1 April 2024	2,469,658
	At 31 March 2025	2,469,658
	Amortisation
	At 1 April 2024	525,103
	Charge for the year on owned assets	252,261
	At 31 March 2025	777,364
	Net book value
	At 31 March 2025	1,692,294
	At 31 March 2024	1,944,556

No intangible assets are held in the parent company.

Page 26

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost
At 1 April 2024	1,815,498	45,214	415,148	273,654	2,549,514
Additions	-	-	312,058	817	312,875
Disposals	-	-	(147,161)	-	(147,161)
At 31 March 2025	1,815,498	45,214	580,045	274,471	2,715,228
Depreciation
At 1 April 2024	92,478	35,714	160,876	184,809	473,877
Charge for the year on owned assets	24,096	1,425	105,941	13,435	144,897
Disposals	-	-	(61,068)	-	(61,068)
At 31 March 2025	116,574	37,139	205,749	198,244	557,706
Net book value
At 31 March 2025	1,698,924	8,075	374,296	76,227	2,157,522
At 31 March 2024	1,723,020	9,500	254,272	88,845	2,075,637

Page 27

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.Tangible fixed assets (continued)

	Company

		Freehold property
		£
	Cost
	At 1 April 2024	1,754,804
	At 31 March 2025	1,754,804
	Depreciation
	At 1 April 2024	31,784
	Charge for the year on owned assets	24,096
	At 31 March 2025	55,880
	Net book value
	At 31 March 2025	1,698,924
	At 31 March 2024	1,723,020

Page 28

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 April 2024	3,283,913
	At 31 March 2025	3,283,913

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Class of shares	Holding

D A Pak Limited

Ordinary

95%

	The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

D A Pak Limited

3,291,241

1,090,867

16.	Stocks
		Group	Group
		2025	2024
		£	£

	Finished goods and goods for resale	4,013,413	3,133,363

Stock recognised in cost of sales during the year as an expense was £10,621,119 (2024: £8,500,163).

Page 29

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	2,234,384	2,270,790	-	-
Other debtors	-	904	-	904
Prepayments and accrued income	-	5,032	-	-
Deferred taxation	2,132	5,123	-	-
	2,236,516	2,281,849	-	904

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	328,720	569,287	95,383	288,222

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	3,266	37,645	3,266	37,645
Trade creditors	2,756,028	2,012,148	-	-
Amounts owed to group undertakings	-	-	1,425,085	1,352,736
Corporation tax	233,719	221,712	27,131	14,921
Other taxation and social security	156,215	263,904	-	-
Other creditors	1,957,878	1,782,557	1,002	8,806
Accruals and deferred income	6,499	6,000	6,499	6,000
	5,113,605	4,323,966	1,462,983	1,420,108

Page 30

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Bank loans	-	885,735	-	885,735

Included in creditors due within and after more than one year is a bank loan of £3,266 (2024 £923,380) on which security has been given by the company.

Included in creditors due after more than one year is a bank loan on which £nil (2024 £703,096) is due after more than 5 years.

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	3,266	37,645	3,266	37,645
Amounts falling due 1-2 years
Bank loans	-	40,609	-	40,609
Amounts falling due 2-5 years
Bank loans	-	142,030	-	142,030
Amounts falling due after more than 5 years
Bank loans	-	703,096	-	703,096
	3,266	923,380	3,266	923,380

The loan is repayable in 180 monthly instalments from February 2022 at an interest rate of 2.35% above base.

Page 31

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.	Deferred taxation
	Group

		2025
		£

	At beginning of year	5,123
	Charged to profit or loss	(2,991)
	At end of year	2,132

		Group	Group
		2025	2024
		£	£

Accelerated capital allowances	(25,993)	(23,838)
Movement in provisions	28,125	28,961
	2,132	5,123

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

125 (2024 - 125) Ordinary B shares shares of £1.00 each	125	125
125 (2024 - 125) Ordinary C shares shares of £1.00 each	125	125

	250	250

Page 32

D.A. PAK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24.

Reserves

Other reserves

Other reserves represent the fair value of shares recognised on acquisition from a share for share exchange.

Profit and loss account

Profit and loss account represents all current and prior period profits and losses and is all considered to be distributable.

25.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund amounted to £182,058 (2024: £184,526). Contributions totalling £nil (2024: £4,284) were payable to the fund at the balance sheet date and are included in creditors.

26.	Commitments under operating leases
	At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	163,891	162,896
Later than 1 year and not later than 5 years	530,032	620,450
Later than 5 years	-	51,667
	693,923	835,013

Page 33