REGISTERED NUMBER: 01763734 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

W.E. Roberts Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

S W T Roberts

P T Roberts

R J Puffette

Ms S T Roberts

SECRETARY:

R J Puffette

REGISTERED OFFICE:

Thames Works

Grove Road

Northfleet

Kent

DA11 9AX

REGISTERED NUMBER:

01763734 (England and Wales)

AUDITORS:

Deeks Evans Audit Services Limited

Statutory Auditor

First Floor, West Barn

North Frith Farm, Ashes Lane, Hadlow

Tonbridge

Kent

TN11 9QU

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

REVIEW OF BUSINESS

Business Overview

W.E. Roberts Limited is primarily engaged in the manufacture of corrugated cardboard packaging, supplying a diverse customer base across the United Kingdom. The company operates from its manufacturing facility in Northfleet, Kent, and continues to focus on operational efficiency, quality, and long-term sustainability.

Performance Review

During the year ended 31 December 2024, W.E. Roberts Limited delivered a strong revenue performance in a competitive and cost-pressured trading environment.

Turnover increased to £26.4 million (2023: £24.1 million), representing growth of approximately 9.5%, driven by higher sales volumes across both conventional and stock-and-serve product ranges, including continued growth in e-commerce packaging.

Operating profit increased to £603,694 (2023: £361,212), reflecting improved gross margins and effective cost control despite ongoing inflationary pressures across labour, energy, and maintenance. After finance costs, the company reported a profit before tax of £304,908 (2023: £96,732).

The business continued to invest in its workforce throughout the year. Wage costs increased in line with labour market conditions and the company's strategy to attract and retain skilled employees. The W.E. Roberts Academy, launched previously, remains a key part of this strategy, supporting training, development, and operational resilience.

Capital investment continued during the year, with further expenditure on plant and machinery to support reliability, efficiency, and capacity. These investments have contributed to higher depreciation charges in the year but are expected to deliver long-term operational benefits.

Overall, the business closed 2024 with a solid order book, a stable balance sheet, and a strong platform from which to progress into 2025.

Key Financial Highlights

Turnover: £26.4 million (2023: £24.1 million)

Operating profit: £603,694 (2023: £361,212)

Profit before tax: £309,908 (2023: £96,732)

Gross profit margin: improved year-on-year

Average number of employees: 171 (2023: 166)

Sustainability and Strategic Development

W.E. Roberts Limited continues to embed sustainability considerations into its operational and strategic decision-making.

During 2024, the company progressed a number of initiatives aimed at reducing energy consumption and improving environmental efficiency, including:

expansion of electric forklift truck usage;

improved waste segregation and recycling controls;

enhanced monitoring of energy usage across production processes.

Carbon Reduction Project - 2025

In 2025, the company will formally progress its Carbon Reduction Project, a structured programme designed to identify, measure, and reduce carbon emissions and energy intensity across its manufacturing operations.

The project will focus on:

establishing detailed energy and emissions baselines and identifying high-consumption plant and processes for targeted efficiency improvements;

evaluating investment opportunities in energy-saving technologies and on-site generation;

supporting the company's long-term objective of reducing environmental impact and operating costs.

This initiative reflects the Board's commitment to responsible manufacturing and long-term sustainability.

Outlook

The directors remain cautiously optimistic for 2025. While market conditions remain competitive and cost pressures persist, the business enters the year with:

a strong revenue base;

continued focus on operational discipline;

planned investment in efficiency and carbon reduction; and

an experienced and committed workforce.

The Board believes these factors position W.E. Roberts Limited well for sustainable performance and long-term growth.

ON BEHALF OF THE BOARD:

R J Puffette - Director

30 December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £710,880.

DIRECTORS

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

S W T Roberts

P T Roberts

R J Puffette

Ms S T Roberts

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Deeks Evans Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R J Puffette - Director

30 December 2025

Opinion

We have audited the financial statements of W.E. Roberts Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience; through verbal and written communications with those charged with governance and other management: auditors and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the polices and procedures regarding

compliance with laws and regulations.

We communicated identified laws and regulations to the audit team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulation as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an effect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation.

Auditing Standards limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

(a) identifying and testing journal entries, in particular those involving large or unusual account combinations

(b) obtaining third party confirmations of banking and finance arrangements and

(c) Ensuring that testing undertaken on transactions and the balance sheet includes a number of items selected on a random basis

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and preformed our audit in accordance with Auditing Standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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

Use of our report

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

Richard Young (Senior Statutory Auditor)

for and on behalf of Deeks Evans Audit Services Limited

Statutory Auditor

First Floor, West Barn

North Frith Farm, Ashes Lane, Hadlow

Tonbridge

Kent

TN11 9QU

30 December 2025

TURNOVER

3

26,442,000

24,147,293

Cost of sales

17,425,393

16,686,237

GROSS PROFIT

9,016,607

7,461,056

Distribution costs

1,437,122

1,288,174

Administrative expenses

7,125,791

5,961,670

8,562,913

7,249,844

453,694

211,212

Other operating income

150,000

150,000

OPERATING PROFIT

5

603,694

361,212

Interest receivable & similar income

2,758

5,839

606,452

367,051

Interest payable and similar expenses

6

296,544

270,319

PROFIT BEFORE TAXATION

309,908

96,732

Tax on profit

7

(439,100

)

26,900

PROFIT FOR THE FINANCIAL YEAR

749,008

69,832

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

749,008

69,832

FIXED ASSETS

Tangible assets

9

6,965,740

7,114,977

CURRENT ASSETS

Stocks

10

1,291,340

1,334,392

Debtors

11

5,071,956

4,991,035

Cash at bank and in hand

14

42,134

6,363,310

6,367,561

CREDITORS

Amounts falling due within one year

12

6,458,333

5,879,386

NET CURRENT (LIABILITIES)/ASSETS

(95,023

)

488,175

TOTAL ASSETS LESS CURRENT LIABILITIES

6,870,717

7,603,152

CREDITORS

Amounts falling due after more than one year

13

(3,313,424

)

(3,644,887

)

PROVISIONS FOR LIABILITIES

17

-

(439,100

)

NET ASSETS

3,557,293

3,519,165

CAPITAL & RESERVES

Called up share capital

18

60

60

Revaluation reserve

95,269

114,319

Retained earnings

3,461,964

3,404,786

SHAREHOLDERS' FUNDS

3,557,293

3,519,165

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

R J Puffette - Director

P T Roberts - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

60

3,433,204

133,369

3,566,633

Changes in equity

Dividends

-

(117,300

)

-

(117,300

)

Total comprehensive income

-

88,882

(19,050

)

69,832

Balance at 31 December 2023

60

3,404,786

114,319

3,519,165

Changes in equity

Dividends

-

(710,880

)

-

(710,880

)

Total comprehensive income

-

768,058

(19,050

)

749,008

Balance at 31 December 2024

60

3,461,964

95,269

3,557,293

1.	STATUTORY INFORMATION

W.E. Roberts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

These financial statements have been prepared on a going concern basis and the directors have considered a period of at least twelve months from the date of signing of the balance sheet.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Related party exemption

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

Significant judgements and estimates

Estimates and assumptions concerning the future and judgements are made by the management in the preparation of the financial statements. They affect the application of the Company's accounting policies, reported amounts of assets, liabilities, income and expenses and disclosures made. They are assessed on an going concern basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable in the period of revision and future periods, in case the revision also effects future periods.

Turnover

Turnover is recognised when it is probable that the economic benefits will flow to the company and when the revenue and costs, if applicable, can be measured reliably and on the following basis:

Sales of products is recognised on transfer of risks and rewards of ownership, which generally coincides with the time when products are delivered to customers and the title passed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Long leasehold

-

over the lease term

Plant & machinery

-

over 5 to 10 years

Motor vehicles

-

20% on cost

Computer equipment

-

25% on cost

Where freehold property has not been depreciated this is because the directors believe the current value to be reasonable.

Stocks

Stock of finished goods and work in progress have been valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market for the year ended 31 December 2023 is given below:

£

United Kingdom

24,147,293

24,147,293

This analysis is not considered to be applicable to the year ended 31 December 2024.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

6,341,478

5,995,690

Social security costs

553,457

506,148

Other pension costs

105,085

88,920

7,000,020

6,590,758

The average number of employees during the year was as follows:

2024

2023

Office and management

56

56

Manufacturing

115

110

171

166

2024

2023

£

£

Directors' remuneration

146,667

150,667

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

271,159

260,532

Depreciation - assets on hire purchase contracts

467,090

488,501

(Profit)/loss on disposal of fixed assets

(13,861

)

8,263

Auditors' remuneration

19,900

18,000

Auditors' remuneration for non audit work

24,000

24,750

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

241,180

227,079

Other interest payable

-

913

Hire purchase interest

55,364

42,327

296,544

270,319

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2024

2023

£

£

Deferred tax

(439,100

)

26,900

Tax on profit

(439,100

)

26,900

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

309,908

96,732

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

77,477

24,183

Effects of:

Expenses not deductible for tax purposes

3,223

3,375

Effect of change of tax rate

-

(658

)

Deferred tax movement re R&D claims

(439,100

)

-

R & D tax credits

(80,700

)

-

Total tax (credit)/charge

(439,100

)

26,900

8.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Dividends paid

710,880

117,300

9.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant &

property

leasehold

machinery

£

£

£

COST OR VALUATION

At 1 January 2024

4,469,032

759,297

9,641,572

Additions

3,825

-

485,179

Disposals

-

-

(126,704

)

At 31 December 2024

4,472,857

759,297

10,000,047

DEPRECIATION

At 1 January 2024

80,714

454,981

7,363,139

Charge for year

16,169

57,289

580,877

Eliminated on disposal

-

-

(106,354

)

At 31 December 2024

96,883

512,270

7,837,662

NET BOOK VALUE

At 31 December 2024

4,375,974

247,027

2,162,385

At 31 December 2023

4,388,318

304,316

2,278,433

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

972,252

233,841

16,075,994

Additions

159,072

10,086

658,162

Disposals

(84,800

)

-

(211,504

)

At 31 December 2024

1,046,524

243,927

16,522,652

DEPRECIATION

At 1 January 2024

836,775

225,408

8,961,017

Charge for year

78,579

5,335

738,249

Eliminated on disposal

(36,000

)

-

(142,354

)

At 31 December 2024

879,354

230,743

9,556,912

NET BOOK VALUE

At 31 December 2024

167,170

13,184

6,965,740

At 31 December 2023

135,477

8,433

7,114,977

Leasehold costs were valued on an open market basis on 26 November 2018 by a firm of surveyors.