Company registration number 01316851 (England and Wales)
YORKSHIRE PACKAGING SYSTEMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
YORKSHIRE PACKAGING SYSTEMS LIMITED
COMPANY INFORMATION
Directors
Mr J.L Braithwaite
Mrs R.D Dean
Mr G.D Johnson
Mr D Johnson
Mr J D Gibson
Mr P McHale
Company number
01316851
Registered office
Prince of Wales Works
Armytage Road
Brighouse
West Yorkshire
HD6 1QF
Auditor
Tag Assurance Services
8 Pendeford Place
Pendeford Business Park
Wobaston Road
Wolverhampton
WV9 5HD
YORKSHIRE PACKAGING SYSTEMS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
4
Directors' responsibilities statement
3
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
YORKSHIRE PACKAGING SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Business review

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As a leading and award winning, distributor of shrink wrapping machines and shrink films to the packaging industry, the company continues to expand despite the recent global pandemic, moving into new larger premises during recent financial years in order to continue growth.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed.

Turnover of the company has increased by 13% from £19,021,220 in 2024 to £21,457,463 in 2025.

Gross profit margins have reduced from 31.3% in 2024 to 31.0% in 2025.

Overall operating profit has decreased to £754,468 (2025) from £1,207,269 (2024) and profit before tax has decreased to £607,402 (20 24: £1,106,431). After taxation, £368,009 (20 24: £650,517) has been retained to be added to reserves. This is after the impairment of an investment at the year end.

Return on capital employed has increased to 3.93 (20 24:3.07). Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities, less investments, less cash, plus overdrafts and other short term borrowings.

Principal risks and uncertainties

As for many businesses of our size, the business environment in which we operate continues to be challenging. The company has exceeded trading expectations during the year under review, despite these challenging conditions.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. We continue to monitor the global conditions on an ongoing basis.

Research and development

The company is continuously undertaking research and development to improve the product range offered.

Financial instruments

Price risk

The company has pricing risk in regard to the procurement and supply of film. Brexit has added costs to the supply chain however we are continuing to work alongside our suppliers to manage this.

Credit risk

The company is exposed to credit risk as customers are offered credit terms. The risk is mitigated by ensuring there are robust credit control systems in place.

Liquidity risk

There is little liquidity risk as the company hold the majority of assets in current form. The company is in a good position to meet its current obligations and is able to pay liabilities when due.

Cash flow risk

Cash flow risk is minimal a n d the company has a healthy positive cash flow.

YORKSHIRE PACKAGING SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

On behalf of the board

Mr G.D Johnson
Director
24 February 2026
YORKSHIRE PACKAGING SYSTEMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently;

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

- 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.

YORKSHIRE PACKAGING SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of the supply of packaging materials and machinery.

Results and dividends

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

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

Directors

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

Mr J.L Braithwaite
Mrs R.D Dean
Mr G.D Johnson
Mr D Johnson
Mr J D Gibson
Mr P McHale
Strategic report

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

Statement of disclosure to auditor

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

On behalf of the board
Mr G.D Johnson
Director
24 February 2026
YORKSHIRE PACKAGING SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF YORKSHIRE PACKAGING SYSTEMS LIMITED
- 5 -
Opinion

We have audited the financial statements of Yorkshire Packaging Systems Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

YORKSHIRE PACKAGING SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORKSHIRE PACKAGING SYSTEMS LIMITED
- 6 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

Identifying and assessing potential risks related to irregularities:

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

The nature of the industry and sector, company structure, control environment, and business performance;

- discussions with management to address the knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risk of fraud and non-compliance with laws and regulations.

As a result of these procedures, we have considered the risk of fraud and identified that the greatest risk is in relation to:

- Recognition of revenue; and

- Unusual and any complex transactions.

Audit response to risks identified:

As a result of performing the above, we identified the following key audit matters relating to the risk of fraud:

- obtain an understanding of the relevant controls relating to production of management accounts, used to form the financial statements; and

- obtain an understanding of the revenue recognition policies and associated relevant controls used in the preparation of the financial statements.

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.

YORKSHIRE PACKAGING SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORKSHIRE PACKAGING SYSTEMS LIMITED
- 7 -

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

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.

Shaun Philpott FCA (Senior Statutory Auditor)
For and on behalf of Tag Assurance Services
24 February 2026
8 Pendeford Place
Pendeford Business Park
Wobaston Road
Wolverhampton
WV9 5HD
YORKSHIRE PACKAGING SYSTEMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
2
21,457,463
19,021,220
Cost of sales
(14,791,693)
(13,059,752)
Gross profit
6,665,770
5,961,468
Administrative expenses
(5,911,302)
(4,757,192)
Other operating income
-
0
2,993
Operating profit
4
754,468
1,207,269
Profit / (Loss) from other fixed asset investments
(67,684)
(11,288)
Other interest receivable and similar income
87,295
44,377
Interest payable and similar expenses
7
(166,677)
(133,927)
Profit before taxation
607,402
1,106,431
Tax on profit
8
(239,393)
(455,914)
Profit for the financial year
368,009
650,517

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

YORKSHIRE PACKAGING SYSTEMS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
874,172
577,536
Investments
11
1,290,308
999,312
2,164,480
1,576,848
Current assets
Stocks
12
4,220,484
4,281,273
Debtors
13
4,777,685
4,033,582
Cash at bank and in hand
4,342,554
3,657,467
13,340,723
11,972,322
Creditors: amounts falling due within one year
14
(9,779,973)
(8,498,567)
Net current assets
3,560,750
3,473,755
Total assets less current liabilities
5,725,230
5,050,603
Creditors: amounts falling due after more than one year
15
(315,898)
(65,250)
Provisions for liabilities
Deferred tax liability
18
124,477
68,507
(124,477)
(68,507)
Net assets
5,284,855
4,916,846
Capital and reserves
Called up share capital
20
120
120
Capital redemption reserve
30
30
Profit and loss reserves
5,284,705
4,916,696
Total equity
5,284,855
4,916,846

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 February 2026 and are signed on its behalf by:
Mr G.D Johnson
Director
Company registration number 01316851 (England and Wales)
YORKSHIRE PACKAGING SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2023
120
30
4,266,179
4,266,329
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
650,517
650,517
Balance at 30 June 2024
120
30
4,916,696
4,916,846
Year ended 30 June 2025:
Profit and total comprehensive income for the year
-
-
368,009
368,009
Balance at 30 June 2025
120
30
5,284,705
5,284,855
YORKSHIRE PACKAGING SYSTEMS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,755,496
2,480,629
Interest paid
(166,677)
(133,927)
Income taxes paid
(338,861)
(190,894)
Net cash inflow from operating activities
1,249,958
2,155,808
Investing activities
Purchase of tangible fixed assets
(582,984)
(96,483)
Proceeds on disposal of tangible fixed assets
100,909
23,000
Purchase of investment
(528,680)
(537,357)
Interest received
87,295
44,377
Net cash used in investing activities
(923,460)
(566,463)
Financing activities
Increase in bank loans
168,530
(8,918)
Drawdown/payment of financial lease obligations
190,059
(263,966)
Net cash generated from/(used in) financing activities
358,589
(272,884)
Net increase in cash and cash equivalents
685,087
1,316,461
Cash and cash equivalents at beginning of year
3,657,467
2,341,006
Cash and cash equivalents at end of year
4,342,554
3,657,467
YORKSHIRE PACKAGING SYSTEMS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The company has a review policy for making provisions for stock and debtors to ensure they are stated at the lower of cost and net realisable value.

2
Turnover and other revenue
2025
2024
£
£
Other revenue
Interest income
87,295
44,377
Grants received
-
2,993
3
Accounting policies
Company information

Yorkshire Packaging Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prince of Wales Works, Armytage Road, Brighouse, West Yorkshire, HD6 1QF.

3.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

3.2
Going concern

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

3.3
Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 13 -
3.4
Intangible fixed assets - goodwill

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

3.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Development costs
10% straight line
3.6
Tangible fixed assets

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

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

Leasehold improvements
10% Straight line
Plant and equipment
25% Straight line
Fixtures and fittings
15% Reducing balance
Motor vehicles
25% Reducing balance

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

3.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 14 -
3.8
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

3.9
Stocks

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

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

3.10
Cash and cash equivalents

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

3.11
Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 15 -
Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

3.12
Equity instruments

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

3.13
Taxation

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

Current tax

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

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

3.14
Retirement benefits

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

YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 17 -
3.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

3.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3.17
Foreign exchange

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

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(106,497)
(38,862)
Government grants
-
(2,993)
Fees payable to the company's auditor for the audit of the company's financial statements
9,500
10,500
Depreciation of tangible fixed assets
189,920
130,638
Profit on disposal of tangible fixed assets
(4,481)
(13,724)
5
Employees

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

2025
2024
Number
Number
Clerical
30
27
Engineers
7
6
Warehouse
2
2
Total
39
35
YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,144,158
1,960,390
Social security costs
256,682
231,539
Pension costs
168,249
85,578
2,569,089
2,277,507
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
681,923
815,475
Company pension contributions to defined contribution schemes
127,186
51,863
Compensation for loss of office
-
0
30,000
809,109
897,338
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
166,698
158,528
Company pension contributions to defined contribution schemes
4,768
4,628
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,271
57
Interest on invoice finance arrangements
138,118
114,958
142,389
115,015
Other finance costs:
Interest on finance leases and hire purchase contracts
20,103
15,446
Other interest
4,185
3,466
166,677
133,927
YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
183,423
338,861
Adjustments in respect of prior periods
-
0
127,920
Total current tax
183,423
466,781
Deferred tax
Origination and reversal of timing differences
55,970
(10,867)
Total tax charge
239,393
455,914

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

2025
2024
£
£
Profit before taxation
607,402
1,106,431
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
151,851
276,608
Tax effect of expenses that are not deductible in determining taxable profit
45,042
51,386
Adjustments in respect of prior years
-
0
127,920
Investment impairment
42,500
-
0
Taxation charge for the year
239,393
455,914
9
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 July 2024 and 30 June 2025
200,000
488,889
688,889
Amortisation and impairment
At 1 July 2024 and 30 June 2025
200,000
488,889
688,889
Carrying amount
At 30 June 2025
-
0
-
0
-
0
At 30 June 2024
-
0
-
0
-
0
YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
10
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
73,125
-
0
429,369
726,985
1,229,479
Additions
-
0
86,222
-
0
496,762
582,984
Disposals
-
0
-
0
-
0
(275,022)
(275,022)
At 30 June 2025
73,125
86,222
429,369
948,725
1,537,441
Depreciation and impairment
At 1 July 2024
55,639
-
0
210,063
386,241
651,943
Depreciation charged in the year
-
0
3,449
32,898
153,573
189,920
Eliminated in respect of disposals
-
0
-
0
-
0
(178,594)
(178,594)
At 30 June 2025
55,639
3,449
242,961
361,220
663,269
Carrying amount
At 30 June 2025
17,486
82,773
186,408
587,505
874,172
At 30 June 2024
17,486
-
0
219,306
340,744
577,536
11
Fixed asset investments
2025
2024
£
£
Unlisted investments
1,290,308
999,312
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2024
1,999,312
Additions
528,680
Loss from LLP
(67,684)
At 30 June 2025
2,460,308
Impairment
At 1 July 2024
1,000,000
Impairment losses
170,000
At 30 June 2025
1,170,000
Carrying amount
At 30 June 2025
1,290,308
At 30 June 2024
999,312
YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
4,220,484
4,281,273
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,050,273
3,264,873
Other debtors
668,635
692,107
Prepayments and accrued income
58,777
76,602
4,777,685
4,033,582
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
16
98,814
-
0
Obligations under finance leases
17
180,800
171,673
Trade creditors
4,379,902
4,294,315
Corporation tax
183,423
338,861
Other taxation and social security
892,198
577,098
Other creditors
2,658,498
2,349,466
Accruals and deferred income
1,386,338
767,154
9,779,973
8,498,567

Bank loans and overdrafts are secured by a fixed and floating charge on the undertaking and assets of the company, together with a personal guarantee from Mr G Johnson, a director.

Invoice discounting facility within other creditors is secured by a charge over the book debts of the company.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
69,716
-
0
Obligations under finance leases
17
246,182
65,250
315,898
65,250
YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
16
Loans and overdrafts
2025
2024
£
£
Bank loans
168,530
-
0
Payable within one year
98,814
-
0
Payable after one year
69,716
-
0

17
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
180,800
171,673
In two to five years
246,182
65,250
426,982
236,923

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
124,477
68,507
2025
Movements in the year:
£
Liability at 1 July 2024
68,507
Charge to profit or loss
55,970
Liability at 30 June 2025
124,477
YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
168,249
85,578

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

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
120
120
120
120
21
Related party transactions

The company has an investment in Yorkshire Packaging Partnership LLP, an entity in which the members include three of the company directors. Yorkshire Packaging Systems Ltd is not a controlling partner. The members interests at 31 March 2025 were £2,268,686 with £84,605 loss for the year.

22
Analysis of changes in net funds
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
3,657,467
685,087
4,342,554
Borrowings excluding overdrafts
-
(168,530)
(168,530)
Lease liabilities
(236,923)
(190,059)
(426,982)
3,420,544
326,498
3,747,042
YORKSHIRE PACKAGING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
23
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
368,009
650,517
Adjustments for:
Taxation charged
239,393
455,914
Finance costs
166,677
133,927
Bank interest received
(87,295)
(18,734)
(Profit)/Loss from investment
67,684
(14,355)
Gain on disposal of tangible fixed assets
(4,481)
(13,724)
Depreciation and impairment of tangible fixed assets
189,920
130,638
Impairment of investment
170,000
-
Movements in working capital:
Decrease in stocks
60,789
1,027,317
Increase in debtors
(744,103)
(257,847)
Increase in creditors
1,328,903
386,976
Cash generated from operations
1,755,496
2,480,629
YORKSHIRE PACKAGING SYSTEMS LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 JUNE 2025
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