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REGISTERED NUMBER: 02664682 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| THE BOX FACTORY LIMITED |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Income Statement | 8 |

| Other Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 15 |

| THE BOX FACTORY LIMITED |

COMPANY INFORMATION

for the year ended 31 December 2025

| DIRECTORS: | J R Phillips

| N J Price

| P Rowberry

| J Wicks

| C Earle

| G A Perkins

| REGISTERED OFFICE: | Unit 2, Caswell Road,

| Sydenham Industrial Estate,

| Leamington Spa

| Warwickshire

| CV31 1QD

| REGISTERED NUMBER: | 02664682 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Mark Ashfield BA FCA

| AUDITORS: | HB&O Ltd

| Chartered Accountants and Statutory Auditor

| Highdown House

| 11 Highdown Road

| Leamington Spa

| Warwickshire

| CV31 1XT

| BANKERS: | HSBC plc

| Market Square

| Keswick

| Cumbria

| CA12 5BG

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

STRATEGIC REPORT

for the year ended 31 December 2025

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

REVIEW OF BUSINESS

Demand for paper, board and corrugated packaging remained stable in 2025. Consequently, the company was able to maintain normal lead times and provide high levels of customer service.

Turnover increased by 10% on 2024 and gross profit increased by 10%.

The company has delivered a solid financial performance with shareholder funds totalling £8.7 million.

PRINCIPAL RISKS AND UNCERTAINTIES

The demand for corrugated products fluctuates from sector to sector but remains buoyant in relation to food processing, transit packaging and e-commerce.

The Board of Directors regularly identify, monitor and ensure appropriate processes are in place to mitigate potential risks and uncertainties.

FUTURE DEVELOPMENTS

Continued machinery investments coupled with improved productivity, will continue to help maintain the company's competitiveness and profitability.

ON BEHALF OF THE BOARD:

N J Price - Director

12 March 2026

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

REPORT OF THE DIRECTORS

for the year ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of design, manufacture and supply of corrugated fibreboard packaging supported by added value niche operations and a very flexible stock holding and delivery service.

DIVIDENDS

During the year dividends totalling £613,733 (2024 - £463,899) were voted.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 January 2025 to the date of this report unless otherwise stated.

The beneficial interests of the directors holding office at 31 December 2025 in the shares of the company, according to the register of directors' interests, were as follows:

| 1.1.25

| or date of

| appointment

| 31.12.25 |  | if later

Ordinary shares of £1 each

J R Phillips | 500 |  | 500 |  |

N J Price | 200 |  | 200 |  |

P Rowberry | 300 |  | 300 |  |

J Wicks | - |  | - |  |

C Earle | - |  | - |  |

G A Perkins - appointed 1.8.2025 | - |  | - |  |

A Ordinary shares of £1 each

J R Phillips | 50 |  | 50 |  |

N J Price | - |  | - |  |

P Rowberry | - |  | - |  |

J Wicks | - |  | - |  |

C Earle | - |  | - |  |

G A Perkins | - |  | - |  |

B Ordinary shares of £1 each

J R Phillips | - |  | - |  |

N J Price | - |  | - |  |

P Rowberry | 30 |  | 30 |  |

J Wicks | - |  | - |  |

C Earle | - |  | - |  |

G A Perkins | - |  | - |  |

C Ordinary shares of £1 each

J R Phillips | - |  | - |  |

N J Price | 20 |  | 20 |  |

P Rowberry | - |  | - |  |

J Wicks | - |  | - |  |

C Earle | - |  | - |  |

G A Perkins | - |  | - |  |

These directors did not hold any non-beneficial interests in any of the shares of the company.

CHARITABLE DONATIONS AND EXPENDITURE

During the period the company made donations to registered charities totalling £51,720 (2024 - £55,580).

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

REPORT OF THE DIRECTORS

for the year ended 31 December 2025

DISCLOSURE IN THE STRATEGIC REPORT

The company's review of business, principal risks and uncertainties and future developments are disclosed within the strategic report.

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). 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

N J Price - Director

12 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE BOX FACTORY LIMITED

Opinion

We have audited the financial statements of The Box Factory Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE BOX FACTORY LIMITED

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:

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

- Reviewing minutes of meetings of those charged with governance; and

- Enquiry of management to identify any instances of non-compliance with laws and regulations.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE BOX FACTORY LIMITED

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.

Mark Ashfield BA FCA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

12 March 2026

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

INCOME STATEMENT

for the year ended 31 December 2025

| 2025 | 2024 |

| as restated |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 21,697,596 |  | 19,813,092 |  |

Cost of sales | 14,411,113 |  | 13,207,586 |  |

GROSS PROFIT | 7,286,483 |  | 6,605,506 |  |

Distribution costs | 522,046 |  | 610,677 |  |

Administrative expenses | 4,915,477 |  | 4,851,526 |  |

|  |  | 5,437,523 |  |  |  |  | 5,462,203 |  |

1,848,960 |  | 1,143,303 |  |

Other operating income | 4 | 42,687 |  | 35,377 |  |

OPERATING PROFIT | 7 | 1,891,647 |  | 1,178,680 |  |

Interest receivable and similar income | 50,853 |  | 30,457 |  |

1,942,500 |  | 1,209,137 |  |

Interest payable and similar expenses | 8 | 65,826 |  | 86,544 |  |

PROFIT BEFORE TAXATION | 1,876,674 |  | 1,122,593 |  |

Tax on profit | 9 | 493,547 |  | 285,235 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,383,127 |  | 837,358 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

OTHER COMPREHENSIVE INCOME

for the year ended 31 December 2025

| 2025 |  | 2024

| as restated |

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,383,127 |  | 837,358 |  |

OTHER COMPREHENSIVE INCOME |

Property revaluation gains | 908,016 |  | - |  |

Income tax relating to other comprehensive income | (185,376 | ) | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 722,640 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,105,767 |  |

Prior year adjustment | (1,368,498 | ) |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | (531,140 | ) |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

BALANCE SHEET

31 December 2025

| 2025 | 2024 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 12 | 9,155,965 |  | 8,398,579 |  |

CURRENT ASSETS

Stocks | 13 | 855,531 |  | 749,593 |  |

Debtors | 14 | 3,819,828 |  | 2,881,334 |  |

Cash at bank and in hand | 900,566 |  | 1,785,917 |  |

5,575,925 |  | 5,416,844 |  |

CREDITORS

Amounts falling due within one year | 15 | 3,968,168 |  | 4,704,129 |  |

NET CURRENT ASSETS | 1,607,757 |  | 712,715 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,763,722 |  | 9,111,294 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (1,343,205 | ) | (1,408,030 | ) |

PROVISIONS FOR LIABILITIES | 20 | (757,868 | ) | (532,649 | ) |

NET ASSETS | 8,662,649 |  | 7,170,615 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 1,100 |  | 1,100 |  |

Share premium | 22 | 132,280 |  | 132,280 |  |

Revaluation reserve | 22 | 1,930,618 |  | 1,221,615 |  |

Capital redemption reserve | 22 | 220 |  | 220 |  |

Retained earnings | 22 | 6,598,431 |  | 5,815,400 |  |

SHAREHOLDERS' FUNDS | 26 | 8,662,649 |  | 7,170,615 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2026 and were signed on its behalf by:

N J Price - Director

C Earle - Director

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2024 | 1,100 |  | 6,809,130 |  | 132,280 |  |

Prior year adjustment | - |  | (1,368,498 | ) | - |  |

As restated | 1,100 |  | 5,440,632 |  | 132,280 |  |

Changes in equity

Dividends | - |  | (463,899 | ) | - |  |

Total comprehensive income | - |  | 838,667 |  | - |  |

Balance at 31 December 2024 | 1,100 |  | 5,815,400 |  | 132,280 |  |

Changes in equity

Dividends | - |  | (613,733 | ) | - |  |

Total comprehensive income | - |  | 1,396,764 |  | - |  |

Balance at 31 December 2025 | 1,100 |  | 6,598,431 |  | 132,280 |  |

| Capital |

| Revaluation |  | redemption |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 1,222,924 |  | 220 |  | 8,165,654 |  |

Prior year adjustment | - |  | - |  | (1,368,498 | ) |

As restated | 1,222,924 |  | 220 |  | 6,797,156 |  |

Changes in equity

Dividends | - |  | - |  | (463,899 | ) |

Total comprehensive income | (1,309 | ) | - |  | 837,358 |  |

Balance at 31 December 2024 | 1,221,615 |  | 220 |  | 7,170,615 |  |

Changes in equity

Dividends | - |  | - |  | (613,733 | ) |

Total comprehensive income | 709,003 |  | - |  | 2,105,767 |  |

Balance at 31 December 2025 | 1,930,618 |  | 220 |  | 8,662,649 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

CASH FLOW STATEMENT

for the year ended 31 December 2025

| 2025 |  | 2024

| as restated |

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,020,037 |  | 1,978,148 |  |

Interest element of hire purchase payments paid | (65,826 | ) | (86,544 | ) |

Tax paid | (1,517,973 | ) | (655,731 | ) |

Net cash from operating activities | 436,238 |  | 1,235,873 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (759,449 | ) | (149,847 | ) |

Sale of tangible fixed assets | 56,300 |  | - |  |

Interest received | 50,853 |  | 30,457 |  |

Net cash from investing activities | (652,296 | ) | (119,390 | ) |

Cash flows from financing activities

Capital repayments in year | (70,395 | ) | (671,478 | ) |

Transactions with directors | 8,317 |  | 57,142 |  |

Equity dividends paid | (613,733 | ) | (463,899 | ) |

Net cash from financing activities | (675,811 | ) | (1,078,235 | ) |

(Decrease)/increase in cash and cash equivalents | (891,869 | ) | 38,248 |  |

Cash and cash equivalents at beginning of year | 2 | 1,785,917 |  | 1,747,669 |  |

Cash and cash equivalents at end of year | 2 | 894,048 |  | 1,785,917 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE CASH FLOW STATEMENT

for the year ended 31 December 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

| as restated |

£ | £ |

| Profit before taxation | 1,876,674 |  | 1,122,593 |  |

| Depreciation charges | 904,298 |  | 990,126 |  |

| Profit on disposal of fixed assets | (50,519 | ) | - |  |

| Finance costs | 65,826 |  | 86,544 |  |

| Finance income | (50,853 | ) | (30,457 | ) |

2,745,426 |  | 2,168,806 |  |

| Increase in stocks | (105,938 | ) | (69,123 | ) |

| Increase in trade and other debtors | (938,494 | ) | (262,987 | ) |

| Increase in trade and other creditors | 319,043 |  | 141,452 |  |

| Cash generated from operations | 2,020,037 |  | 1,978,148 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 900,566 |  | 1,785,917 |  |

| Bank overdrafts | (6,518 | ) | - |  |

894,048 |  | 1,785,917 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

| as restated |

£ | £ |

| Cash and cash equivalents | 1,785,917 |  | 1,747,669 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE CASH FLOW STATEMENT

for the year ended 31 December 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,785,917 |  | (885,351 | ) | 900,566 |  |

| Bank overdrafts | - |  | (6,518 | ) | (6,518 | ) |

1,785,917 |  | (891,869 | ) | 894,048 |  |

| Debt

| Finance leases | (1,883,400 | ) | 70,395 |  | (1,813,005 | ) |

(1,883,400 | ) | 70,395 |  | (1,813,005 | ) |

| Total | (97,483 | ) | (821,474 | ) | (918,957 | ) |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

| The Box Factory 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 as modified by the revaluation of certain assets.

| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

| Significant judgements and estimates

| The company 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 a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

| Stock valuation

| The company operates a standard cost model in valuing its inventory. Periodically, management update the standard cost formulae that inform the valuation of products, taking account of changes in pricing as levied by suppliers in addition to variances in production line costs.

| Turnover

| Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

| 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 buildings | - | not provided

| Long leasehold | - | over the lease term

| Plant and machinery | - | 10% on cost

| Fixtures, fittings and equipment | - | 15% on cost

| Motor vehicles | - | 25% on cost

| Fixed assets include land and buildings professionally valued by Chartered Surveyors on an existing use open market value basis, in accordance with the Statement of Assets Valuation Practice No. 4 and the Guidance Notes of the Royal Institution of Chartered Surveyors. Other fixed assets are stated at historical cost.

| The directors consider that freehold property is maintained in such a state of repair that the residual value is at least equal to the carrying value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

| The directors perform annual impairment reviews in accordance with the requirements of FRS 102 to ensure that the carrying value is not higher than the recoverable amount.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss 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.

| Financial instruments

| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

| Prior year adjustments

| Prior year adjustments may arise as a result of a change in accounting policy or to correct a material error. Prior year figures are corrected retrospectively by amending opening balances and comparative amounts for the prior year. Changes in accounting estimates are accounted for prospectively and do not give rise to a prior year adjustment.

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

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 is given below:

| 2025 |  | 2024

| as restated |

£ | £ |

| United Kingdom | 21,694,027 |  | 19,806,929 |  |

| Europe | 3,569 |  | 6,163 |  |

21,697,596 |  | 19,813,092 |  |

4. | OTHER OPERATING INCOME

| 2025 |  | 2024

| as restated |

£ | £ |

| Corporation tax interest | 820 |  | 230 |  |

| Rents received | 40,200 |  | 33,480 |  |

| Government grants | 1,667 |  | 1,667 |  |

42,687 |  | 35,377 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

| as restated |

£ | £ |

| Wages and salaries | 4,519,018 |  | 4,128,604 |  |

| Social security costs | 500,849 |  | 381,821 |  |

| Other pension costs | 196,623 |  | 207,652 |  |

5,216,490 |  | 4,718,077 |  |

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

| 2025 |  | 2024

| as restated |

| Directors | 5 |  | 5 |  |

| Office and management | 33 |  | 31 |  |

| Production | 71 |  | 71 |  |

109 |  | 107 |  |

6. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

| as restated |

£ | £ |

| Directors' remuneration | 331,594 |  | 272,100 |  |

| Directors' pension contributions to money purchase schemes | 51,258 |  | 70,364 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

6. | DIRECTORS' EMOLUMENTS - continued

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

| Money purchase schemes | 4 |  | 4 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

| as restated |

£ | £ |

| Emoluments etc | 115,515 |  | 114,202 |  |

| Pension contributions to money purchase schemes | 7,808 |  | 7,200 |  |

7. | OPERATING PROFIT

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

| 2025 |  | 2024

| as restated |

£ | £ |

| Hire of plant and machinery | 148,468 |  | 155,700 |  |

| Other operating leases | 386,770 |  | 387,096 |  |

| Depreciation - owned assets | 301,111 |  | 354,265 |  |

| Depreciation - assets on hire purchase contracts | 603,187 |  | 635,861 |  |

| Profit on disposal of fixed assets | (50,519 | ) | - |  |

| Auditors' remuneration | 11,550 |  | 11,000 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

| as restated |

£ | £ |

| Hire purchase | 65,826 |  | 86,544 |  |

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

| as restated |

£ | £ |

| Current tax:

| UK corporation tax | 453,642 |  | 436,911 |  |

| Prior year under provision | 62 |  | - |  |

| Total current tax | 453,704 |  | 436,911 |  |

| Deferred tax | 39,843 |  | (151,676 | ) |

| Tax on profit | 493,547 |  | 285,235 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

| as restated |

£ | £ |

| Profit before tax | 1,876,674 |  | 1,122,593 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 469,169 |  | 280,648 |  |

| Effects of:

| Expenses not deductible for tax purposes | 10,500 |  | 9,496 |  |

| Income not taxable for tax purposes | (12,630 | ) | - |  |

| Capital allowances in excess of depreciation | (13,397 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 146,767 |  |

| Movement in deferred tax | 39,843 |  | (151,676 | ) |

| Prior year underprovision | 62 |  | - |  |

| Total tax charge | 493,547 |  | 285,235 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Property revaluation gains | 908,016 |  | (185,376 | ) | 722,640 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Property revaluation gains

| Property revaluation losses

- |  | - |  | - |  |

| UK corporation tax has been charged at 25%.

| The deferred tax balance is recognised at 25%, being the future tax rate applicable when the balance is expected to unwind.

10. | DIVIDENDS

| 2025 |  | 2024

| as restated |

£ | £ |

| Ordinary shares of £1 each |

| Interim | 613,733 |  | 463,899 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

11. | PRIOR YEAR ADJUSTMENT

| The company has made a material adjustment to restate tax charges previously reported in the year ending 2021 to 2023. The adjustment has impacted the balance as at 31 December 2024 by increasing the tax creditor by £1,368,498 and reducing retained earnings by £1,368,498.

12. | TANGIBLE FIXED ASSETS

| Freehold |  | Long |  | Plant and

| buildings |  | leasehold |  | machinery

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 4,424,600 |  | 500,000 |  | 8,818,091 |  |

| Additions | 13,002 |  | - |  | 487,698 |  |

| Disposals | - |  | - |  | (193,495 | ) |

| Revaluations | 337,398 |  | 550,000 |  | - |  |

| At 31 December 2025 | 4,775,000 |  | 1,050,000 |  | 9,112,294 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | 10,309 |  | 5,512,814 |  |

| Charge for year | - |  | 10,309 |  | 828,714 |  |

| Eliminated on disposal | - |  | - |  | (193,495 | ) |

| Revaluation adjustments | - |  | (20,618 | ) | - |  |

| At 31 December 2025 | - |  | - |  | 6,148,033 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4,775,000 |  | 1,050,000 |  | 2,964,261 |  |

| At 31 December 2024 | 4,424,600 |  | 489,691 |  | 3,305,277 |  |

| Fixtures, |

| fittings |

| and |  | Motor |

| equipment |  | vehicles |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 468,028 |  | 52,079 |  | 14,262,798 |  |

| Additions | 244,254 |  | 14,495 |  | 759,449 |  |

| Disposals | - |  | (28,680 | ) | (222,175 | ) |

| Revaluations | - |  | - |  | 887,398 |  |

| At 31 December 2025 | 712,282 |  | 37,894 |  | 15,687,470 |  |

| DEPRECIATION

| At 1 January 2025 | 302,673 |  | 38,423 |  | 5,864,219 |  |

| Charge for year | 62,911 |  | 2,364 |  | 904,298 |  |

| Eliminated on disposal | - |  | (22,899 | ) | (216,394 | ) |

| Revaluation adjustments | - |  | - |  | (20,618 | ) |

| At 31 December 2025 | 365,584 |  | 17,888 |  | 6,531,505 |  |

| NET BOOK VALUE

| At 31 December 2025 | 346,698 |  | 20,006 |  | 9,155,965 |  |

| At 31 December 2024 | 165,355 |  | 13,656 |  | 8,398,579 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

12. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 31 December 2025 is represented by:

| Freehold |  | Long |  | Plant and

| buildings |  | leasehold |  | machinery

£ | £ | £ |

| Valuation in 2010 | 419,392 |  | - |  | - |  |

| Valuation in 2015 | - |  | 345,129 |  | - |  |

| Valuation in 2017 | 81,914 |  | - |  | - |  |

| Valuation in 2023 | 700,295 |  | (399,202 | ) | - |  |

| Valuation in 2025 | 337,398 |  | 550,000 |  | - |  |

| Cost | 3,236,001 |  | 554,073 |  | 9,112,294 |  |

4,775,000 |  | 1,050,000 |  | 9,112,294 |  |

| Fixtures, |

| fittings |

| and |  | Motor |

| equipment |  | vehicles |  | Totals

£ | £ | £ |

| Valuation in 2010 | - |  | - |  | 419,392 |  |

| Valuation in 2015 | - |  | - |  | 345,129 |  |

| Valuation in 2017 | - |  | - |  | 81,914 |  |

| Valuation in 2023 | - |  | - |  | 301,093 |  |

| Valuation in 2025 | - |  | - |  | 887,398 |  |

| Cost | 712,282 |  | 37,894 |  | 13,652,544 |  |

712,282 |  | 37,894 |  | 15,687,470 |  |

| If certain properties had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

| as restated |

£ | £ |

| Cost | 2,428,565 |  | 2,428,565 |  |

| On 11 November 2025 the properties were valued on an open market basis by Wareing & Company.

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

12. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

£ |

| COST OR VALUATION

| At 1 January 2025 | 5,390,734 |  |

| Additions | 450,828 |  |

| Transfer to ownership | (2,168,994 | ) |

| At 31 December 2025 | 3,672,568 |  |

| DEPRECIATION

| At 1 January 2025 | 2,809,759 |  |

| Charge for year | 603,187 |  |

| Transfer to ownership | (1,770,169 | ) |

| At 31 December 2025 | 1,642,777 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,029,791 |  |

| At 31 December 2024 | 2,580,975 |  |

13. | STOCKS

2025 | 2024 |

| as restated |

£ | £ |

| Raw materials | 21,067 |  | 34,427 |  |

| Finished goods | 834,464 |  | 715,166 |  |

855,531 |  | 749,593 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| as restated |

£ | £ |

| Trade debtors | 3,410,558 |  | 2,527,784 |  |

| Other debtors | 36,010 |  | 13,877 |  |

| Prepayments and accrued income | 373,260 |  | 339,673 |  |

3,819,828 |  | 2,881,334 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| as restated |

£ | £ |

| Bank loans and overdrafts (see note 17) | 6,518 |  | - |  |

| Hire purchase contracts (see note 18) | 469,800 |  | 475,370 |  |

| Trade creditors | 2,103,747 |  | 1,758,030 |  |

| Tax | 513,402 |  | 1,578,491 |  |

| Social security and other taxes | 111,415 |  | 69,733 |  |

| VAT | 398,978 |  | 375,260 |  |

| Other creditors | 43,437 |  | 85,715 |  |

| Directors' current accounts | 137,661 |  | 129,344 |  |

| Accruals and deferred income | 183,210 |  | 232,186 |  |

3,968,168 |  | 4,704,129 |  |

| Included in other creditors is deferred income totalling £16,249 (2024 - £17,916) relating to grant income received for the purchase of solar panels. The grant income is being released over the life of the asset, in line with the depreciation charges

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

| as restated |

£ | £ |

| Hire purchase contracts (see note 18) | 1,343,205 |  | 1,408,030 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

| as restated |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 6,518 |  | - |  |

| The bank overdraft attracts interest at 1.6% p.a. over the base rate.

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

| as restated |

£ | £ |

| Net obligations repayable:

| Within one year | 469,800 |  | 475,370 |  |

| Between one and five years | 1,212,696 |  | 1,395,672 |  |

| In more than five years | 130,509 |  | 12,358 |  |

1,813,005 |  | 1,883,400 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

18. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

2025 | 2024 |

| as restated |

£ | £ |

| Within one year | 734,622 |  | 636,716 |  |

| Between one and five years | 1,575,501 |  | 1,593,566 |  |

| In more than five years | 92,117 |  | 175,429 |  |

2,402,240 |  | 2,405,711 |  |

19. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

| as restated |

£ | £ |

| Bank overdraft | 6,518 |  | - |  |

| Hire purchase contracts | 1,813,005 |  | 1,883,400 |  |

1,819,523 |  | 1,883,400 |  |

| Hire purchase contracts are secured against the assets to which they relate.

| The bank overdraft is secured by a fixed and floating charge over the company's assets.

20. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| as restated |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 574,589 |  | 534,746 |  |

| Revaluation of fixed assets | 183,279 |  | (2,097 | ) |

757,868 |  | 532,649 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 532,649 |  |

| Charge to Income Statement during year | 39,843 |  |

| Provision against revaluation | 185,376 |  |

| Balance at 31 December 2025 | 757,868 |  |

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: |  | as restated |

£ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

| 50 | A Ordinary | £1 | 50 |  | 50 |  |

| 30 | B Ordinary | £1 | 30 |  | 30 |  |

| 20 | C Ordinary | £1 | 20 |  | 20 |  |

1,100 |  | 1,100 |  |

| Ordinary, Ordinary A, Ordinary B and Ordinary C shares all have equal voting rights and rank pari passu.

22. | RESERVES

| Capital |

| Retained |  | Share |  | Revaluation |  | redemption |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 January 2025 | 5,815,400 |  | 132,280 |  | 1,221,615 |  | 220 |  | 7,169,515 |  |

| Profit for the year | 1,383,127 |  | - |  | - |  | - |  | 1,383,127 |  |

| Dividends | (613,733 | ) | - |  | - |  | - |  | (613,733 | ) |

| Reserve transfer | 13,637 |  | - |  | (13,637 | ) | - |  | - |  |

| Movement in deferred tax

| provision on property

| revaluations | - |  | - |  | (185,376 | ) | - |  | (185,376 | ) |

| Property revaluations | - |  | - |  | 908,016 |  | - |  | 908,016 |  |

| At 31 December 2025 | 6,598,431 |  | 132,280 |  | 1,930,618 |  | 220 |  | 8,661,549 |  |

| Retained earnings

| Retained earnings represent cumulative retained profits and losses from incorporation.

| Share premium

| This balance represents the excess paid over the nominal value of the share capital of the company upon issuing the ordinary shares.

| Revaluation reserve

| This reserve represents cumulative adjustments to the carrying value of fixed assets.

| Capital redemption reserve

| This reserve represents the nominal value of shares re-acquired by the company since incorporation.

23. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme in respect of certain employees and directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £196,623 (2024 - £207,652).

| Included within creditors is a balance due to pension providers of £15,063 (2024 - £12,619) representing contributions owed to the funds.

| THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

24. | CAPITAL COMMITMENTS

2025 | 2024 |

| as restated |

£ | £ |

| Contracted but not provided for in the

| financial statements | 55,300 |  | 45,445 |  |

25. | RELATED PARTY DISCLOSURES

| During the year, total dividends of £613,733 (2024 - £463,899) were paid to the directors .

| Entities with control, joint control or significant influence over the entity |  |

| The Box Factory Limited Pension Scheme

| A pension scheme in which certain directors are trustees.

| The pension scheme owns one of the buildings from which the company operates. During the year the company paid rent totalling £90,000 (2024 - £90,000).

26. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2025 | 2024 |

| as restated |

£ | £ |

| Profit for the financial year | 1,383,127 |  | 837,358 |  |

| Dividends | (613,733 | ) | (463,899 | ) |

769,394 |  | 373,459 |  |

| Other comprehensive income relating to the year (net) | 722,640 |  | - |  |

| Net addition to shareholders' funds | 1,492,034 |  | 373,459 |  |

| Opening shareholders' funds | 7,170,615 |  | 6,797,156 |  |

| Closing shareholders' funds | 8,662,649 |  | 7,170,615 |  |

27. | CONTROLLING INTERESTS

| The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.