Company registration number 08255972 (England and Wales)
SAFAPAC HOLDINGS LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
SAFAPAC HOLDINGS LIMITED
COMPANY INFORMATION
Directors
M L Steele
C F Rees
Company number
08255972
Registered office
4 Stapledon Road
Orton Southgate
Peterborough
PE2 6TB
Auditor
Moore
Rutland House
Minerva Business Park
Lynch Wood
Peterborough
PE2 6PZ
SAFAPAC HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 36
SAFAPAC HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

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

Review of the business

The primary activities of the Business are the manufacturing and packing of chemical products, both as a contract manufacturing operation and for its own brand products.

Predominantly the majority of business is related to agricultural markets, however there are other sectors that are operated in.

Sales in 2025 increased to £8,189,42 4 from £7,982,230 in 2024. With a subsequent increase in Gross Margin from 22.35% in 2024, to 27.91% in 2025 which resulted in improvements in the losses after tax to £2,519.

The increased sales were the result of several positive factors regarding demand in the agricultural market, which we have also heard echoed from numerous suppliers and customers over the year:

- More favourable weather in Europe, including the UK, meaning a higher proportion of fields were planted.

- Higher demand across nearly all customers in H2, driven by the above, but also replenishment of low stock levels.

Strategically the development of a growth strategy is being undertaken, involving the diversification of the markets we serve, increasing the sales and range of our own brand products and a more proactive approach to CMO s ales going forward.

All indicators and forecasts suggest that performance will continue to grow in H1 of the next financial year as the above factors continue, but will be much improved as we go forward into H2. The current situation very much supports this.

The company continues to focus on safety, quality and improving our operational performance. This focus continues to be positively recognised by our customers, workforce and visitors.

SAFAPAC HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Principal risks and uncertainties

The management of the business and the nature of the group's strategy are subject to a number of risks.

The directors have set out the principle risks facing the business below. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review - where possible, processes are in measure and mitigate such risks.

Currency risk

The group is exposed to translation and transaction foreign exchange risk, and seeks to reduce this risk wherever possible.

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

The directors have considered trading conditions beyond the period end and are satisfied that any funding needs can be met to service the day to day requirements of the group in addition to the group's growth and strategic objectives. Accordingly, the financial statements have been prepared on an ongoing basis.

Interest rate risk

The group has carefully structured its borrowings using facilities that offer competitive interest rates and review these periodically to mitigate this risk as far as possible.

Credit risk

The group's principal financial assets are bank deposits, cash and trade debtors. The counterparties involved with the cash and bank deposits have high credit ratings (as rated by international credit rating agencies). The principal credit risk therefore arises from the group's trade debtors.

Trade debtors have limits set based on a combination of payment history and 3rd party credit references. These limits are reviewed on a regular basis in conjunction with the debt aging, collection history and information from the 3rd party credit reference to mitigate their risk.

On behalf of the board

M L Steele
Director
1 February 2026
SAFAPAC HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

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

Principal activities

The principal activity of the group continued to be that of contract manufacturing and packing of chemicals specialising in farm chemicals. The principal activity of the parent company continued to be that of a holding company.

Results and dividends

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

Ordinary dividends were paid amounting to £58,000. The directors do not recommend payment of a further dividend.

Directors

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

M L Steele
C F Rees
Auditor

Moore were re-appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SAFAPAC HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -
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 auditor of the company 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 auditor of the company is aware of that information.

Basis of Preparation

Certain subsidiaries of the Group have taken exemption from audit under section 479A of the Companies Act 2006. The parent company has provided guarantees under section 479C of the Act in respect of these subsidiaries.

On behalf of the board
M L Steele
Director
1 February 2026
SAFAPAC HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAFAPAC HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Safapac Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 30 June 2025 and of the group's loss 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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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:

- T he 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.

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

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

As part of our audit, we directed, supervised and performed the group audit in accordance with International Standards on Auditing (UK). The group audit was conducted entirely by our audit team and no other auditors were involved. We remain responsible for the direction, supervision and performance of the group audit and for the audit opinion expressed on the group financial statements.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of t he financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group.

SAFAPAC HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SAFAPAC HOLDINGS LIMITED
- 7 -
Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the group and considered that the most significant are the Companies Act 2006 and UK financial reporting standards as issued by the Financial Reporting Council.

We obtained an understanding of how the group complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gemma Roger (Senior Statutory Auditor)
For and on behalf of Moore
Statutory Auditor
Chartered Accountants
Rutland House
Minerva Business Park
Lynch Wood
Peterborough
PE2 6PZ
10 March 2026
SAFAPAC HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
8,189,424
7,982,320
Cost of sales
(5,903,962)
(6,198,263)
Gross profit
2,285,462
1,784,057
Distribution costs
(4,593)
(51,209)
Administrative expenses
(2,354,519)
(2,308,442)
Other operating income
42,116
47,692
Operating loss
4
(31,534)
(527,902)
Interest receivable and similar income
8
1,043
72
Interest payable and similar expenses
9
(17,981)
(83,811)
Change in fair value of investment property
10
-
142,092
Loss before taxation
(48,472)
(469,549)
Tax on loss
11
45,953
104,074
Loss for the financial year
(2,519)
(365,475)
SAFAPAC HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
13
15,583
16,590
Tangible assets
14
2,431,114
2,620,083
Investment properties
15
-
0
1,947,873
2,446,697
4,584,546
Current assets
Stocks
18
593,236
680,578
Debtors
19
2,267,393
1,793,760
Cash at bank and in hand
541,498
102,187
3,402,127
2,576,525
Creditors: amounts falling due within one year
20
(2,314,332)
(2,871,949)
Net current assets/(liabilities)
1,087,795
(295,424)
Total assets less current liabilities
3,534,492
4,289,122
Creditors: amounts falling due after more than one year
21
(37,833)
(714,632)
Provisions for liabilities
Provisions
24
336,354
349,033
Deferred tax liability
25
495,462
500,095
(831,816)
(849,128)
Net assets
2,664,843
2,725,362
Capital and reserves
Called up share capital
27
50,200
50,200
Other reserves
725,499
725,499
Profit and loss reserves
1,889,144
1,949,663
Total equity
2,664,843
2,725,362
The financial statements were approved by the board of directors and authorised for issue on 1 February 2026 and are signed on its behalf by:
01 February 2026
M L Steele
Director
SAFAPAC HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
13
1
1
Investment property
15
-
0
1,947,873
Investments
16
51,200
51,200
51,201
1,999,074
Current assets
Debtors
19
1,400,228
323,899
Cash at bank and in hand
336
272
1,400,564
324,171
Creditors: amounts falling due within one year
20
(16,989)
(367,502)
Net current assets/(liabilities)
1,383,575
(43,331)
Total assets less current liabilities
1,434,776
1,955,743
Creditors: amounts falling due after more than one year
21
-
(529,328)
Provisions for liabilities
Deferred tax liability
25
-
0
154,720
-
(154,720)
Net assets
1,434,776
1,271,695
Capital and reserves
Called up share capital
27
50,200
50,200
Profit and loss reserves
1,384,576
1,221,495
Total equity
1,434,776
1,271,695

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £221,081 (2024 - £455,248 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 1 February 2026 and are signed on its behalf by:
01 February 2026
M L Steele
Director
Company registration number 08255972 (England and Wales)
SAFAPAC HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2023
50,200
725,499
2,435,138
3,210,837
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(365,475)
(365,475)
Dividends
12
-
-
(120,000)
(120,000)
Balance at 30 June 2024
50,200
725,499
1,949,663
2,725,362
Year ended 30 June 2025:
Loss and total comprehensive income
-
-
(2,519)
(2,519)
Dividends
12
-
-
(58,000)
(58,000)
Balance at 30 June 2025
50,200
725,499
1,889,144
2,664,843
SAFAPAC HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2023
50,200
886,248
936,448
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
455,247
455,247
Dividends
12
-
(120,000)
(120,000)
Balance at 30 June 2024
50,200
1,221,495
1,271,695
Year ended 30 June 2025:
Profit and total comprehensive income
-
221,081
221,081
Dividends
12
-
(58,000)
(58,000)
Balance at 30 June 2025
50,200
1,384,576
1,434,776
SAFAPAC HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
31
(382,757)
(465,131)
Interest paid
(17,981)
(83,811)
Income taxes refunded/(paid)
44,899
-
Net cash outflow from operating activities
(355,839)
(548,942)
Investing activities
Purchase of intangible assets
(1,680)
(2,500)
Proceeds on disposal of development costs
-
3,720
Purchase of tangible fixed assets
(123,830)
(160,266)
Purchase of investment property
-
(52,160)
Proceeds on disposal of investment property
1,950,000
-
Interest received
1,044
72
Net cash generated from/(used in) investing activities
1,825,534
(211,134)
Financing activities
Proceeds of new bank loans
-
200,000
Repayment of bank loans
(871,114)
(93,448)
Repayment of finance leases obligations
(101,270)
(94,990)
Dividends paid to equity shareholders
(58,000)
(120,000)
Net cash used in financing activities
(1,030,384)
(108,438)
Net increase/(decrease) in cash and cash equivalents
439,311
(868,514)
Cash and cash equivalents at beginning of year
102,187
970,701
Cash and cash equivalents at end of year
541,498
102,187
SAFAPAC HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
32
(1,112,528)
(285,682)
Interest paid
(3,214)
(50,850)
Income taxes (paid)/refunded
(1)
1
Net cash outflow from operating activities
(1,115,743)
(336,531)
Investing activities
Purchase of investment property
-
0
(52,160)
Proceeds from disposal of investment property
1,950,000
-
0
Proceeds from disposal of subsidiaries
-
0
73,146
Interest received
1,043
73
Dividends received
-
0
251,476
Net cash generated from investing activities
1,951,043
272,535
Financing activities
Repayment of bank loans
(777,236)
155,532
Dividends paid to equity shareholders
(58,000)
(120,000)
Net cash (used in)/generated from financing activities
(835,236)
35,532
Net increase/(decrease) in cash and cash equivalents
64
(28,464)
Cash and cash equivalents at beginning of year
272
28,736
Cash and cash equivalents at end of year
336
272
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
1
Accounting policies
Company information

Safapac Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4 Stapledon Road, Orton Southgate, Peterborough, PE2 6TB.

The group consists of Safapac Holdings Limited and all of its subsidiaries.

1.1
Basis of preparation

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Safapac Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The consolidated financial statements include the audited financial statements of the company and its subsidiaries made up to 3 0 June 2025. The consolidation has been accounted for by the merger accounting method when the group was initially formed. All subsequent acquisitions have been accounted for under the equity method.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
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.

The group recognises revenue from the following major sources:
· Sale of goods
· Sale of contracts
· Storage and handling fees
· Management charges
· Rental income
The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major coursed of revenue are as follows:
Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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. This point is normally taken to be the earlier of the dispatch of goods or acceptance of bill and hold by the customer, where goods are not dispatched immediately.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
Sale of contracts

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Storage and handling fees
Revenue from storage and handling services is recognised over the period during which the service is provided, reflecting the pattern in which the performance obligations are satisfied. Fees are invoiced to customers in line with the rental or storage period agreed in the contract.
Management charges
Revenue from management charges is recognised on an accruals basis, in the period to which the services relate to.
Rental income
Rental income is recognised on an accruals basis, in the period to which it relates to.
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
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:

Patents and licences
2 - 5 years straight line
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
1.9
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
Ranging from 10 to 25 years straight line
Plant and machinery
Ranging from 3 to 30 years straight line
Fixtures, fittings & equipment
Ranging from 5 to 10 years straight line
Computer equipment
Ranging from 3 to 10 years straight line
Lab equipment
Ranging from 5 to 10 years straight line

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 recognised in the profit and loss account.

1.10
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.11
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

Investment in Camari Limited has been hived up to clear the balance sheet down to nil, with the company going dormant after the year-end.

1.12
Impairment of fixed assets

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -

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.

1.13
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.14
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.

1.15
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

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 m ethod 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.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
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 group 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 group 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. Amounts 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.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 21 -
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 subsequently 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 group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group 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 group.

1.17
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 group’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 if, and only if, there is 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.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 22 -
1.18
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.19
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.20
Retirement benefits

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

1.21
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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.22
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.

1.23
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.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Product sales
7,274,036
7,162,610
Storage & Handling
146,212
175,393
Purchase Recharges
769,176
644,317
8,189,424
7,982,320
2025
2024
£
£
Other significant revenue
Interest income
1,043
72
2025
2024
£
£
Turnover analysed by geographical market
UK & Ireland
5,768,829
3,991,677
Europe
1,414,796
2,656,383
Rest of the World
1,005,797
1,334,260
8,189,422
7,982,320
4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
977
3,421
Depreciation of owned tangible fixed assets
221,447
220,077
Depreciation of tangible fixed assets held under finance leases
26,224
32,751
Loss on disposal of tangible fixed assets
65,127
339
Profit on disposal of investment property
(2,127)
-
0
Amortisation of intangible assets
2,687
2,687
Operating lease charges
667,163
511,230
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
4,850
Audit of the financial statements of the company's subsidiaries
11,000
14,975
16,000
19,825
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production and sales
55
66
-
-
Management and directors
4
4
2
2
Total
59
70
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries and employers NI
888,526
856,975
-
0
7,524
Pension costs
27,677
26,215
-
0
-
0
916,203
875,421
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
343,676
302,233
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
130,510
120,514
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
1,043
72
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,214
50,850
Other finance costs:
Interest on finance leases and hire purchase contracts
10,991
14,962
Other interest
3,776
17,999
Total finance costs
17,981
83,811
10
Amounts written off investments
2025
2024
£
£
Changes in the fair value of investment properties
-
142,092
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(44,181)
(47,760)
Adjustments in respect of prior periods
2,861
-
0
Total current tax
(41,320)
(47,760)
Deferred tax
Origination and reversal of timing differences
(4,633)
(56,314)
Total tax credit
(45,953)
(104,074)

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

2025
2024
£
£
Loss before taxation
(48,472)
(469,549)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(12,118)
(117,387)
Tax effect of expenses that are not deductible in determining taxable profit
18,056
-
0
Change in unrecognised deferred tax assets
-
0
(6,261)
Permanent capital allowances in excess of depreciation
(15,994)
(2,423)
Depreciation on assets not qualifying for tax allowances
1,047
747
Amortisation on assets not qualifying for tax allowances
-
0
1,031
Adjustments in respect of financial assets
(3,521)
-
0
Research and development tax credit
(33,138)
(56,800)
Other permanent differences
-
0
5,379
Tax at marginal rate
(285)
-
0
Research and development tax credit receipt
-
0
71,640
Taxation credit
(45,953)
(104,074)
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
58,000
120,000
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
13
Intangible fixed assets
Group
Goodwill
Patents and licences
Development costs
Total
£
£
£
£
Cost
At 1 July 2024
28,900
148,437
11,380
188,717
Additions - internally developed
-
0
-
0
1,680
1,680
At 30 June 2025
28,900
148,437
13,060
190,397
Amortisation and impairment
At 1 July 2024
28,900
143,227
-
0
172,127
Amortisation charged for the year
-
0
2,687
-
0
2,687
At 30 June 2025
28,900
145,914
-
0
174,814
Carrying amount
At 30 June 2025
-
0
2,523
13,060
15,583
At 30 June 2024
-
0
5,210
11,380
16,590
Company
Patents and licences
£
Cost
At 1 July 2024 and 30 June 2025
1
Amortisation and impairment
At 1 July 2024 and 30 June 2025
-
0
Carrying amount
At 30 June 2025
1
At 30 June 2024
1
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
14
Tangible fixed assets
Group
Leasehold improvements
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Lab
equipment
Total
£
£
£
£
£
£
£
Cost
At 1 July 2024
150,149
-
0
3,417,279
33,380
231,946
313,066
4,145,820
Additions
8,900
23,625
68,063
-
0
21,077
2,165
123,830
Disposals
-
0
-
0
(100,893)
-
0
(52,912)
(56,380)
(210,185)
At 30 June 2025
159,049
23,625
3,384,449
33,380
200,111
258,851
4,059,465
Depreciation and impairment
At 1 July 2024
44,532
-
0
1,116,184
21,301
173,036
170,684
1,525,737
Depreciation charged in the year
11,238
-
0
198,516
2,470
19,970
15,477
247,671
Eliminated in respect of disposals
-
0
-
0
(64,050)
-
0
(39,773)
(41,234)
(145,057)
At 30 June 2025
55,770
-
0
1,250,650
23,771
153,233
144,927
1,628,351
Carrying amount
At 30 June 2025
103,279
23,625
2,133,799
9,609
46,878
113,924
2,431,114
At 30 June 2024
105,617
-
0
2,301,095
12,079
58,910
142,382
2,620,083
The company had no tangible fixed assets at 30 June 2025 or 30 June 2024.
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Tangible fixed assets
(Continued)
- 29 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and machinery
338,864
403,005
-
0
-
0
15
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 July 2024
1,947,873
1,947,873
Disposals
(1,947,873)
(1,947,873)
At 30 June 2025
-
-

Investment property comprises of freehold land and buildings. The fair value of the investment property had been arrived at on the basis of a valuation carried out by the directors, who consider there has been a change in valuation, following the sale in the year.

16
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
51,200
51,200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024 and 30 June 2025
51,200
Carrying amount
At 30 June 2025
51,200
At 30 June 2024
51,200
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 30 -
17
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Safapac Limited
England and Wales
Manufacture of fertilisers and nitrogen compounds
Ordinary shares
100.00
Safagrow Limited
England and Wales
Not trading
Ordinary shares
100.00
Camari Ltd
England and Wales
Dormant
Ordinary Shares
100.00
18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
593,236
680,578
-
-
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,606,344
1,380,184
-
0
2,700
Corporation tax recoverable
35,787
47,760
-
0
-
0
Amounts owed by group undertakings
-
-
1,400,228
315,517
Other debtors
35,738
31,689
-
0
-
0
Prepayments and accrued income
581,130
334,127
-
0
5,682
2,258,999
1,793,760
1,400,228
323,899
Amounts falling due after more than one year:
Corporation tax recoverable
8,394
-
0
-
0
-
0
Total debtors
2,267,393
1,793,760
1,400,228
323,899
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 31 -
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
22
-
0
296,888
-
0
247,908
Obligations under finance leases
23
85,724
110,849
-
0
-
0
Trade creditors
1,432,956
907,830
-
0
1,232
Amounts owed to group undertakings
-
0
-
0
201
201
Other taxation and social security
71,475
75,682
12,385
20,065
Other creditors
690,127
1,347,379
-
0
94,000
Accruals and deferred income
34,050
133,321
4,403
4,096
2,314,332
2,871,949
16,989
367,502

Included within other creditors are invoice finance balances secured by way of a fixed and floating charge against the assets of the company totalling £683,708 (202 4: £1,229,094).

Other creditors also includes an amount of £nil (20 24: £15,688) in respect of deferred grant income.

21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
-
0
574,226
-
0
529,328
Obligations under finance leases
23
37,833
113,978
-
0
-
0
Other creditors
-
0
26,428
-
0
-
0
37,833
714,632
-
529,328

Other creditors includes an amount of £nil (20 24: £26,428) in respect of deferred grant income.

22
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
-
0
871,114
-
0
777,236
Payable within one year
-
0
296,888
-
0
247,908
Payable after one year
-
0
574,226
-
0
529,328

The bank loans and overdrafts totaling £nil (202 4: £871,114) are secured by way of fixed and floating charges over the assets of the group.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 32 -
23
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
85,724
104,853
-
0
-
0
In two to five years
37,833
119,974
-
0
-
0
123,557
224,827
-
-

Assets held under hire purchase are secured against the assets to which the borrowing relates.

24
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Dilapidations provision
253,855
248,855
-
-
Rent-free provision
82,499
100,178
-
-
336,354
349,033
-
-
Movements on provisions:
Dilapidations provision
Rent-free provision
Total
Group
£
£
£
At 1 July 2024
248,855
100,178
349,033
Additional provisions in the year
5,000
-
5,000
Utilisation of provision
-
(17,679)
(17,679)
At 30 June 2025
253,855
82,499
336,354
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 33 -
25
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
581,779
652,236
Tax losses
(86,317)
(292,788)
Investment property
-
140,647
495,462
500,095
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
-
14,073
Investment property
-
140,647
-
154,720
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
500,095
154,720
Credit to profit or loss
(4,633)
(154,720)
Liability at 30 June 2025
495,462
-
26
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
27,677
26,215

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 34 -
27
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
12,048
12,048
12,048
12,048
Ordinary of £1 each
38,152
38,152
38,152
38,152
50,200
50,200
50,200
50,200
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
899,000
449,500
-
-
Between two and five years
3,008,308
1,764,069
-
-
In over five years
-
189,585
-
-
3,907,308
2,403,154
-
-
29
Related party transactions
Remuneration of key management personnel

There is no further key management compensation than that shown in these financial statements as directors remuneration.

Transactions with related parties
Other information

At the year end, the total amount owed to directors was £nil (2024: £94,000).

30
Subsidiary Audit Exemption under s479A

The parent undertaking has guaranteed the liabilities of the following subsidiaries under section 479C of the Companies Act 2006, thereby allowing them to claim exemption from audit of their individual accounts for the year ended 30 June 2025 under section 479A of the Act:

- Safagrow Limited (Company number: 07336407)

The guarantee covers all outstanding liabilities at the end of the financial year.

SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 35 -
31
Cash absorbed by group operations
2025
2024
£
£
Loss after taxation
(2,519)
(365,475)
Adjustments for:
Taxation credited
(45,953)
(104,074)
Finance costs
17,981
83,811
Investment income
(1,043)
(72)
Loss on disposal of tangible fixed assets
65,127
339
Gain on disposal of investment property
(2,127)
-
0
Fair value gain on investment properties
-
0
(142,092)
Amortisation and impairment of intangible assets
2,687
2,687
Depreciation and impairment of tangible fixed assets
247,671
252,828
Decrease in provisions
(12,679)
(3,415)
Movements in working capital:
Decrease in stocks
87,342
192,214
(Increase)/decrease in debtors
(477,212)
56,275
Decrease in creditors
(262,032)
(438,157)
Cash absorbed by operations
(382,757)
(465,131)
32
Cash absorbed by operations - company
2025
2024
£
£
Profit after taxation
221,081
455,247
Adjustments for:
Taxation (credited)/charged
(154,719)
49,595
Finance costs
3,214
50,850
Investment income
(1,043)
(251,549)
Gain on disposal of investment property
(2,127)
-
Fair value gain on investment properties
-
(142,092)
Movements in working capital:
Increase in debtors
(1,076,329)
(302,101)
Decrease in creditors
(102,605)
(145,632)
Cash absorbed by operations
(1,112,528)
(285,682)
SAFAPAC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 36 -
33
Analysis of changes in net funds/(debt) - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
102,187
439,311
541,498
Borrowings excluding overdrafts
(871,114)
871,114
-
Obligations under finance leases
(224,827)
101,270
(123,557)
(993,754)
1,411,695
417,941
34
Analysis of changes in net funds/(debt) - company
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
272
64
336
Borrowings excluding overdrafts
(777,236)
777,236
-
(776,964)
777,300
336
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