Company registration number 00410867 (England and Wales)
NICKLIN TRANSIT PACKAGING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
NICKLIN TRANSIT PACKAGING LIMITED
COMPANY INFORMATION
Directors
Mr D J Nicklin
Mr P J Nicklin
Secretary
Mr P J Nicklin
Company number
00410867
Registered office
Unit 4
Woods Bank Estate
Woden Road West
Wednesbury
WS10 7SU
Auditor
Sumer Auditco Limited
Acre House
11-15 William Road
London
NW1 3ER
NICKLIN TRANSIT PACKAGING LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 30
NICKLIN TRANSIT PACKAGING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

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

Review of the business

The principal activities of the company continue to be the design, manufacture and sale of wooden packaging cases, pallets and heavy-duty corrugated cases, and ancillary products.

Turnover for the twelve-month period to May 2025 was £9,923,365. The shortfall on the prior reporting period being due to a reduction in volume and sales revenue as general economic conditions continued to have a negative impact across all aspects of the manufacturing sector, including transit packaging. Volumes were also significantly impacted by the centralisation of warehousing and logistics at a major automotive manufacturer which resulted in significant stock excess followed by a period of rationalisation throughout the supply chain. This was compounded by political uncertainty in the UK, geo-political tensions and US tariffs in the latter part of the financial period which had a significant impact on business confidence and volumes sold.

During the year there was a stabilisation in both inflation and timber prices. Whilst ongoing pressure on costs remained, operating efficiencies alongside significant progress being made with the Company’s HS2 claim contributed to the business recording a healthy profit before taxation of £1,566,173.

Principal risks and uncertainties

The directors consider the primary risks to the business are as follows:

- UK government policies and increased regulatory burden.

- Geopolitical tension and trade uncertainty.

- An on-ongoing flat economic environment with upward pressure on input costs and increased competition.

- A continuing trend for vertical integration and consolidation within the timber pallet sector.

- Consolidation within the corrugated board sector.

In mitigation, the business is committed to on-going business investment to reduce its cost base, has increased business development activity and is focused on developing niche products and markets where it retains a reputation as the market leader. The company continues to operate with a broad range of customers and market sectors whilst, continuing to develop strong strategic partnerships with UK and European sawmills and corrugated board suppliers.

Development and performance

The company is focused on achieving operational excellence and delivering significant sales growth. Excellence in how we operate gives us the foundation to grow and growth gives us the ability to invest in our people and our future.

To achieve this, we have clear goals and expectations that will guide our decisions and our actions. First and foremost, we are prioritising a safety-first culture. Nothing we do is more important than the health and safety of our people. Every task, every process and every decision we make reflects that priority.

We ensure full compliance with all relevant regulations and standards. In a tightening regulatory environment, compliance is non-negotiable. It protects our people, our customers and the long-term sustainability of the business.

We are committed to building and maintaining a capable, cohesive team. This means investing in skills, supporting one another and fostering respect, accountability and collaboration across the business.

We will continue to reduce our impact on the environment by using resources more responsibly and embedding sustainability into our day-to-day operations.

NICKLIN TRANSIT PACKAGING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -

We have created a culture of continuous improvement and waste reduction. Every process can be improved. Every inefficiency we remove helps us protect margins, reduce costs and strengthen our competitiveness.

Cost management is critical and we manage costs in line with budgets, market forces and the economic realities we face, making disciplined decisions while continuing to deliver value.

At the same time, we are focused on maintaining and growing sales revenue and profitability. Growth is essential, it secures jobs, fund’s investment and gives us resilience in uncertain markets.

We will continue to deliver cost-effective, high-quality products and services on time, every time. Reliability, quality, and value are what keep customers choosing us, even in tough conditions.

The company secured a significant quantum of new business with three large users of transit packaging products during the latter part of the financial period which will support sales volumes throughout 2025/26 and beyond.

The business has fully implemented its new heating, extraction and waste management facilities at its Wednesbury headquarters. This initiative is supporting both the company and its customers in reducing their carbon footprint by minimising energy usage, haulage and waste costs.

Ensuring the business meets its sustainability obligations is a key focus and the company has made other green investments, acquiring its first electric articulated truck; Nicklin was the first pallet and packaging company in the UK to invest in Volvo’s new generation of electric cabs. The company has also invested in a fleet of electric forklift trucks as well as the introduction of LED lighting across its plant to further reduce its carbon footprint.

Additionally, Nicklin has made an investment in 2-way pallet automation, a response to an evolution of the wider market. The 2-way pallet market, which is dominated by the construction sector, has changed significantly with an ongoing trend of consolidation within the timber pallet sector.

Nicklin is proud to be one of the largest independently owned transit packaging manufacturers in the UK. The investment, the only 2-way pallet line within the West Midlands, increases capacity and ensures that Nicklin can deliver volume products efficiently and support its customer needs whilst ensuring pallet buyers have the option of purchasing outside of an integrated business.

The business continues to invest in its workforce with market-leading pay and conditions as well as improving production efficiency through investment in design and automated manufacturing capabilities.

Following the compulsory purchase of the company’s interests in land in Birmingham by the Secretary of State for Transport to deliver the High-Speed Rail (“HS2”) rail project, the business is protected by a body of statute and case law often referred to as the compensation code.

Under the compensation code the business is entitled to make a claim under the following headings:

· Market value of their interest in the “no scheme world”

· Cost of relocating and fitting out new premises

· Loss of profits

· Basic and occupiers Loss Payments

· Professional fees

· Statutory interests

The business has continued to seek recompense for these costs, which have been borne by the company since 2018, with a full and final claim presented to HS2 in February 2024. Significant progress has been made within the year to May 2025, with the business receiving further advance payments which were utilised to remove company debt incurred by the impact of HS2.

We expect to see further progress with settlement of the claim within the next financial year.

NICKLIN TRANSIT PACKAGING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
Key performance indicators

The key performance indicators of the business are sales growth, gross margin, stock control and cash flow.

On-going economic activity in 2025 has resulted in reduced sales volumes, however, the company has been successful in acquiring new customers and cross selling to existing clients. Whilst gross margin reduced from 42.1% from 40.2% the company has recorded a healthy operating profit of 16.4%.

Stocks again decreased at the year-end by £112,656 as the business continued to manage inventory supply levels whilst also meeting customer demand.

The business, having made progress with its compensation claim with HS2 now has an improved balance sheet with significant cash headroom of £2,101,496, this is after having paid down all debt relating to the HS2 matter.

On behalf of the board

Mr D J Nicklin
Director
20 March 2026
NICKLIN TRANSIT PACKAGING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 4 -

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

Principal activities

The principal activity of the company continued to be that of the manufacture of wooden packing cases, pallets and heavy duty corrugated cases.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £468,266. The directors do not recommend payment of a final dividend.

Directors

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

Mr D J Nicklin
Mr P J Nicklin
Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D J Nicklin
Director
20 March 2026
NICKLIN TRANSIT PACKAGING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 5 -

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

NICKLIN TRANSIT PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICKLIN TRANSIT PACKAGING LIMITED
- 6 -
Opinion

We have audited the financial statements of Nicklin Transit Packaging Limited (the 'company') for the year ended 31 May 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

NICKLIN TRANSIT PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICKLIN TRANSIT PACKAGING LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied

- Reviewing and challenging the assumptions and judgments used by management in their significant accounting estimates

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations

- Documenting and verifying all significant related party balances and transactions

- Testing key income lines, in particular cut-off, for evidence of management bias

- Obtaining third party confirmation of material bank balances

- Obtaining third party evidence of claims relating to HS2

- Performing stock valuation testing

- Agreeing a sample of purchase transactions pre and post year end to ensure they have been recognised in the correct accounting period

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation from the events and transactions reflected in the financial statements, as we will be less likely to be aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

NICKLIN TRANSIT PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICKLIN TRANSIT PACKAGING LIMITED (CONTINUED)
- 8 -

Use of our report

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

Mr Steven Mcloughlin FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
Acre House
11-15 William Road
London
NW1 3ER
20 March 2026
NICKLIN TRANSIT PACKAGING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
9,923,365
12,520,939
Cost of sales
(5,929,901)
(7,252,508)
Gross profit
3,993,464
5,268,431
Administrative expenses
(4,281,654)
(4,666,764)
Other operating income
1,911,411
347,143
Operating profit
4
1,623,221
948,810
Interest receivable and similar income
8
7,480
5,571
Interest payable and similar expenses
9
(64,528)
(77,564)
Profit before taxation
1,566,173
876,817
Tax on profit
10
(401,309)
(166,018)
Profit for the financial year
1,164,864
710,799
Other comprehensive income
Tax relating to other comprehensive income
925
(19,582)
Total comprehensive income for the year
1,165,789
691,217

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

NICKLIN TRANSIT PACKAGING LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
26,873
32,573
Tangible assets
13
2,586,440
2,840,440
Investment property
14
131,392
131,392
2,744,705
3,004,405
Current assets
Stocks
15
544,317
656,973
Debtors
16
2,080,473
5,328,239
Cash at bank and in hand
2,101,496
255,114
4,726,286
6,240,326
Creditors: amounts falling due within one year
17
(3,661,868)
(4,945,199)
Net current assets
1,064,418
1,295,127
Total assets less current liabilities
3,809,123
4,299,532
Creditors: amounts falling due after more than one year
18
(323,092)
(1,459,608)
Provisions for liabilities
Deferred tax liability
21
458,474
509,890
(458,474)
(509,890)
Net assets
3,027,557
2,330,034
Capital and reserves
Called up share capital
23
4,010
4,010
Revaluation reserve
532,967
502,797
Capital redemption reserve
18,204
18,204
Profit and loss reserves
2,472,376
1,805,023
Total equity
3,027,557
2,330,034

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

The financial statements were approved by the board of directors and authorised for issue on 20 March 2026 and are signed on its behalf by:
Mr D J Nicklin
Director
Company registration number 00410867 (England and Wales)
NICKLIN TRANSIT PACKAGING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2023
4,010
444,053
18,204
1,682,550
2,148,817
Year ended 31 May 2024:
Profit
-
-
-
710,799
710,799
Other comprehensive income:
Tax relating to other comprehensive income
-
(19,582)
-
-
0
(19,582)
Total comprehensive income
-
(19,582)
-
710,799
691,217
Dividends
11
-
-
-
(510,000)
(510,000)
Transfers
-
78,326
-
(78,326)
-
Balance at 31 May 2024
4,010
502,797
18,204
1,805,023
2,330,034
Year ended 31 May 2025:
Profit
-
-
-
1,164,864
1,164,864
Other comprehensive income:
Tax relating to other comprehensive income
-
925
-
-
0
925
Total comprehensive income
-
925
-
1,164,864
1,165,789
Dividends
11
-
-
-
(468,266)
(468,266)
Transfers
-
29,245
-
(29,245)
-
Balance at 31 May 2025
4,010
532,967
18,204
2,472,376
3,027,557
NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
1
Accounting policies
Company information

Nicklin Transit Packaging Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Woods Bank Estate, Woden Road West, Wednesbury, WS10 7SU.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Nicklin Group of Companies Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

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

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover

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

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of wooden packing cases, pallets and heavy duty corrugated cases 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. Revenue is therefore recognised on delivery of the goods to the customer, which is confirmed by a signed delivery note.

1.4
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:

Software
10% straight line
1.5
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:

Buildings Freehold
Straight line over 50 years
Plant and machinery
15% on reducing balance
Fixtures, fittings & equipment
15% on reducing balance, 10% straight line
Motor vehicles
20% on reducing balance

Freehold land is not depreciated.

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

1.6
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.

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 14 -
1.7
Impairment of fixed assets

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

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

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

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

1.8
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 replacement cost and 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.

1.9
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.

1.10
Financial instruments

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

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

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

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

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

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

Derecognition of financial liabilities

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

1.11
Equity instruments

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

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -
1.13
Taxation

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

Current tax

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

Deferred tax

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

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

1.14
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.

1.15
Retirement benefits

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

1.16
Leases
As lessee

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 s asset are consumed.

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 18 -
1.17
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.

1.18
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.

1.19

Factoring

The company has factored its debts but has not transferred the risks. The debtors are shown as assets and the liability to the factoring company is shown in creditors due within one year. The interest element of the factor's charges are recognised as they accrue.

2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of depreciable assets

The annual depreciation charge depends primarily on the estimated useful life of the asset and circumstances. The directors annually review the asset life and adjust as necessary to reflect current thinking on the remaining life in light of technological change, prospective economic utilisation and physical condition of the asset concerned. Changes in asset lives can have a significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes to asset lives on an overall basis, as asset lives are individually determined.

Valuation of Properties

The directors undertake an impairment review every year to determine any need for an impairment, which estimates the value of property based on market values.

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 19 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Transit packaging
9,923,365
12,520,939
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
9,923,365
12,520,939
2025
2024
£
£
Other revenue
Interest income
7,480
5,571
Grants received
50,151
37,123
Sundry income
1,853,816
304,131
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(50,151)
(37,123)
Depreciation of tangible fixed assets
329,526
198,504
Amortisation of intangible assets
5,700
6,645
Operating lease charges
718,630
723,434
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 company
19,150
17,850
NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 20 -
6
Employees

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

2025
2024
Number
Number
Management & Admin
26
26
Production
57
73
Total
83
99

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,321,899
2,973,819
Social security costs
220,386
254,070
Pension costs
54,537
58,224
2,596,822
3,286,113
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
64,954
387,136
Company pension contributions to defined contribution schemes
2,470
2,441
67,424
389,577
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
n/a
285,253

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 21 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
5,749
4,372
Other interest income
1,731
1,199
Total income
7,480
5,571
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
28,109
46,709
Interest on finance leases and hire purchase contracts
36,419
30,855
64,528
77,564
NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 22 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
451,800
202,231
Deferred tax
Origination and reversal of timing differences
(50,491)
(36,213)
Total tax charge
401,309
166,018

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

2025
2024
£
£
Profit before taxation
1,566,173
876,817
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
391,543
219,204
Tax effect of expenses that are not deductible in determining taxable profit
83,880
51,745
Permanent capital allowances in excess of depreciation
(23,623)
(68,718)
Deferred tax movement
(50,491)
(36,213)
Taxation charge for the year
401,309
166,018

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
(925)
19,582
11
Dividends
2025
2024
£
£
Interim paid
468,266
510,000
NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
12
Intangible fixed assets
Software
£
Cost
At 1 June 2024 and 31 May 2025
64,426
Amortisation and impairment
At 1 June 2024
31,853
Amortisation charged for the year
5,700
At 31 May 2025
37,553
Carrying amount
At 31 May 2025
26,873
At 31 May 2024
32,573
NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
13
Tangible fixed assets
Buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 June 2024
1,292,844
3,480,834
1,156,861
184,604
6,115,143
Additions
7,550
58,955
2,555
6,466
75,526
At 31 May 2025
1,300,394
3,539,789
1,159,416
191,070
6,190,669
Depreciation and impairment
At 1 June 2024
277,738
1,875,038
1,039,679
82,248
3,274,703
Depreciation charged in the year
8,176
246,081
37,055
38,214
329,526
At 31 May 2025
285,914
2,121,119
1,076,734
120,462
3,604,229
Carrying amount
At 31 May 2025
1,014,480
1,418,670
82,682
70,608
2,586,440
At 31 May 2024
1,015,106
1,605,796
117,182
102,356
2,840,440

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
906,950
1,011,033
Motor vehicles
49,574
81,898
956,524
1,092,931

Land and buildings were revalued in March 2017 by Savills, independent valuers not connected with the company, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Buildings Freehold
2025
2024
£
£
Cost
542,125
534,574
Accumulated depreciation
(175,493)
(171,003)
Carrying value
366,632
363,571
NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 25 -
14
Investment property
2025
£
Fair value
At 1 June 2024 and 31 May 2025
131,392

The fair value of the investment property has been arrived at on the basis of a valuation by the directors. This valuation was made by reference to open market evidence of transaction prices for similar properties.

The Directors have reviewed the market value as at 31 May 2025 on the same basis used by Savills PLC's valuation which was carried out in March 2017.

15
Stocks
2025
2024
£
£
Raw materials and consumables
393,852
455,512
Finished goods and goods for resale
150,465
201,461
544,317
656,973
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,622,342
1,963,921
Corporation tax recoverable
7,085
-
0
Amounts owed by group undertakings
76,631
109,754
Other debtors
959
2,931,115
Prepayments and accrued income
373,456
323,449
2,080,473
5,328,239
NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
19
-
0
260,000
Obligations under finance leases
20
216,214
261,033
Trade creditors
1,361,958
1,495,408
Corporation tax
451,592
202,231
Other taxation and social security
208,499
313,248
Other creditors
610,379
1,495,145
Accruals and deferred income
813,226
918,134
3,661,868
4,945,199

The factoring balance of £534,647 (2024 - £1,412,451) is secured over the book debts of the company and is included within other creditors. This was entered into on 8 November 2005.

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 27 -
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
19
-
0
922,052
Obligations under finance leases
20
323,092
537,556
323,092
1,459,608

There is a mortgage dated 23th August 1977 to HSBC Bank Plc over the freehold property known as 2-30 (even nos) Dollman street, Nechells.

There is a mortgage dated 25th January 1979 to HSBC Bank Plc over the freehold land and premises being 34 & 36 & 1,2,3 & 4 Dollman Street, Nechells.

There is a mortgage dated 4th January 1980 to HSBC Bank Plc over the freehold property known as 32 Dollman Street, Nechells.

There is a mortgage dated 4th January 1980 to HSBC Bank Plc over the leasehold property known as 30-38 (even nos) Erskine Street, Nechells.

There is a fixed and floating charged dated 15th January 2004 to HSBC UK Bank Plc over the undertaking and all property and assets present and future including goodwill, debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

There is a fixed and floating charge dated 8th November 2005 to HSBC Invoice Finance (UK) Ltd over the undertaking of the company and all assets including stock in trade and uncalled capital.

There is a legal mortgage dated 7th May 2008 to HSBC Bank Plc over the leasehold property known as 254 St Johns Walk, Birmingham.

There is a contract monies charge dated 3rd December 2009 to HSBC Bank Plc.

There is an outstanding charge dated 10th December 2013 to Birmingham City Council over Units 1 and 2 Erskine Street, freehold land on the south west side of Erskine Street and freehold land at 2-30 Dollman Street, Nechells.

There is a legal charged dated 12th January 2024 to HSBC UK Bank Plc on all contract monies.

19
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
1,182,052
Payable within one year
-
0
260,000
Payable after one year
-
0
922,052
NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 28 -
20
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
214,701
261,033
In two to five years
324,605
537,556
539,306
798,589

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
343,593
386,544
Revaluations
114,881
123,346
458,474
509,890
2025
Movements in the year:
£
Liability at 1 June 2024
509,890
Credit to profit or loss
(50,491)
Credit to equity
(925)
Liability at 31 May 2025
458,474

The deferred tax relates to accelerated capital allowances and the revaluation reserve. £60,201 of the deferred tax liability set out above is expected to reverse within 12 months in relation to accelerated capital allowances and £925 of the deferred tax liability is expected to reverse within 12 months in relation to the revaluation reserve.

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 29 -
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,537
58,224

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

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,010
4,010
4,010
4,010
24
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
523,202
717,431
Years 2-5
401,778
439,929
924,980
1,157,360
25
Events after the reporting date

In January 2026, a final settlement was reached with HS2 regarding compensation due following the compulsory purchase of the business' previous trading premises. The terms of this settlement are confidential.

26
Related party transactions
Transactions with related parties

During the year, rent of £61,750 (2024: £59,638) was paid to a pension scheme owned by the directors.

Other information

The company has taken advantage of the exemption available in accordance with FRS102 'Section 33

Paragraph 33.1A' not to disclose transactions entered into between two or more members of a group, as

the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

NICKLIN TRANSIT PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 30 -
27
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Loans
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors Loan 1
2.25
66,992
46,000
1,275
(114,267)
-
Directors Loan 2
-
(32,545)
9,000
-
-
(23,545)
34,447
55,000
1,275
(114,267)
(23,545)
28
Ultimate controlling party

The ultimate parent company is Nicklin Group of Companies Limited, a company incorporated in England and Wales.

The ultimate controlling party is David Nicklin who owns 75% of the controlling shares of the parent company.

2025-05-31 2024-06-01 false false false CCH Software CCH Accounts Production 2025.300 Mr D J Nicklin Mr P J Nicklin Mr P J Nicklin 00410867 2024-06-01 2025-05-31 00410867 bus:Director1 2024-06-01 2025-05-31 00410867 bus:CompanySecretaryDirector1 2024-06-01 2025-05-31 00410867 bus:CompanySecretary1 2024-06-01 2025-05-31 00410867 bus:Director2 2024-06-01 2025-05-31 00410867 bus:RegisteredOffice 2024-06-01 2025-05-31 00410867 2025-05-31 00410867 2023-06-01 2024-05-31 00410867 core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 00410867 core:RetainedEarningsAccumulatedLosses 2024-06-01 2025-05-31 00410867 core:RevaluationReserve 2023-06-01 2024-05-31 00410867 core:RevenueReservesInvestmentFundsOnly 2023-06-01 2024-05-31 00410867 core:RevaluationReserve 2024-06-01 2025-05-31 00410867 core:IntangibleAssetsOtherThanGoodwill 2025-05-31 00410867 core:IntangibleAssetsOtherThanGoodwill 2024-05-31 00410867 core:ComputerSoftware 2025-05-31 00410867 core:ComputerSoftware 2024-05-31 00410867 2024-05-31 00410867 core:LandBuildings core:OwnedOrFreeholdAssets 2025-05-31 00410867 core:PlantMachinery 2025-05-31 00410867 core:FurnitureFittings 2025-05-31 00410867 core:MotorVehicles 2025-05-31 00410867 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 00410867 core:PlantMachinery 2024-05-31 00410867 core:FurnitureFittings 2024-05-31 00410867 core:MotorVehicles 2024-05-31 00410867 core:WithinOneYear 2025-05-31 00410867 core:WithinOneYear 2024-05-31 00410867 core:AfterOneYear 2025-05-31 00410867 core:AfterOneYear 2024-05-31 00410867 core:CurrentFinancialInstruments 2025-05-31 00410867 core:CurrentFinancialInstruments 2024-05-31 00410867 core:Non-currentFinancialInstruments 2025-05-31 00410867 core:Non-currentFinancialInstruments 2024-05-31 00410867 core:ShareCapital 2025-05-31 00410867 core:ShareCapital 2024-05-31 00410867 core:RevaluationReserve 2025-05-31 00410867 core:RevaluationReserve 2024-05-31 00410867 core:CapitalRedemptionReserve 2025-05-31 00410867 core:CapitalRedemptionReserve 2024-05-31 00410867 core:RetainedEarningsAccumulatedLosses 2025-05-31 00410867 core:RetainedEarningsAccumulatedLosses 2024-05-31 00410867 core:ShareCapital 2023-05-31 00410867 core:RevaluationReserve 2023-05-31 00410867 core:CapitalRedemptionReserve 2023-05-31 00410867 core:RetainedEarningsAccumulatedLosses 2023-05-31 00410867 core:ShareCapitalOrdinaryShareClass1 2025-05-31 00410867 core:ShareCapitalOrdinaryShareClass1 2024-05-31 00410867 core:IntangibleAssetsOtherThanGoodwill 2024-06-01 2025-05-31 00410867 core:ComputerSoftware 2024-06-01 2025-05-31 00410867 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-01 2025-05-31 00410867 core:PlantMachinery 2024-06-01 2025-05-31 00410867 core:FurnitureFittings 2024-06-01 2025-05-31 00410867 core:MotorVehicles 2024-06-01 2025-05-31 00410867 core:UKTax 2024-06-01 2025-05-31 00410867 core:UKTax 2023-06-01 2024-05-31 00410867 1 2024-06-01 2025-05-31 00410867 1 2023-06-01 2024-05-31 00410867 core:ComputerSoftware 2024-05-31 00410867 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 00410867 core:PlantMachinery 2024-05-31 00410867 core:FurnitureFittings 2024-05-31 00410867 core:MotorVehicles 2024-05-31 00410867 2024-05-31 00410867 core:BetweenTwoFiveYears 2025-05-31 00410867 core:BetweenTwoFiveYears 2024-05-31 00410867 bus:OrdinaryShareClass1 2024-06-01 2025-05-31 00410867 bus:OrdinaryShareClass1 2025-05-31 00410867 bus:OrdinaryShareClass1 2024-05-31 00410867 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 00410867 bus:FRS102 2024-06-01 2025-05-31 00410867 bus:Audited 2024-06-01 2025-05-31 00410867 bus:FullAccounts 2024-06-01 2025-05-31 xbrli:pure xbrli:shares iso4217:GBP