The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.

NexGen Packaging, UK, Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Tamdown Way, Braintree, Essex, England, CM7 21QL.

The company's principle activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards and with International Financial Reporting Standards as issued by the IASB and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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

This is the first year the financial statements have been prepared under IFRS, and more information about transitional adjustments can be seen in note 26 of the notes to the financial statements.

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

The accounts have been prepared on a going concern basis which relies on the continued support from its parent, NexGen Packaging, Limited (registered in Hong Kong), to continue in operational existence and to meet its liabilities as they fall due. The Directors have received confirmation from the parent company of that support for a period of at least 12 months from the date of approval of these accounts. The Directors have enquired into financial position of the wider group including its forecasts and the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and to provide the required support to the company.true

Revenue 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 company recognises revenue from the following major sources:

• Sale of goods

• Freight income

• Manufacturing sale of goods

• Commissions received

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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

Freight income is recognised alongside the relevant sale of goods and is the re-charge of freight costs to overseas customers.

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

Commission income is recognised when relevant services are rendered. Commission is recognised once a sale has been invoiced and recognised in line with the above conditions.

Property, plant and equipment 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:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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 or .

At each reporting end date, the company reviews the carrying amounts of its tangible 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.

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.

Inventories 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 inventories to their present location and condition. The cost of inventories is measured by using the first in, first out formula.

Inventories 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.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

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.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision. The expected loss rates are based on the Company's historical credit losses experiences over the three year period to the year end. Other factors such as the wider economic environment he Company and its customers operate in are also considered, with any impairments recorded in the statement of comprehensive income within administrative expenses.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities, including trade and other payables and loans from fellow group companies, 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 payments 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

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.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

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 inventories or non-current 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.

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is reassessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

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.

The current accounting period is the first time adoption of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). As such all applicable IAS & IFRS have been adopted and applied during this reporting period which are effective for accounting periods starting on or after 1 January 2025.

At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the UK):

• Annual Improvements to IFRS Accounting Standards — Volume 11

• Amendments to IFRS 9 and IFRS 7 — Amendments to the Classification and Measurement of Financial Instruments

• Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)

• IFRS 18 Presentation and Disclosure in Financial Statements

• IFRS 19 Subsidiaries without Public Accountability: Disclosures

The directors anticipate that the adoption of these standards, amendments and interpretations in future periods will not have a material impact on the financial statements of the Company.

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.

Management are of the opinion that there are no critical judgements or key sources of estimation uncertainty when applying the Company's accounting policies, which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities as at the year end.

The average monthly number of persons employed by the company during the year was:

The charge for the year can be reconciled to the profit per the income statement as follows:

At the reporting date, the Company had unused tax adjusted losses of £161,156 (2024: £288,889), for which management have elected to not recognise a deferred tax asset in respect of because of uncertainty around timing of future taxable profits against which to utilise these losses.

The tax losses do not have an expiry date.

Property, plant and equipment includes right-of-use assets, as follows:

Amounts owed by parent undertaking are unsecured, interest free and repayable on demand.

Amounts owed by fellow group undertakings are unsecured, interest free and repayable on demand.

The directors consider that the carrying amount of trade and other receivables approximates to their fair value. The Company's exposure to credit risk is primarily attributable to amounts due from group undertakings and the parent company.

The Company applies the simplified approach under IFRS 9 to measure expected credit losses, which requires lifetime expected credit losses to be recognised for trade receivables.

As the Company's principal debtor is a fellow group undertaking, the directors consider the credit risk to be low based on the financial strength and ongoing support of the group.

At the reporting date, amounts due from group companies and parent undertaking total £2,800,521 (2024: £2,281,106) and repayable on demand. Based on the assessment performed, no expected credit loss allowance has been recognised (2024: £nil), and no receivable balances are considered impaired at the reporting date.

There are no significant concentrations of credit risk outside of amounts due from group company and the parent undertaking.

Amounts owed to parent undertaking are unsecured, interest free and repayable on demand.

Amounts owed to fellow group undertakings are unsecured, interest free and repayable on demand.

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

Responsibility for liquidity risk management rests with the board of directors, who have established an appropriate liquidity risk management framework suitable to the needs and considerations of the Company's funding and liquidity management requirements.

The Company's primary creditor is other group companies, to whom it owes amounts of £3,094,769 (2024: £2,696,670). The other group companies are not expected to call for repayment of the loan within in the next 12 months and as such do not present any short-term liquidity risk to the company.

The Company's short term liquidity objectives are to ensure its trade and other payable balances are settled as they fall due and its working capital requirements are funded through a combination of the cash flows generated by the Company's principal operating activities and short term support available from the wider group should the need arise. Therefore the Company's key short term liquidity risk response is to ensure the working relationship with customers and suppliers is well managed and maintained to ensure payment terms are adhered to by its customers to enable the Company to settle its payables as they fall due

The Company is not exposed to significant market risks. Intercompany balances are denominated in foreign currencies and are interest-free, with amounts owed to and from group undertakings translated into GBP for reporting purposes. The finance lease carries a variable interest rate of 3% above the Bank of England base rate. The directors consider these exposures to be insignificant to the Company's results and net equity. Therefore, detailed sensitivity analysis is not presented.

The Company applies IFRS 16 Leases as the standard to which it recognises and accounts for its leasing arrangements. Leases of land under long term rental agreements are recognised as right-of-use assets, depreciated over the term of the lease and corresponding lease liabilities recognised for the present value of future payments due under the lease.

Information on depreciation charges against right-of-use assets can be seen in note 7 and a reconciliation of the movements on lease liabilities can be seen in note 25 to the financial statements.

During the current and prior year, the Company has been party to leases for the renting of commercial premises. In the current year, the Company entered into a long term operating lease with a break clause option after 12 months with 6 months notice required, which the Company has exercised, and therefore the lease has been accounted for to the break clause. In the prior year at the date of transition to IFRS, the Company was party to a lease with less than 12 months remaining and therefore has taken exemption under IFRS 16 transition provisions from the full lease accounting requirements of the standard, and has recognised the remaining lease payments as operating expenses through the statement of comprehensive income. The value of the costs recognised under this exemption are detailed in the comparative information in the table below.

Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:

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.

No contributions were payable to the fund at the current and prior year end.

The Ordinary share carries the right to receive notice of, to attend and vote at all general meetings of the company. The share carries the right to receive a dividend and capital distribution upon liquidation.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

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

• have been properly prepared in accordance with UK adopted international accounting standards; and

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

The Company manages its capital to ensure that it will be able to continue as a going concern whilst maximising the return to shareholders through the optimisation of the mix of debt and equity. The capital structure of the Company consists of equity and intragroup borrowings, including amounts owed to and from the parent undertaking and fellow group undertakings, as disclose in notes 10 and 12.

The Company monitors its capital structure through the level of intragroup debt and ensures that sufficient funding is maintained to support its operations. The Company may adjust its capital structure by varying intercompany funding.

The Company's overall capital structure and capital risk management strategy remains unchanged from the prior year as the directors believe the objectives of the Company are being met under the currency strategy.

The Company is not subject to any externally imposed capital requirements.

The Company has no post balance sheet events of note to report.

During the year the company entered into the following transactions with related parties:

Sales to parent company are comprised of:

• Commissions earned on gross sales between 10.50% - 11.50%

• Management service fee for employees recharged to the parent company.

Purchases to and from parent company relate to commissions payable.

The following amounts were outstanding at the reporting end date:

Amounts owed to parent company are unsecured, interest free and repayable on demand.

Amounts owed to other related parties are unsecured, interest free and repayable on demand.

The following amounts were outstanding at the reporting end date:

Amounts owed by other related parties are unsecured, interest free and repayable on demand.

The immediate parent undertaking is NexGen Packaging, Limited, a Company incorporated in Hong Kong and its registered office is Units 910-913 & 925B, 9/F., Tower 1, Metroplaza, 223 Hing Fong Road, Kawi Chung, New Territories, Hong Kong.

BCP VI Trillium Midco Ltd, a Company registered in Bermuda, is considered to be the ultimate parent undertaking and controlling party of the Company. The ultimate parent is the smallest and largest entity to consolidate the results of the Company, copies of the ultimate parent's accounts can be found at c/- Brookfield Ltd., 73 Front Street, 5 Floor, Hamilton, Pembroke, HM 12, Bermuda. BCP VI Trillium Midco Ltd is owned by several partnerships and individually no partner can exert control.

The Company has adopted International Financial Reporting Standards (IFRS) for the preparation of these financial statements. This is the first time of adoption of IFRS and the date of transition is 1 January 2024.

Previously, the Company prepared its financial statements in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic or Ireland" (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Adjustments to the financial statements arising due to the adoption of IFRS have been made to the statement of financial position, statement of changes in equity, statement of comprehensive income and statements of cash flows.

At the date of transition, an existing lease had 4 months to run and therefore transition lease-by-lease practical expedients has been applied as detailed in note 16.

No other adjustments arising upon transition to IFRS arose, other than those detailed below.

As a result of the adoption of IFRS, the Company is now applying IFRS 16 Leases and has carried out an assessment of any leases in effect at the date of transition and later, which require accounting for under the standard. The adjustments above relate to the transitional accounting effect of recognising a lease for property that the Company is based.

Amounts restated as a result of the adoption of IFRS 16 impacting the year to 31 December 2024 were as follows:

• An increase in property additions of £24,378

• An increase in lease liabilities carried forward of £25,203

• An increase in finance costs charged of £825

• A decrease in equity carried forward of £825