PAPER TECH UK LTD - Limited company accounts 25.1

REGISTERED NUMBER: 03332604 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

PAPER TECH UK LTD

Page

Company information

1

Report of the directors

2

Report of the independent auditors

4

Income statement

7

Balance sheet

8

Statement of changes in equity

9

Notes to the financial statements

10

DIRECTORS:

Giorgio Anghileri

Giuseppe Anghileri

Guglielmo Marconi

SECRETARY:

Rosanna Anghileri

REGISTERED OFFICE:

Limberline Spur

Hilsea

Portsmouth

Hampshire

PO3 5LF

REGISTERED NUMBER:

03332604 (England and Wales)

AUDITORS:

Johnsons Chartered Accountants

Statutory Auditor

1-2 Craven Road

Ealing

London

W5 2UA

BANKERS:

HSBC Bank Plc

118 Commercial Road

Portsmouth

Hampshire

PO1 1EP

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and supply of paper packaging materials.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Giorgio Anghileri

Giuseppe Anghileri

Guglielmo Marconi

RESULTS AND DIVIDENDS

Results and dividends

The income statement is set out on page 7 and shows profit for the year of £46,958 (2024: £181,672). The directors have declared and paid a dividend of £Nil (2024: £505,000) during the year ended 31 December 2025.

Going Concern

The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. We also confirm our plans for future actions required to enable the company to continue as a going concern are feasible. We have considered a period of at least twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements. See note 2 to the financial statements for further information on going concern.

Post balance sheet events

There are no post balance sheet events that require disclosure in these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

state whether applicable UK accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements.

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors:

The auditors Johnsons Chartered Accountants will be proposed for reappointment in accordance with section 485 of the companies act 2006.

Small Companies note:

In preparing this report, the directors have taken advantage of small companies exemption provided by section 415A of companies act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Guglielmo Marconi - Director

21 April 2026

Opinion

We have audited the financial statements of Paper Tech UK Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income statement, Balance sheet, Statement of changes in equity and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice), applying Section 1A of that Standard.

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the directors.

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

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

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

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

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

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic report or in preparing the Report of the directors.

Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identification and assessment of potential risks

In identifying and assessing potential risks related to irregularities in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we conducted:

-

Discussions with those charged with governance and those who review the company's internal ethics and compliance reporting summaries, including those concerning investigations;

-

Enquiries of management, including obtaining and reviewing supporting documentation, concerning the company's material policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance relating to the detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

Our review of the company's remuneration policies, and key drivers for remuneration and bonus levels;

-

Our review of any material transactions with related parties and key individuals; and

-

Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the Audit Director and staff who have extensive experience of working with companies in the same sectors as the company, and this experience was relevant to the discussion about where fraud risks may arise.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

Use of our report

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

J. Stuart Thomson (Senior Statutory Auditor)

for and on behalf of Johnsons Chartered Accountants

Statutory Auditor

1-2 Craven Road

Ealing

London

W5 2UA

22 April 2026

TURNOVER

4,950,624

5,475,705

Changes in stocks of finished goods and
work in progress

273

(22,228

)

4,950,897

5,453,477

Raw materials and consumables

2,330,343

2,582,092

Other external expenses

3,936

3,071

2,334,279

2,585,163

2,616,618

2,868,314

Staff costs

4

1,383,221

1,349,431

Depreciation

152,419

184,166

Other operating expenses

1,002,468

1,074,620

2,538,108

2,608,217

78,510

260,097

Interest payable and similar expenses

7,270

9,381

PROFIT BEFORE TAXATION

5

71,240

250,716

Tax on profit

6

24,255

69,316

PROFIT FOR THE FINANCIAL YEAR

46,985

181,400

FIXED ASSETS

Tangible assets

8

1,100,758

1,147,496

CURRENT ASSETS

Stocks

895,075

834,961

Debtors

9

1,000,417

1,076,761

Cash at bank and in hand

511,405

379,297

2,406,897

2,291,019

CREDITORS

Amounts falling due within one year

10

(1,033,770

)

(980,333

)

NET CURRENT ASSETS

1,373,127

1,310,686

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,473,885

2,458,182

CREDITORS

Amounts falling due after more than one
year

11

-

(25,000

)

DEFERRED TAX

14

(133,772

)

(140,054

)

NET ASSETS

2,340,113

2,293,128

CAPITAL AND RESERVES

Called up share capital

15

50,500

Retained earnings

2,289,613

2,242,628

SHAREHOLDERS' FUNDS

2,340,113

2,293,128

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2026 and were signed on its behalf by:

Guglielmo Marconi - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 January 2024

50,500

2,566,228

2,616,728

Changes in equity

Dividends

-

(505,000

)

(505,000

)

Total comprehensive income

-

181,400

Balance at 31 December 2024

50,500

2,242,628

2,293,128

Changes in equity

Total comprehensive income

-

46,985

Balance at 31 December 2025

50,500

2,289,613

2,340,113

1.	STATUTORY INFORMATION

Paper Tech UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern:

The financial statements have been prepared using the going concern basis of accounting. The directors continually monitor the ability of the company to continue as a going concern.

As at 31 December 2025, the company had cash resources of £511,405 (2024: £379,297), net current assets of £1,373,127 (2024: £1,310,686). The company has external loans of £25,000 (2024: £75,000). In the period to 31 December 2025, the company made a profit before tax of £71,240 (2024: £250,716).

The company's forecasts and projections, taking into account the reasonable possibility of changes in trading performance, show that the company is able to operate within the level of its current resources, which is supported by trading in the period since the year-end when measured against both the prior period and associated budgets which have been set.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life on the reducing balance method.

Land and buildings

- 3%

Plant and machinery

- 25%

Computer equipment

- 33%

STOCKS

Closing stock is valued at the lower of cost and net realisable value, after making due allowance for damaged, obsolete and slow moving items.The value of closing stock at year end is calculated at the weighted average cost basis.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINT

In preparing these financial statements, the directors have made the following judgements:

Classification of leases

Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis.

Impairment assessment of tangible assets

Determine whether there are indicators of impairment of the tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2024 - 34 ) .

No remuneration is paid to Directors.

5.	PROFIT BEFORE TAXATION

The profit is stated after charging:

2025

2024

£

Hire of plant and machinery

2,573

2,375

Depreciation - owned assets

152,419

183,959

Auditors' remuneration

15,630

Other non- audit services

9,351

8,606

Foreign exchange differences

21,146

10,690

Pension costs

62,150

56,373

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

Current tax:

UK corporation tax

27,677

56,344

Deferred tax

(3,422

)

12,972

Tax on profit

24,255

69,316

7.

DIVIDENDS

2025

2024

£

Interim

-

505,000

8.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2025

1,076,470

3,281,332

4,357,802

Additions

2,928

102,753

105,681

At 31 December 2025

1,079,398

3,384,085

4,463,483

DEPRECIATION

At 1 January 2025

535,233

2,675,073

3,210,306

Charge for year

20,942

131,477

152,419

At 31 December 2025

556,175

2,806,550

3,362,725

NET BOOK VALUE

At 31 December 2025

523,223

577,535

1,100,758

At 31 December 2024

541,237

606,259

1,147,496

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

952,348

1,030,097

Other debtors

48,069

46,664

1,000,417

1,076,761

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans

25,000

50,000

Trade creditors

712,462

621,454

Taxation and social security

261,732

273,928

Other creditors

34,576

34,951

1,033,770

980,333

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans

-

25,000

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

96,812

11,112

Between one and five years

376,136

13,893

472,948

25,005

13.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

25,000

75,000

The bank loan is secured by way of legal mortgage on the company's freehold property and by fixed and floating charges over the assets of the company.

14.	DEFERRED TAX

2025

2024

£

Deferred tax

Accelerated capital allowances

133,772

140,054

Deferred

tax

£

Balance at 1 January 2025

140,054

Utilised during year

(6,282

)

Balance at 31 December 2025

133,772

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

50,500

Ordinary

£1

50,500

The ordinary shares carry voting and dividend rights.

16.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under FRS 102 section 1 A from disclosing transactions with related parties that are wholly owned within the group.

17.	POST BALANCE SHEET EVENTS

There are no post balance sheet events to report on.

18.	ULTIMATE CONTROLLING PARTY

The parent of the smallest group for which consolidated financial statements are drawn up of which the company is a member is Novafin Immobiliare Finanziaria S.p.a.. The parent is incorporated in Italy and its registered office address is Milano, Via Privata Cesare Battisti n.1.