Company No: 02683269 (England and Wales)

Contents

• Independent assurance review report
• Balance Sheet
• Notes to the Financial Statements

We have reviewed the financial statements of Nationwide Franking Sense Limited for the year ended 31 October 2025, which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102, "The Financial Reporting Standard applicable in the UK".

This report is made solely to the company’s directors, as a body, in accordance with the terms of our engagement letter. Our review has been undertaken so that we may state to the company’s directors those matters we have agreed with them in our engagement letter 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 directors as a body for our work, for this report, or for the conclusions we have formed.

DIRECTORS' RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

ACCOUNTANTS' RESPONSIBILITY

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with ICAEW Code of Ethics.

SCOPE OF THE ASSURANCE REVIEW

A review of financial statements in accordance with the ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

• so as to give a true and fair view of the state of the company’s affairs as at 31 October 2025, and of its profit for the year ended;
• in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
• in accordance with the requirements of the Companies Act 2006.



AAB

Carlyle House
78 Chorley New Road
Bolton

30 March 2026

	Note	31.10.2025		31.10.2024
		£		£
Fixed assets
Tangible assets	5	401,322		329,156
		401,322		329,156
Current assets
Stocks		338,282		289,154
Debtors	6	2,483,767		3,100,348
Cash at bank and in hand		750,141		141,556
		3,572,190		3,531,058
Creditors: amounts falling due within one year	7	( 1,520,223)		( 1,211,536)
Net current assets		2,051,967		2,319,522
Total assets less current liabilities		2,453,289		2,648,678
Creditors: amounts falling due after more than one year	8	( 349,668)		( 541,489)
Provision for liabilities	9, 10	( 20,597)		( 28,079)
Net assets		2,083,024		2,079,110
Capital and reserves
Called-up share capital		10,000		10,000
Profit and loss account		2,073,024		2,069,110
Total shareholder's funds		2,083,024		2,079,110

For the financial year ending 31 October 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Nationwide Franking Sense Limited (registered number: 02683269) were approved and authorised for issue by the Board of Directors on 30 March 2026. They were signed on its behalf by:

Mr J P Gilbert Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Nationwide Franking Sense Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nationwide House, Moss Bank Way, Bolton, BL1 8NP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

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.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion.

Employee benefits

Short term 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.

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

Taxation

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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.

The deferred tax balance has not been discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	5 years straight line
Vehicles	5 - 7 years straight line
Fixtures and fittings	6 - 7 years straight line

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

Leases

The Company 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 leased asset are consumed.

Impairment of assets

At each reporting period 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost compromises direct materials.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest 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.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

	Year ended 31.10.2025		Period from 01.05.2023 to 31.10.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	38		40

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 November 2024	8,300		8,300
At 31 October 2025	8,300		8,300
Accumulated amortisation
At 01 November 2024	8,300		8,300
At 31 October 2025	8,300		8,300
Net book value
At 31 October 2025	0		0
At 31 October 2024	0		0

5. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 November 2024	4,828		251,475		379,184		98,700		734,187
Additions	0		30,194		161,614		0		191,808
Disposals	0		0		( 69,169)		0		( 69,169)
At 31 October 2025	4,828		281,669		471,629		98,700		856,826
Accumulated depreciation
At 01 November 2024	4,828		196,415		144,540		59,248		405,031
Charge for the financial year	0		16,361		86,156		1,292		103,809
Disposals	0		0		( 53,336)		0		( 53,336)
At 31 October 2025	4,828		212,776		177,360		60,540		455,504
Net book value
At 31 October 2025	0		68,893		294,269		38,160		401,322
At 31 October 2024	0		55,060		234,644		39,452		329,156

6. Debtors

	31.10.2025		31.10.2024
	£		£
Trade debtors	525,277		565,126
Amounts owed by Parent undertakings	929,757		1,460,744
Amounts owed by fellow subsidiaries	70,000		78,089
Amounts owed by connected companies	275,748		330,461
Other debtors	682,985		665,928
	2,483,767		3,100,348

7. Creditors: amounts falling due within one year

	31.10.2025		31.10.2024
	£		£
Bank loans	188,638		218,514
Trade creditors	620,888		588,319
Taxation and social security	329,136		15,163
Obligations under finance leases and hire purchase contracts	93,749		61,912
Other creditors	287,812		327,628
	1,520,223		1,211,536

8. Creditors: amounts falling due after more than one year

	31.10.2025		31.10.2024
	£		£
Bank loans	275,987		467,600
Obligations under finance leases and hire purchase contracts	73,681		73,889
	349,668		541,489

There are no amounts included above in respect of which any security has been given by the small entity.

9. Provision for liabilities

	31.10.2025		31.10.2024
	£		£
Deferred tax	20,597		28,079

10. Deferred tax

	31.10.2025		31.10.2024
	£		£
At the beginning of financial year/period	( 28,079)		( 2,046)
Credited/(charged) to the Profit and Loss Account	7,482		( 26,033)
At the end of financial year/period	( 20,597)		( 28,079)

11. Financial commitments

Commitments

	31.10.2025		31.10.2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	29,250		56,250

12. Related party transactions

Nationwide Mailroom Holdings Self Administered Pension Fund

During the year, the company paid rent of £25,833 to Nationwide Mailroom Holdings Self Administered Pension Fund, a pension scheme set up for the benefit of the directors of Nationwide Mailroom Holdings Limited. There was no outstanding balance at the year end.

13. Ultimate controlling party

The ultimate parent company is Nationwide Mailroom Holdings Limited, a company incorporated in Great Britain and under the control of Mr J P Gilbert, director.