Company registration number 07289081 (England and Wales)
CAMBRIAN PACKAGING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CAMBRIAN PACKAGING LTD
COMPANY INFORMATION
Directors
Mr M Simpson
Mr G A Simpson
Mr H T Simpson
Company number
07289081
Registered office
Unit 32
Mochdre Industrial Estate
Newtown
Powys
SY16 4LE
Auditor
Benee Consulting Limited
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
Accountants
Oldfield Advisory LLP
1120 Elliott Court
Herald Ave
Coventry
CV5 6UB
CAMBRIAN PACKAGING LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
CAMBRIAN PACKAGING LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

Group Reorganisation
During the year ended 31 December 2025, the Company’s immediate parent undertaking changed as part of an internal reorganisation of the wider group structure. Cambrian Packaging Limited became a direct subsidiary of Cambrian Group Holdings Limited, replacing Cambrian UK Holdings Limited as its immediate parent undertaking.

The reorganisation did not result in any change in the Company’s ultimate ownership or control. The Company’s principal activities, operational structure and strategic direction remained unchanged throughout the year.
Business Environment
The packaging industry continues to play a key role within the UK supply chain, with increasing emphasis on sustainability, recyclability and compliance with evolving environmental regulations. Cambrian Packaging Limited operates in a dynamic market where innovation, cost efficiency and regulatory compliance remain key drivers of success.

The Company continues to adapt to changing consumer preferences and regulatory developments, including increasing demand for sustainable, recyclable and PCR based packaging solutions, together with Plastic Packaging Tax exempt formats. Growth in e commerce distribution has also increased the importance of packaging durability, transit performance and compliance requirements, particularly within food and personal care sectors.

By continuously refining its product offering and maintaining strong relationships with customers and suppliers, the Company remains well positioned within an evolving marketplace. Operations are supported by internationally recognised accreditations including ISO 9001, ISO 14001 and ISO 45001, reinforcing the Company’s commitment to quality, environmental responsibility and health and safety standards.

Strategy
Cambrian Packaging Limited is a privately owned, family run business specialising in the supply of UK and European manufactured trigger sprayers and plastic packaging products. The Company continues to focus on product innovation, supplier relationships and stock availability to support the evolving needs of its customers.

The business remains committed to expanding its range of sustainable and recyclable packaging solutions in line with regulatory developments and customer demand. The Company also maintains high operational and compliance standards through recognised certifications including ISO 9001, ISO 14001, ISO 45001, BRCGS Storage and Distribution and Cyber Essentials, together with commitments to responsible supply chain practices and fair employment standards through Sedex membership and Living Wage Employer accreditation.

By leveraging its industry expertise and accreditation framework, the Company continues to strengthen its market position while maintaining a disciplined focus on operational efficiency, customer service and long term growth.
Future Developments
The company has continued to invest in enhancing its operational infrastructure, including the development of new workspace, and in strengthening long-term client relationships. These initiatives are aimed at supporting consistent business performance and sustaining future growth across its core markets.
To support business performance and enable the meeting of growth targets Cambrian has strengthened several of its core teams and this will continue through 2026. The use of new IT and systems put in place during 2025 is also expected to develop further, enhancing both what we currently do and our potential to better serve our clients.

CAMBRIAN PACKAGING LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

Risk acceptance and risk management is continually monitored by means of a framework of policies, procedures and internal controls. All such policies and procedures are overseen by the board of directors and senior management and are constantly under review to comply with statutory regulations and best practice.

The principal risks to the business continue to be general economic situation in the United Kingdom, with inflationary pressures and low confidence,although we appear to have bucked some recent trends. The company continues to offer credit terms to all established customers and the amount of credit offered is continually monitored in order to lessen the effect of any potential defaults, as well as a level of credit insurance in place.

Development and performance

The directors consider the continued development of the business and its operational infrastructure to be an important part of the Group’s long term strategy. During the year, the Group continued to strengthen relationships with both customers and suppliers through increased participation in industry exhibitions and trade events, which has supported both short term business opportunities and long term commercial relationships.

Looking ahead to 2026, the Group intends to further strengthen its customer service and purchasing functions through targeted recruitment and additional headcount. In response to increasing operating costs and limitations within existing third party service arrangements, the directors are also actively evaluating the development of a dedicated warehousing and distribution facility to support future operational growth and efficiency.

Key performance indicators

The directors reported an operating profit margin of 16.4% for the period ended 31 December 2025, reflecting the company’s continued strong performance. At the period end, the company's shareholders’ funds amounted to £5,651,996, with a current ratio of 2.1, demonstrating a solid financial position.

Other performance indicators

I n addition to financial metrics, the directors monitor a range of non-financial performance indicators that support the company’s strategic objectives. Key areas of focus include customer retention, inventory efficiency, and supply chain resilience.

During the year, the company stock turnover was 60 days (2024: 60 days). The business maintained stable supplier performance despite external pressures, supporting continued service reliability. The directors also place emphasis on expanding the product and material range in line with evolving customer needs and regulatory expectations.

On behalf of the board

Mr M Simpson
Director
11 May 2026
CAMBRIAN PACKAGING LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

In the year ended 31 December 2025 the principal activity continued to be the specialisation in plastic fabrication and distribution of plastic bottles/jars/pails trigger sprays and other plastic containers.

Results and dividends

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

Ordinary dividends were paid amounting to £1,680,290. 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 M Simpson
Mr G A Simpson
Mr H T Simpson
Financial instruments

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

Details of future developments are given in the Strategic Report.
Change in ownership
During the year, the company underwent a group-level shareholding restructure intended to simplify the corporate structure and realign shareholder interests. As part of the reorganisation, ownership of Cambrian Packaging Ltd, previously held by Cambrian UK Holdings Ltd, was transferred to Cambrian Group Holdings Ltd, resulting in a revised and more streamlined group structure.

Auditor

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

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.

CAMBRIAN PACKAGING LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
Mr M Simpson
Director
11 May 2026
CAMBRIAN PACKAGING LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 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;

- 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 and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CAMBRIAN PACKAGING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMBRIAN PACKAGING LTD
- 6 -
Opinion

We have audited the financial statements of Cambrian Packaging Ltd (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, 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 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 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.

CAMBRIAN PACKAGING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMBRIAN PACKAGING LTD (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.
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.

E xtent to which audit was considered capable of detecting irregularities, including fraud;

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

CAMBRIAN PACKAGING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMBRIAN PACKAGING LTD (CONTINUED)
- 8 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of
  journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Sarah Flint BSc FCA (Senior Statutory Auditor)
For and on behalf of Benee Consulting Limited
11 May 2026
Chartered Accountant and Statutory Auditor
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
CAMBRIAN PACKAGING LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
16,928,419
15,343,926
Cost of sales
(11,174,256)
(9,901,395)
Gross profit
5,754,163
5,442,531
Administrative expenses
(2,971,307)
(2,626,148)
Other operating income
418
4,644
Operating profit
4
2,783,274
2,821,027
Interest receivable and similar income
8
4,672
4,842
Interest payable and similar expenses
9
-
0
(9,966)
Profit before taxation
2,787,946
2,815,903
Tax on profit
10
(671,512)
(771,988)
Profit for the financial year
2,116,434
2,043,915

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

CAMBRIAN PACKAGING LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
£
£
Profit for the year
2,116,434
2,043,915
Other comprehensive income
-
-
Total comprehensive income for the year
2,116,434
2,043,915
CAMBRIAN PACKAGING LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
4,471
14,071
Tangible assets
13
524,234
651,685
Investments
14
152,152
152,152
680,857
817,908
Current assets
Stocks
15
1,903,280
1,391,836
Debtors
16
7,044,008
6,473,149
Cash at bank and in hand
566,097
676,032
9,513,385
8,541,017
Creditors: amounts falling due within one year
17
(4,450,682)
(2,979,343)
Net current assets
5,062,703
5,561,674
Total assets less current liabilities
5,743,560
6,379,582
Creditors: amounts falling due after more than one year
18
-
0
(1,000,000)
Provisions for liabilities
Deferred tax liability
19
49,684
121,850
(49,684)
(121,850)
Net assets
5,693,876
5,257,732
Capital and reserves
Called up share capital
21
2
2
Profit and loss reserves
5,693,874
5,257,730
Total equity
5,693,876
5,257,732

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 11 May 2026 and are signed on its behalf by:
Mr M Simpson
Director
Company registration number 07289081 (England and Wales)
CAMBRIAN PACKAGING LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
2
4,840,837
4,840,839
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,043,915
2,043,915
Dividends
11
-
(1,627,022)
(1,627,022)
Balance at 31 December 2024
2
5,257,730
5,257,732
Year ended 31 December 2025:
Profit and total comprehensive income
-
2,116,434
2,116,434
Dividends
11
-
(1,680,290)
(1,680,290)
Balance at 31 December 2025
2
5,693,874
5,693,876
CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Cambrian Packaging Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 32, Mochdre Industrial Estate, Newtown, Powys, SY16 4LE.

The principal activity continued to be the specialisation in plastic fabrication.

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.
In accordance with the exemption permitted under FRS 102 Section 1A, the company has not presented a cash flow statement in these financial statements. This exemption is available as the company is a wholly owned subsidiary and its financial information is included in the consolidated financial statements of Cambrian Group Holdings Ltd which are publicly available from its registered office at: Unit 32 Mochdre Industrial Estate, Mochdre, Newtown, United Kingdom, SY16 4LE

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Revenue

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.

Turnover 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.

1.4
Research and development expenditure

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

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets - 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.

1.6
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
Straight Line 25%
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight Line 20%
Plant and equipment
Straight Line 20%
Fixtures and fittings
Straight Line 20%
Computers
Straight Line 25%
Motor vehicles
Reducing Balance 25%
Tooling
Straight Line 33%

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.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Stock is measured on a FIFO basis

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.

1.11
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.

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.12
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.

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.

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
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.

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.

1.13
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.

1.14
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.

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -

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.

1.15
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.

1.16
Retirement benefits

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

1.17
Leases
As lessee

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.

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.
The company does not enter into formal forward foreign exchange contracts. Foreign currency requirements are fulfilled through spot purchases as needed, and balances are maintained in a euro bank account to support ongoing euro-denominated expenditure. Quoted rates are aligned to the average rate achieved on currency purchases during the period.

1.19

FRS 102 Revision

In September 2024, The Financial Reporting Council issued a revised edition of FRS 102, effective for accounting periods beginning on or after 1 January 2026. The company has not early adopted the revised standard. The directors are assessing the impact of the revised requirements, particularly in relation to revenue recognition and lease accounting. At the date of approval of these financial statements, it is not practicable to quantify the effect of the changes.

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of Goods
16,928,419
15,343,926
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
16,639,028
15,095,015
Ireland
74,496
60,881
Europe
206,133
178,611
Rest of World
8,762
9,419
16,928,419
15,343,926
2025
2024
£
£
Other revenue
Interest income
4,672
4,842
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
10,996
(2,585)
Research and development costs
11,254
8,975
Depreciation of tangible fixed assets
169,557
100,355
Profit on disposal of tangible fixed assets
-
(58)
Amortisation of intangible assets
9,600
9,600
Operating lease charges
159,057
185,742
CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
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
20,000
16,000
6
Employees

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

2025
2024
Number
Number
31
27

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,373,251
1,261,302
Social security costs
140,553
115,784
Pension costs
15,593
13,954
1,529,397
1,391,040
7
Directors' & KMP remuneration
2025
2024
£
£
Remuneration for qualifying services
31,425
19,324
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
2,864
4,073
Other interest income
1,808
769
Total income
4,672
4,842
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,864
4,073
CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Other interest on financial liabilities
-
0
9,966
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
743,678
648,935
Adjustments in respect of prior periods
-
0
(50)
Total current tax
743,678
648,885
Deferred tax
Origination and reversal of timing differences
(72,166)
123,103
Total tax charge
671,512
771,988

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
2,787,946
2,815,903
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
696,987
703,976
Tax effect of expenses that are not deductible in determining taxable profit
18,238
19,455
Gains not taxable
(716)
(4,251)
Permanent capital allowances in excess of depreciation
29,169
(70,195)
Deferred Tax
(72,166)
123,103
Other
-
0
(100)
Taxation charge for the year
671,512
771,988

Factors that may affect future tax changes

Future tax charges may be impacted by changes in corporation tax rates, as well as the timing and classification of expenditure for tax purposes.

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
11
Dividends
2025
2024
£
£
Final paid
-
0
1,627,022
Interim paid
1,680,290
-
0
1,680,290
1,627,022
12
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2025 and 31 December 2025
1
33,271
33,272
Amortisation and impairment
At 1 January 2025
1
19,200
19,201
Amortisation charged for the year
-
0
9,600
9,600
At 31 December 2025
1
28,800
28,801
Carrying amount
At 31 December 2025
-
0
4,471
4,471
At 31 December 2024
-
0
14,071
14,071
CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
13
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Tooling
Total
£
£
£
£
£
£
£
Cost
At 1 January 2025
436,253
16,562
143,432
79,013
60,574
48,835
784,669
Additions
23,000
2,996
8,012
8,098
-
0
-
0
42,106
Disposals
-
0
-
0
(830)
-
0
-
0
-
0
(830)
At 31 December 2025
459,253
19,558
150,614
87,111
60,574
48,835
825,945
Depreciation and impairment
At 1 January 2025
3,586
6,414
23,252
42,266
28,198
29,268
132,984
Depreciation charged in the year
87,377
3,525
30,139
20,173
15,143
13,200
169,557
Eliminated in respect of disposals
-
0
-
0
(830)
-
0
-
0
-
0
(830)
At 31 December 2025
90,963
9,939
52,561
62,439
43,341
42,468
301,711
Carrying amount
At 31 December 2025
368,290
9,619
98,053
24,672
17,233
6,367
524,234
At 31 December 2024
432,667
10,148
120,180
36,747
32,376
19,567
651,685
CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
14
Fixed asset investments
2025
2024
£
£
Other investments
152,152
152,152
Fixed asset investments not carried at market value

Fixed asset investments amounting to £152,152 relate to an interest in land held by the company under an agreement for sale, which is expected to complete on a no gain, no loss basis. The land has been accounted for as an investment, as it does not meet the recognition criteria for classification as property, plant and equipment or as investment property under FRS 102.

15
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,903,280
1,391,836

The differences between purchase and replacement cost are not material.

Inventories recognised as an expense during the year amount to £9,781,302 and are included within cost of sales in the statement of profit and loss.

16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,268,482
2,219,592
Amounts owed by group undertakings
3,999,445
3,338,572
Other debtors
400,000
773,959
Prepayments and accrued income
376,081
141,026
7,044,008
6,473,149

Included within other debtors is an interest-free loan of £400,000 due from an associate undertaking. It is expected to be recoverable in full. Further details are provided in Note 2 3 – Related Party Transactions.

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
17
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,270,129
1,791,301
Amounts owed to group undertakings
1,170,390
-
0
Corporation tax
351,443
305,048
Other taxation and social security
552,019
253,165
Other creditors
955,841
486,996
Accruals and deferred income
150,860
142,833
4,450,682
2,979,343

Other creditors include an amount of £940,048 owed to directors of the company. The balance is interest-free, unsecured, and repayable on demand, with no fixed monthly repayment schedule in place.

18
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
-
0
1,000,000

19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
91,564
121,850
Tax losses
(41,880)
-
49,684
121,850
2025
Movements in the year:
£
Liability at 1 January 2025
121,850
Credit to profit or loss
(72,166)
Liability at 31 December 2025
49,684

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,593
13,954

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.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0p each
0
0
2
2
22
Operating lease commitments
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 one year
63,138
46,094
Between two and five years
41,748
35,043
104,886
81,137
23
Related party transactions

Included within debtors due within one year is an interest free loan to an associate undertaking of £400,000 (2024 - £400,000).
During the year, the company held a n interest in land that is subject to a sale agreement entered into in 2021 with Mr Tyler Simpson. T he sale is due to complete in 202 6, and the transaction is expected to result in no gain or loss to the company.
During the year, the company owed a total of £940,048 (2024 - £1,480,266) to directors. The balance is interest-free, unsecured, and ha s no formal repayment terms.

The company has taken advantage of the exemption available under paragraph 1.12 of FRS 102 and has not disclosed transactions with other wholly owned members of the group headed by Cambrian Group Holdings Ltd, whose consolidated financial statements are publicly available.

24
Directors' transactions

During the year the company owed a total of £940,048 to directors.

The balance is interest-free, unsecured, and ha s no formal repayment terms.

CAMBRIAN PACKAGING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
25
Control

Parent company
The immediate parent company of Cambrian Packaging Ltd is Cambrian Group Holdings Ltd, a company incorporated and registered in the United Kingdom.

Ultimate Parent Company

The ultimate parent company is Cambrian Group Holdings Ltd, which continues to exercise overall control of the Cambrian group of companies.

Ultimate Controlling party
The ultimate controlling party of the company is Mr Michael Simpson, by virtue of his controlling interest and influence over the Group’s governance and operations.

26
Contingent Asset

The company has an agreement with a related party for the settlement of an investment valued at £152,152, to be completed through a director’s loan account transfer or dividend as part of a planned capital restructure expected in 202 6. As the transaction is not yet completed, the amount is treated as a contingent asset under FRS 102.21.14, and will be recognised when the inflow of economic benefit is virtually certain.

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