Company registration number 00521820 (England and Wales)
RIBBLE PACKAGING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
RIBBLE PACKAGING LIMITED
COMPANY INFORMATION
Directors
S Rector
M Kernaghan
E Peeters
D Zenner
Company number
00521820
Registered office
Greengate Street
Oldham
Lancashire
OL4 1DF
Auditor
Royce Peeling Green Limited
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG
Bankers
HSBC Bank Plc
17-19 Regent Street
Wrexham
LL11 1RY
RIBBLE PACKAGING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
RIBBLE PACKAGING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The Directors present their strategic review of the group for the year ended 31 December 2025.

Review of the business

The Company’s principal activity continues to be the design and manufacture of corrugated packaging for a broad customer base.

We provide and promote right size packaging solutions for a diverse range of sectors and this solution continues to gain market share providing an environmental and economic benefit to our customers.

Our product quality and service continues to generate sales growth for Ribble in a stagnant UK market. The machine park we supply is growing and the introduction of Extended Producer Responsibility legislation this year will encourage more packaging users to minimise this new tax by right sizing their product packaging delivered to the home.

Paper prices fell slightly over the year but in line with most years we had increases and decreases along the way. The timing of the movements was beneficial for us as the decreases fell in line with our seasonal peaks.

The installation of our new Corrugator take off line has improved both productivity and quality as well as increasing our site capacity. Further investment is in place to improve energy efficiency and we will start to enjoy the full benefits of this when it completes in May 2026.

The board monitors performance by reference to various key performance indicators, with particular focus on EBITDA.

|  |  |  | 2025 |  | 2024
EBITDA |  |  |  | £4,671m |  | £4,839m
EBITDA as a percentage of sales | 13.7% |  | 14.9%

Principal risks and uncertainties

The directors are confident that the company is well positioned to profitably grow in the current corrugated packaging market by differentiating its offer in appropriate sectors.

Financial risk management

The movement in paper prices is a risk that we are not able to manage using financial instruments, however Ribble uses paper index-linked agreements with the vast majority of customers, these agreements allow an appropriate move in selling prices to manage margin, whilst still remaining competitive in the market.

Currency risk – Our exposure to currency fluctuations is minimal, all our paper purchases and over 95% of our materials and services are sterling based. When it is necessary to make foreign payments, we use a combination of forward contracts and spot purchases, however the risk is not considered material.

Interest rate risk – The company finances its operations through bank borrowings and therefore is subject to UK interest rate movement. The majority of long-term funding is at a fixed interest rate, short-term funding is at a margin above the base rate or libor, depending on the type of facility. The Board keeps under review the potential for an increase in interest rates and the impact on debt servicing costs.

Trade debtors are the principal financial asset of the company. The directors use a combination of credit insured limits and internally set limits for customers and are aided by information from external credit reports, trading history and payment performance. These are monitored and regularly reviewed to reflect the latest information.

RIBBLE PACKAGING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

On behalf of the board

M Kernaghan
Director
13 May 2026
RIBBLE PACKAGING LIMITED
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

The principal activity of the company continued to be the design and manufacture of corrugated packaging.

Results and dividends

The results for the year are set out on page 8.

An interim dividend of £1,000,027 (2024: £Nil) was paid during the year. The directors do not recommend payment of a final dividend.

Directors

The following directors have held office since 1 January 2025:

S Rector
M Kernaghan
G Souter
(Resigned 25 November 2025)
S Isaacs
(Resigned 25 November 2025)
E Peeters
G Lynch
(Resigned 25 November 2025)
D Zenner
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

In accordance with the company's articles, a resolution proposing that Royce Peeling Green Limited be reappointed as auditor of the company will be put at a Board Meeting.

Statement of directors' responsibilities

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

RIBBLE PACKAGING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Disclosure in the Strategic Report

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

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.

On behalf of the board
M Kernaghan
Director
13 May 2026
RIBBLE PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIBBLE PACKAGING LIMITED
- 5 -
Opinion

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

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 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.

RIBBLE PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIBBLE PACKAGING LIMITED (CONTINUED)
- 6 -
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.

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

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

We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;

- Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

RIBBLE PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIBBLE PACKAGING LIMITED (CONTINUED)
- 7 -

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

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.

Jonathan Hayward (Senior Statutory Auditor)
For and on behalf of Royce Peeling Green Limited, Statutory Auditor
Chartered Accountants
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG
13 May 2026
RIBBLE PACKAGING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
34,198,137
32,509,394
Cost of sales
(22,224,357)
(20,675,578)
Gross profit
11,973,780
11,833,816
Administrative expenses
(8,612,156)
(8,064,270)
Other operating income
641
641
Operating profit
4
3,362,265
3,770,187
Interest receivable and similar income
-
0
9,240
Interest payable and similar expenses
10
(98,119)
(113,708)
Profit before taxation
3,264,146
3,665,719
Tax on profit
8
(984,049)
(920,425)
Profit for the financial year
2,280,097
2,745,294
Other comprehensive income
Revaluation of tangible fixed assets
576,174
-
0
Total comprehensive income for the year
2,856,271
2,745,294

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

RIBBLE PACKAGING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
10,026,276
9,572,762
Current assets
Stocks
12
1,712,265
1,859,692
Debtors
14
12,341,473
12,445,463
Cash at bank and in hand
240,162
212,536
14,293,900
14,517,691
Creditors: amounts falling due within one year
13
(4,960,515)
(6,304,699)
Net current assets
9,333,385
8,212,992
Total assets less current liabilities
19,359,661
17,785,754
Creditors: amounts falling due after more than one year
15
(520,141)
(957,465)
Provisions for liabilities
(1,575,031)
(1,420,044)
Net assets
17,264,489
15,408,245
Capital and reserves
Called up share capital
20
10,000
10,000
Revaluation reserve
2,066,341
1,502,124
Other reserves
1,968
1,968
Profit and loss reserves
15,186,180
13,894,153
Total equity
17,264,489
15,408,245
The financial statements were approved by the board of directors and authorised for issue on 13 May 2026 and are signed on its behalf by:
S Rector
Director
Company Registration No. 00521820
RIBBLE PACKAGING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
10,000
1,514,940
1,968
11,136,043
12,662,951
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
2,745,294
2,745,294
Transfers
-
(12,816)
-
12,816
-
Balance at 31 December 2024
10,000
1,502,124
1,968
13,894,153
15,408,245
Year ended 31 December 2025:
Profit
-
-
-
2,280,097
2,280,097
Other comprehensive income:
Revaluation of tangible fixed assets
-
576,174
-
-
576,174
Total comprehensive income
-
576,174
-
2,280,097
2,856,271
Dividends
9
-
-
-
(1,000,027)
(1,000,027)
Transfers
-
(11,957)
-
11,957
-
Balance at 31 December 2025
10,000
2,066,341
1,968
15,186,180
17,264,489
RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Ribble Packaging Limited is a private company limited by shares incorporated in England and Wales. The registered office is Greengate Street, Oldham, Lancashire, OL4 1DF.

The principal activity of the company is the design and manufacture of corrugated packaging.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

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

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

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

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

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

The financial statements of the company are consolidated in the financial statements of Ribble Investments Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

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.

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

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

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.4
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.

Revaluation gains and losses are recognised in Other Comprehensive Income and are accumulated in the revaluation reserve in equity.

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:

Land and buildings Leasehold
2.5% - 12.5% straight line
Plant and machinery
5% - 20% straight line
Fixtures, fittings & equipment
25% reducing balance

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.

1.5
Impairment of fixed 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.

1.6
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.

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.

1.7
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.

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.8
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

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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.

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts 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.

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.

Derecognition of financial liabilities

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

1.9
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.

1.10
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.

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.

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.11
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.

1.12
Retirement benefits

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

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.16
Auditors limitation of liability

The company has entered into a liability limitation agreement with Royce Peeling Green Limited, the statutory auditor, in respect of the statutory audit for the year ended 31 December 2025. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and will be approved by the shareholders at the forthcoming Annual General Meeting.

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

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

Depreciation

The depreciation expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgments are made as to the estimated useful life of the assets; these are regularly reviewed to reflect the changing environment.

Stock provision

The provision is based on a review of old/ slow moving stock lines and the estimated realisation of that stock. The estimated realisation is based on past experience and subsequent recovery after the year end. These judgements are regularly reviewed to reflect the changing environment.

Bad debt provision

The bad debt provision is based on a review of old / slow paying customer balances and the estimated recoverability of those balances. Estimated recoverability is based on past experience and subsequent recovery after the year end. These judgements are regularly reviewed to reflect the changing environment.

Purchase rebates

Provision for purchase rebates are based on estimated amounts due based on quantities purchased during the year. The estimated recoverability is based on past experience and amounts subsequently recovered after the year end. These judgements are regularly reviewed to reflect the changing environment.

3
Turnover and other revenue
2025
2024
£
£
Other significant revenue
Interest income
-
9,240
Grants received
641
641
Turnover analysed by geographical market
2025
2024
£
£
United Kingdom
34,198,137
32,509,394
RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
4
Operating profit
2025
2024
Operating profit for the year is after charging:
£
£
Government grants
(641)
(641)
Fees payable for the audit of the company's financial statements
23,050
21,900
Depreciation of owned tangible fixed assets
771,062
687,407
Depreciation of tangible fixed assets held under finance leases
299,951
311,123
Profit on disposal of tangible fixed assets
(34,177)
(6,822)
Operating lease charges
119,799
145,606
5
Employees
2025
2024
Number
Number
Administration
10
10
Management
5
5
Production
95
95
Selling and Distribution
19
19
129
129

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,249,663
5,852,614
Social security costs
718,971
529,433
Pension costs
275,076
272,670
7,243,710
6,654,717
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
653,911
704,060
Company pension contributions to defined contribution schemes
82,307
138,961
736,218
843,021

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
251,266
262,090
Company pension contributions to defined contribution schemes
41,866
42,206
7
Retirement benefit schemes

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.

The total amount recognised in profit or loss during the year was £275,076 (2024: £272,670). At the reporting date, amounts payable of £84,516 (2024: £39,839) had not been paid over to the plan.

8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
825,514
568,125
Adjustments in respect of prior periods
3,548
(4,839)
Total current tax
829,062
563,286
Deferred tax
Origination and reversal of timing differences
154,987
357,139
Total tax charge
984,049
920,425
RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 19 -

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
3,264,146
3,665,719
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
816,037
916,430
Tax effect of expenses that are not deductible in determining taxable profit
17,114
4,666
Adjustments in respect of prior years
3,548
(4,839)
Permanent capital allowances in excess of depreciation
147,350
4,168
Taxation charge for the year
984,049
920,425
9
Dividends
2025
2024
£
£
Final paid
1,000,027
-
0
10
Interest payable and similar expenses
2025
2024
£
£
Interest on finance leases and hire purchase contracts
26,876
47,281
Interest on other loans
71,243
69,386
Other interest paid
-
0
(2,959)
98,119
113,708
RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
11
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 January 2025
4,002,117
14,891,043
624,868
19,518,028
Additions
33,450
1,060,392
127,639
1,221,481
Disposals
(23,616)
(88,620)
-
0
(112,236)
Revaluation
300,147
-
0
-
0
300,147
Transfers
(37,573)
37,573
-
0
-
0
At 31 December 2025
4,274,525
15,900,388
752,507
20,927,420
Depreciation and impairment
At 1 January 2025
209,231
9,137,433
598,602
9,945,266
Depreciation charged in the year
115,966
1,164,753
18,983
1,299,702
Eliminated in respect of disposals
-
0
(67,797)
-
0
(67,797)
Revaluation
(276,027)
-
0
-
0
(276,027)
Transfers
(2,135)
2,135
-
0
-
0
At 31 December 2025
47,035
10,236,524
617,585
10,901,144
Carrying amount
At 31 December 2025
4,227,490
5,663,864
134,922
10,026,276
At 31 December 2024
3,792,886
5,753,610
26,266
9,572,762

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
957,015
1,256,966

Leasehold land and buildings was valued by Roberts & Roberts, Chartered Surveyors with the RICS Valuation - Global Standards w hich incorporate the IVS, effective from 31st January 2022 and the UK National Supplement effective from 14th January 2019, the Fair Value valuation was £4,085,000 as at 31 December 2025.

Expenditure incurred since the revaluation is included at cost.

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Tangible fixed assets
(Continued)
- 21 -

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2025
2024
£
£
Cost
3,692,274
3,682,440
Accumulated depreciation
(1,552,819)
(1,436,853)
Carrying value
2,139,455
2,245,587
12
Stocks
2025
2024
£
£
Raw materials and consumables
719,012
647,499
Finished goods and goods for resale
993,253
1,212,193
1,712,265
1,859,692
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
142,709
150,983
Obligations under finance leases
16
295,826
529,050
Trade creditors
1,934,874
2,040,674
Corporation tax
355,463
184,327
Other taxation and social security
922,148
772,295
Government grants
18
3,683
4,324
Other creditors
432,122
1,156,804
Accruals and deferred income
873,690
1,466,242
4,960,515
6,304,699

Included within other creditors is an invoice discounting facility that is secured by way of a charge over the book debts of the company. At the year end, the balance secured was £453,986 (2024: £1,155,502 ).

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,293,745
7,381,135
Amounts owed by group undertakings
4,461,636
4,461,636
Other debtors
8,270
16,006
Prepayments and accrued income
577,822
586,686
12,341,473
12,445,463
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
414,257
554,513
Obligations under finance leases
16
105,884
402,952
520,141
957,465
Creditors which fall due after five years are payable as follows:
Payable by instalments
45,057
264,501
16
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
295,826
529,050
After more than one year
105,884
402,952
401,710
932,002
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
308,373
558,077
In two to five years
107,329
416,201
415,702
974,278
Less: future finance charges
(13,992)
(42,276)
401,710
932,002

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

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
556,966
705,496
Payable within one year
142,709
150,983
Payable after one year
414,257
554,513

All bank and other loans are secured by fixed and floating charges over all the assets and undertaking of the company including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

18
Government grants
2025
2024
£
£
Arising from government grants
3,683
4,324
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:
£
£
ACAs
1,452,116
1,426,442
Short term timing differences
(21,129)
(6,398)
Revaluations
144,044
-
1,575,031
1,420,044
2025
Movements in the year:
£
Liability at 1 January 2025
1,420,044
Charge to profit or loss
154,987
Liability at 31 December 2025
1,575,031

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.

RIBBLE PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
20
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
10,000
10,000
21
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
471,040
416,446
Years 2-5
916,144
1,197,902
After 5 years
2,741,874
1,630,555
4,129,058
3,244,903
22
Related party transactions

During the year, VPK Group, a shareholder in the ultimate parent company, charged the company £1,627,010 (2024: £1,002,218), in respect of products supplied. At the year end the company owed £29,482 (2024: £18,049).

23
Ultimate controlling party

The Company’s immediate parent undertaking is Ribble Holdings Limited, which is incorporated in England and Wales.

The parent undertaking of Ribble Holdings Limited is Ribble Investments Limited.

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