REGISTERED NUMBER: 09713539 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Optical Fiber Packaging Ltd

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

R C E Durrant

I P Radford

I G Stouklov

SECRETARY:

I P Radford

REGISTERED OFFICE:

NTA Management

38 High Street

Newmarket

Suffolk

CB8 8LB

REGISTERED NUMBER:

09713539 (England and Wales)

AUDITORS:

Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of a designer, developer and manufacturer of optical and optoelectronic products for the telecom and data communications, medical and other industrial markets.

REVIEW OF BUSINESS

Sales in FY2025 saw a significant growth over FY2024, increasing by 42%. The GM for the year also improved substantially, by 7%, a reflection of an improved mix of higher margin product opportunities, primarily to defense and government science projects.

Additionally, 2025 was a strong year for higher margin Oil & Gas (energy) product sales. A useful contribution to the sales growth also came from emerging markets new to OFP, such as Quantum Science, and AI, where OFP's core technology capabilities have a strong play.

At the end of the year, OFP's order book for 2026 looked healthy and another year-on-year revenue and profit growth is anticipated.

DIRECTORS

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

R C E Durrant

I P Radford

I G Stouklov

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

Knights Lowe Limited, have been deemed re-appointed under section 487 of the Companies Act 2006.

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

ON BEHALF OF THE BOARD:

R C E Durrant - Director

21 May 2026

Opinion

We have audited the financial statements of Optical Fiber Packaging Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the companies operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions;

- performed detailed and tailored substantive testing in relation to the company's stock valuation and any obsolete stock provision;

- substantive testing also performed on the year-end work in progress total on the company.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

James Knights ACA BSc (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

21 May 2026

TURNOVER

5,769,915

4,062,407

Cost of sales

2,979,075

2,371,661

GROSS PROFIT

2,790,840

1,690,746

Selling and distribution costs

1,661,767

713,998

Administrative expenses

905,566

838,305

2,567,333

1,552,303

223,507

138,443

Other operating income

4,045

4,113

OPERATING PROFIT

6

227,552

142,556

Interest receivable and similar income

292

-

227,844

142,556

Interest payable and similar expenses

64,263

79,176

PROFIT BEFORE TAXATION

163,581

63,380

Tax on profit

7

(33,724

)

(18,320

)

PROFIT FOR THE FINANCIAL YEAR

197,305

81,700

FIXED ASSETS

Tangible assets

8

310,725

251,024

CURRENT ASSETS

Stocks

445,632

657,119

Debtors

9

1,852,015

1,263,621

Cash at bank and in hand

269,409

41,993

2,567,056

1,962,733

CREDITORS

Amounts falling due within one year

10

1,248,691

789,892

NET CURRENT ASSETS

1,318,365

1,172,841

TOTAL ASSETS LESS CURRENT LIABILITIES

1,629,090

1,423,865

CREDITORS

Amounts falling due after more than one year

11

54,726

46,806

NET ASSETS

1,574,364

1,377,059

CAPITAL AND RESERVES

Called up share capital

14

5,000

5,000

Retained earnings

1,569,364

1,372,059

SHAREHOLDERS' FUNDS

1,574,364

1,377,059

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

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

R C E Durrant - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

5,000

1,290,359

1,295,359

Changes in equity

Total comprehensive income

-

81,700

81,700

Balance at 31 December 2024

5,000

1,372,059

1,377,059

Changes in equity

Total comprehensive income

-

197,305

197,305

Balance at 31 December 2025

5,000

1,569,364

1,574,364

1.	STATUTORY INFORMATION

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

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

The level of rounding is to the nearest pound.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised at the point of shipment, when goods leave the company’s premises. At this stage, ownership and risk transfer to the customer, and the company’s performance obligation is satisfied.

As customers enter into binding contracts for their orders, the likelihood of cancellation is minimal, providing certainty in revenue recognition.

Turnover comprises revenue from goods and services supplied during the period, recorded at the fair value of consideration received or receivable, exclusive of value-added tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

5 years straight line

Plant and machinery

-

5 years straight line

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost and 25% on cost

It is company policy to capitalise assets that have a cost over £500 and a useful economic life of over one year.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

Financial instruments

Financial assets and financial liabilities are recognised in accordance with FRS 102 Section 1A when the company becomes a party to the contractual provisions of the instrument.

Currently all financial liabilities are basic financial instruments as defined by section 11 of FRS 102 which are recognised at amortised cost.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research development and patent costs

Expenditure on research and development projects and processes and the underlying costs of acquiring and maintaining associated patents are not capitalised; such expenditure is recognised in the income statement in the period in which it is incurred.

Foreign currencies

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution scheme on behalf of its staff the assets of which are held separately from those of the company. Contributions payable to the scheme are charged to profit and loss in the period to which they relate.

4.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on, group standard procedures, historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The following are critical judgements including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Depreciation of tangible fixed assets

Tangible fixed assets are recognised at cost and depreciated on the basis appropriate to charge to the profit and loss the economic consumption of those assets during the accounting period. The charge is calculated as described below and is based on, group policy and the directors knowledge of the reduction in the residual value of plant and machinery and other fixed assets on average over the investment cycle of each class of asset. The rates of depreciation are kept under review such that assets are written down to the residual value of nil at the end of the economic lives of those assets.

Stock obsolescence provision

Provision is made against slow moving stock dependant on the age of the stock line and the usage of stock line anticipated in the next 12 months to give a net stock figure. This is then provided against using the following percentages: 10% write down if 6 months old, 25% if 6-12 months old and 100% if more than 12 months old.

5.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2024 - 53 ) .

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

66,536

67,560

Depreciation - assets on hire purchase contracts

22,700

38,436

Auditors' remuneration

14,400

13,045

Auditors' remuneration for non audit work

11,030

1,750

Foreign exchange differences

35,991

28,139

7.

TAXATION

Analysis of the tax credit

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

2025

2024

£

£

Current tax:

UK corporation tax

(47,701

)

(52,442

)

Under/over provision prior yr

9,482

(17,367

)

Total current tax

(38,219

)

(69,809

)

Deferred tax

4,495

51,489

Tax on profit

(33,724

)

(18,320

)

UK corporation tax has been charged at 25% (2024 - 25%).

The UK standard corporation tax rate at the year end was 25% (2024: 25%). After a Research and Development claim for a taxable loss was made both this year, and in the prior year so there is no tax charge.

Research & Development (R&D) Tax Credit Disclosure

The Company has recognised a provision in respect of Research & Development (R&D) tax credits for the financial years ending 31 December 2024 and 31 December 2025, based on the most recent R&D claim submitted. This provision reflects management’s best estimate using the latest available information.

As the full supporting information for these periods has not yet been finalised, the Company will review and, if necessary, revise the estimated claim once the process is complete.

The Company remains committed to assessing its eligibility for R&D tax relief and will update its position in future periods as appropriate.

Total taxable losses carried forward available for utilisation amount to £465,794 (2024: £414,607).

8.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2025

39,022

1,381,345

1,420,367

Additions

12,570

136,367

148,937

Disposals

-

(6,886

)

(6,886

)

At 31 December 2025

51,592

1,510,826

1,562,418

DEPRECIATION

At 1 January 2025

27,917

1,141,426

1,169,343

Charge for year

5,551

83,685

89,236

Eliminated on disposal

-

(6,886

)

(6,886

)

At 31 December 2025

33,468

1,218,225

1,251,693

NET BOOK VALUE

At 31 December 2025

18,124

292,601

310,725

At 31 December 2024

11,105

239,919

251,024

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2025

157,000

Additions

60,000

At 31 December 2025

217,000

DEPRECIATION

At 1 January 2025

32,708

Charge for year

22,700

At 31 December 2025

55,408

NET BOOK VALUE

At 31 December 2025

161,592

At 31 December 2024

124,292

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,613,283

977,647

Other debtors

238,732

285,974

1,852,015

1,263,621

Deferred tax asset

2025

2024

£

£

Accelerated capital allowances

(77,681

)

(60,389

)

Tax losses carried forward

116,449

103,652

38,768

43,263

Other debtors includes prepayments of £56,859 (2024: £58,341).

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

87,803

59,570

Hire purchase contracts (see note 12)

47,809

34,405

Trade creditors

103,773

310,735

Taxation and social security

188,718

108,792

Other creditors

820,588

276,390

1,248,691

789,892

Other creditors includes accruals of £742,167 (2024: £82,894).

Bank loans includes invoice financing of £87,802 (2024: £48,339).

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 12)

54,726

46,806

12.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

47,809

34,405

Between one and five years

54,726

46,806

102,535

81,211

13.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdrafts

87,803

48,339

Bank loans

-

11,231

Hire purchase contracts

102,535

81,211

190,338

140,781

The bank loan is secured by a debenture including a fixed charge over all present freehold and leasehold property and a first fixed charge over book and other debts, chattels, goodwill and uncalled capital and over all assets and undertaking both present and future in favour of the company's bankers.

The bank overdraft is secured on book debts of the company.

Invoicing financing creditors are secured by a fixed and floating charge covering all the property and undertaking of the company.

Hire purchase obligations are secured on the assets to which they relate.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

5,000

Ordinary

£1

5,000

5,000

15.	RELATED PARTY DISCLOSURES

During the year purchases were made from a company under common control totalling £1,401,309 (2024: £485,492). At year-end the company owed the related party £nil (2024: £426).

16.	SHARE BASED PAYMENT - EMI SHARE OPTION SCHEME

The company operates an Enterprise Management Incentive (EMI) scheme under which share options were granted to an employee to incentivize and retain key staff. The valuation of the company's shares for the purpose of the EMI option grant was agreed with HMRC on 9th September 2024. The agreed fair value per share for the EMI option is £62.50.

Options vest after one year, with accelerated vesting upon an exit event, and remain exercisable for nine years post-vesting unless an exit occurs. They stay exercisable if the employee leaves due to illness, redundancy, or retirement but lapse if they resign or are dismissed.

The fair value of the options granted has been measured at the grant date and will be accounted for in accordance with Section 26 of FRS 102 - Share-based Payment. The share-based payment expense will be recognised in the profit and loss account over the vesting period.

As there is currently no reliable basis to determine a probable valuation, no expense has been recognised in the current year. The total recognised expense for the current year is £nil.