REGISTERED NUMBER: 10189986 (England and Wales)

T. & B. CONTAINERS HOLDINGS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

7

Consolidated Statement of Income and Retained Earnings

8

Consolidated Statement of Financial Position

9

Company Statement of Financial Position

10

Consolidated Statement of Cash Flows

11

Notes to the Consolidated Statement of Cash Flows

12

Notes to the Consolidated Financial Statements

13

to

23

DIRECTORS:

Mrs B O Dickinson

A J Dickinson

T J H Curtis

Mrs D J Curtis

Mrs L A Dickinson

Mrs S P Van Der Hoeven

SECRETARY:

Mrs B O Dickinson

REGISTERED OFFICE:

Brenton Villa

Wrangle Bank

Boston

Lincolnshire

PE22 9DL

REGISTERED NUMBER:

10189986 (England and Wales)

SENIOR STATUTORY AUDITOR:

Rachel Rudkin FCCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and the non-complex nature of our business and is written in the context of risk and uncertainties we face.

REVIEW OF BUSINESS

As a major packaging producer, the group supplies corrugated boxes to a wide customer base in many industries.

We consider that our key performance indicators are those that most adequately communicate the financial performance and strength of the group as a whole, these being turnover and gross margin. Turnover increased by £4,564,002 (18.20%) in the year under review and there has also been an increase in gross profit by 13.72% from £5,282,228 to £6,006,992.

These results are considered acceptable by the directors given the economic climate during the year under review.

Haulage of flat cardboard continues to be more cost effective than the haulage of made-up boxes. This has meant the group continues to provide machinery to customers to enable them to make up the boxes on their own premises, which T&B Containers have continued to push more in the year under review.

T&B Containers have been able to strengthen their position within the UK market, with aid from their investors De Jong, and they will look to further improve this market position in the coming years.

The group continues to provide a recycling facility for all used cardboard. This assists customers with disposing of unwanted cardboard in an environmentally beneficial manner. This is something the directors of the group feel strongly about.

PRINCIPAL RISKS AND UNCERTAINTIES

The group produces packaging which is necessary whatever the economic circumstances although being able to meet the customer's demands can be a challenge. This challenge is seen especially in years of uncertain harvest in the agricultural industry.

The group will also continue to be affected by wage rate increases due to changes in the minimum wage, price movements on materials and transportation costs. The group's major threat continues to be the general move by their customers away from corrugated boxes to plastic containers, the group have addressed this issue by developing more appropriate cardboard containers for specialist markets. In order to mitigate the effect of any individual customer moving towards a different type of material, the directors are constantly focused on attracting new customers with the group's ever developing products and the expansion into new geographical areas.

Considering the risks, the directors continue to improve standards to customer satisfaction. They continue to maintain the BRCGS accreditation, which is necessary to many customers who supply large supermarkets.

With these risks and uncertainties in mind, we are aware that any plans for future development of the business may be subject to unforeseen future events outside of our control.

ON BEHALF OF THE BOARD:

Mrs D J Curtis - Director

1 May 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of manufacture of packaging.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

Mrs B O Dickinson

A J Dickinson

T J H Curtis

Mrs D J Curtis

Mrs L A Dickinson

Other changes in directors holding office are as follows:

A G J Smit - resigned 25 November 2024

Mrs S P Van Der Hoeven - appointed 20 March 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mrs D J Curtis - Director

1 May 2026

Opinion

We have audited the financial statements of T. & B. Containers Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30 September 2025 and of the group's 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 group 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 group's and the parent 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 Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Directors' Responsibilities set out on page three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increased reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging

management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included an assessment of the group's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Rachel Rudkin FCCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

22 May 2026

TURNOVER

3

29,635,557

25,071,555

Cost of sales

23,628,565

19,789,327

GROSS PROFIT

6,006,992

5,282,228

Administrative expenses

5,360,985

4,758,598

646,007

523,630

Other operating income

63,758

47,409

OPERATING PROFIT

5

709,765

571,039

Interest receivable and similar income

13,452

10,379

723,217

581,418

Interest payable and similar expenses

6

58,650

48,291

PROFIT BEFORE TAXATION

664,567

533,127

Tax on profit

7

146,120

195,498

PROFIT FOR THE FINANCIAL YEAR

518,447

337,629

Retained earnings at beginning of year

2,505,076

2,167,447

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

3,023,523

2,505,076

Profit attributable to:

Owners of the parent

518,447

337,629

FIXED ASSETS

Intangible assets

9

4,035

6,725

Tangible assets

10

3,874,133

3,693,456

Investments

11

-

-

3,878,168

3,700,181

CURRENT ASSETS

Stocks

12

3,351,318

2,984,969

Debtors

13

5,787,425

5,878,546

Cash at bank and in hand

1,967,124

2,889,015

11,105,867

11,752,530

CREDITORS

Amounts falling due within one year

14

6,507,243

7,548,928

NET CURRENT ASSETS

4,598,624

4,203,602

TOTAL ASSETS LESS CURRENT LIABILITIES

8,476,792

7,903,783

CREDITORS

Amounts falling due after more than one year

15

(572,382

)

(579,109

)

PROVISIONS FOR LIABILITIES

19

(780,887

)

(719,598

)

NET ASSETS

7,123,523

6,605,076

CAPITAL AND RESERVES

Called up share capital

20

4,100,000

4,100,000

Retained earnings

21

3,023,523

2,505,076

SHAREHOLDERS' FUNDS

7,123,523

6,605,076

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2026 and were signed on its behalf by:

Mrs D J Curtis - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

4,100,000

4,100,000

4,100,000

4,100,000

CURRENT ASSETS

Debtors

13

7,985

12,273

CREDITORS

Amounts falling due within one year

14

3,280

3,125

NET CURRENT ASSETS

4,705

9,148

TOTAL ASSETS LESS CURRENT LIABILITIES

4,104,705

4,109,148

CAPITAL AND RESERVES

Called up share capital

20

4,100,000

4,100,000

Retained earnings

21

4,705

9,148

SHAREHOLDERS' FUNDS

4,104,705

4,109,148

Company's loss for the financial year

(4,443

)

(1,789

)

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2026 and were signed on its behalf by:

Mrs D J Curtis - Director

Cash flows from operating activities

Cash generated from operations

1

352,618

868,540

Interest element of hire purchase and finance lease rental payments paid

(58,650

)

(48,291

)

Tax paid

13,209

(36,000

)

Net cash from operating activities

307,177

784,249

Cash flows from investing activities

Purchase of tangible fixed assets

(1,041,768

)

(2,070,360

)

Sale of tangible fixed assets

70,027

208,381

Interest received

13,452

10,379

Net cash from investing activities

(958,289

)

(1,851,600

)

Cash flows from financing activities

Capital repayments in year

(197,928

)

477,284

Amount introduced by directors

578

11,067

Amount withdrawn by directors

(73,429

)

(27,597

)

Net cash from financing activities

(270,779

)

460,754

Decrease in cash and cash equivalents

(921,891

)

(606,597

)

Cash and cash equivalents at beginning of year

2

2,889,015

3,495,612

Cash and cash equivalents at end of year

2

1,967,124

2,889,015

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

664,567

533,127

Depreciation charges

987,995

860,067

(Profit)/loss on disposal of fixed assets

(51,640

)

707

Finance costs

58,650

48,291

Finance income

(13,452

)

(10,379

)

1,646,120

1,431,813

(Increase)/decrease in stocks

(366,349

)

189,979

Increase in trade and other debtors

(6,919

)

(943,056

)

(Decrease)/increase in trade and other creditors

(920,234

)

189,804

Cash generated from operations

352,618

868,540

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

1,967,124

2,889,015

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

2,889,015

3,495,612

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank and in hand

2,889,015

(921,891

)

1,967,124

2,889,015

(921,891

)

1,967,124

Debt

Hire purchase and finance leases

(802,301

)

55,327

(746,974

)

(802,301

)

55,327

(746,974

)

Total

2,086,714

(866,564

)

1,220,150

1.	STATUTORY INFORMATION

T. & B. Containers Holdings 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 General Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The subsidiary company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7

The disclosure above is incorporated within these consolidated financial statements.

Basis of consolidation

The consolidated accounts comprise those of T. & B. Containers Holdings Limited and its subsidiary for the period ended 30 September 2024. The consolidation has been accounted for using the equity accounting method.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

(i) Useful economic life of property, plant and equipment

The annual deprecation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimates, based on use by the group and the physical condition of the assets.

(ii) Supplier rebates

The provision for supplier rebates is dependent on the amount of purchases that are made from cardboard suppliers. The rebate percentage is based on the predicted purchases of the group based on previous years purchasing patterns.

Turnover

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

Revenue is recognised upon despatch.

Goodwill

Goodwill is initially measured at cost and has been amortised over its useful economic life of 5 years. After initial recognition, goodwill is measured at cost less any subsequent accumulated amortisation and any subsequent accumulated impairment losses.

Stamp duty land tax

Stamp duty land tax, being the amount paid in connection with the property leases, is being amortised evenly over period of the lease of 5 years.

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

-

25% on reducing balance

Improvements to property

-

10% on reducing balance

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are held at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Tangible fixed assets are inspected on a periodic basis for any impairment.

Stocks

Stocks are stated at the lower of cost incurred in bringing each product to its present location and condition, and fair value less costs to sell after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure. Stock is accounted for on a first-in-first-out basis.

Financial instruments

The group has adopted the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest.

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. Accounts 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Pension costs and other post-retirement benefits

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

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Cardboard boxes

26,741,839

22,736,881

Recycling

2,893,718

2,334,674

29,635,557

25,071,555

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

29,622,314

25,027,312

Europe

13,243

44,243

29,635,557

25,071,555

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,728,062

3,325,183

Social security costs

455,807

372,171

Other pension costs

51,067

47,551

4,234,936

3,744,905

The average number of employees during the year was as follows:

2025

2024

Office and management

9

9

Sales and distribution

68

65

77

74

2025

2024

£

£

Directors' remuneration

1,167,712

1,067,869

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

287,702

311,883

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

753,937

671,178

Depreciation - assets on hire purchase contracts and finance leases

231,368

186,199

(Profit)/loss on disposal of fixed assets

(51,640

)

707

Stamp duty land tax amortisation

2,690

2,690

Auditors' remuneration

26,970

20,695

Operating leases land and buildings

507,659

427,172

Operating leases motor vehicles

27,372

44,158

Defined contribution pension

54,264

50,325

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase interest

7,219

4,234

Lease interest

51,431

44,057

58,650

48,291

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

84,831

-

Adjustment re previous years

-

(5,208

)

Total current tax

84,831

(5,208

)

Deferred tax

61,289

200,706

Tax on profit

146,120

195,498

UK corporation tax has been charged at 25 % (2024 - 19 %).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

664,567

533,127

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 19 %)

166,142

101,294

Effects of:

Expenses not deductible for tax purposes

10,515

(5,469

)

Capital allowances in excess of depreciation

(41,066

)

(100,868

)

Taxable losses carried forward

-

38,505

Deferred tax movement

61,289

200,706

Adjustment for previous years

-

(5,208

)

Losses brought forward

(50,760

)

(33,462

)

Total tax charge

146,120

195,498

Deferred taxation has been calculated at 25% (2024: 25%).

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.