Company registration number 01527395 (England and Wales)
EXPAC (PRESTON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
EXPAC (PRESTON) LIMITED
COMPANY INFORMATION
Directors
G Royle
M C Cummings
J F Eastham
D T Kearns
C Thomson
E G Moriya
S L Teasdale Brown
(Appointed 1 May 2026)
Secretary
D T Kearns
Company number
01527395
Registered office
5 Acorn Business Park
Woodseats Close
Sheffield
England
S8 0TB
Auditor
Sumer Auditco Limited
Albert Works
Sidney Street
Sheffield
S1 4RG
Business address
Unit 1 & 2
Tomlinson Road
Leyland
Preston
PR25 2DY
EXPAC (PRESTON) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
EXPAC (PRESTON) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

During 2025, the UK continued to see high energy & labour costs, combined with the uncertainty caused by US tariffs on the worldwide economy, leading to higher costs and tough market conditions. This has placed additional demands and pressures on the manufacturing industry and the UK economy as a whole.

Despite this, the Company’s performance has been impressive with over £28m turnover (68% growth on 2024) and a PBT of over £1m.

The business has been continually investing in staff, systems, and capital projects for many years. These investments in new products and technologies have greatly benefited the Company in 2025 and will continue to facilitate further significant growth going forwards. The Company is accredited with ISO9001, ISO14001 & ISO45001, as well as many industry-specific accreditations.

During 2025, capital expenditure was £1.2 m, bringing the total capital expenditure to over £5.7m in the last six fiscal years. The Company finished 2025 with £1.4m cash in the bank and with net assets of over £5.0 and is in a robust position for the future.

During 2025, we were delighted to have won the National Co-Manufacturer and Packer Company of the Year Award at the BCMPA Awards 2025 for the third time.

The ongoing strategy is to access new international markets, products and technologies, and to ensure that future growth is achieved efficiently with further added benefits for the Company’s customers, suppliers, employees and shareholders.

The Company is fully committed to ongoing improvements in all aspects of the impact of our business on the environment and people. To this end, Expac (Preston) Ltd has accreditations with BRCGS, ISO9001, ISO14001, ISO45001, ISO22716, Sedex, Ecovadis, Soil Association and COSMOS, and is engaged in several projects to reduce the environmental impact and to improve the sustainability of the materials of construction and ingredients used for our products.

On behalf of the Company, we thank our customers, suppliers, and staff for their continued commitment, and we look forward to a mutually rewarding year in 2026.

There were no subsequent events that could have a significant impact on the results of the Company for 2025.

The Company started 2026 with a satisfactory performance and is optimistic for another successful year.

On behalf of the board

G Royle
Director
1 June 2026
EXPAC (PRESTON) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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 that of specialist formulators and contract fillers across a wide range of personal care, household, pet care and health products

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £48,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G Royle
M C Cummings
J F Eastham
D T Kearns
C Thomson
A L Robinson
(Resigned 30 April 2026)
E G Moriya
S L Teasdale Brown
(Appointed 1 May 2026)
Auditor

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

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.

EXPAC (PRESTON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
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
G Royle
Director
1 June 2026
EXPAC (PRESTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXPAC (PRESTON) LIMITED
- 4 -
Opinion

We have audited the financial statements of Expac (Preston) 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.

EXPAC (PRESTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXPAC (PRESTON) LIMITED (CONTINUED)
- 5 -
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.

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 trade;

- 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;

- we assessed the extent of compliance with the laws and regulations considered 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.

EXPAC (PRESTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXPAC (PRESTON) LIMITED (CONTINUED)
- 6 -

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; and

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

To address the risks of fraud through management bias and override 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; and

- investigated the rationale behind significant or unusual transactions.

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; and

- discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.

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 director’s and other management and the inspection of regulatory and legal correspondence.

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.

Paul Winwood (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
1 June 2026
EXPAC (PRESTON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
28,633,940
17,027,596
Cost of sales
(20,876,953)
(12,878,279)
Gross profit
7,756,987
4,149,317
Administrative expenses
(6,688,700)
(3,405,928)
Operating profit
4
1,068,287
743,389
Interest payable and similar expenses
8
(64,486)
(39,658)
Profit before taxation
1,003,801
703,731
Tax on profit
9
(181,078)
120,548
Profit for the financial year
822,723
824,279

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

EXPAC (PRESTON) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,163,640
3,599,404
Current assets
Stocks
12
3,053,252
2,495,658
Debtors
13
7,222,586
3,551,084
Cash at bank and in hand
1,405,113
1,646,485
11,680,951
7,693,227
Creditors: amounts falling due within one year
14
(9,289,293)
(5,830,889)
Net current assets
2,391,658
1,862,338
Total assets less current liabilities
6,555,298
5,461,742
Creditors: amounts falling due after more than one year
15
(567,789)
(498,456)
Provisions for liabilities
Deferred tax liability
16
955,000
705,500
(955,000)
(705,500)
Net assets
5,032,509
4,257,786
Capital and reserves
Called up share capital
18
1,100
1,100
Share premium account
916,997
916,997
Profit and loss reserves
4,114,412
3,339,689
Total equity
5,032,509
4,257,786

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 June 2026 and are signed on its behalf by:
G Royle
Director
Company registration number 01527395 (England and Wales)
EXPAC (PRESTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
1,100
916,997
2,515,410
3,433,507
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
824,279
824,279
Balance at 31 December 2024
1,100
916,997
3,339,689
4,257,786
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
822,723
822,723
Dividends
10
-
-
(48,000)
(48,000)
Balance at 31 December 2025
1,100
916,997
4,114,412
5,032,509
EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

Expac (Preston) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Acorn Business Park, Woodseats Close, Sheffield, England, S8 0TB.

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. 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 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The financial statements of the company are consolidated in the financial statements of GRI Expac Limited. These consolidated financial statements are available from its registered office 5 Acorn Business Park, Woodseats Close, Sheffield, South Yorkshire. S8 0TB.

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.

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.

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.

EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -

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

Leasehold improvements
Over term of lease
Plant and equipment
5% & 10% straight line
Fixtures and fittings
10% straight line
Computers
33% straight line

Assets under construction that are held within the appropriate asset category are not depreciated until they are ready for their intended use. Once available for use, they are depreciated over the relevant useful life from that date.

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 and other short-term liquid investments with original maturities of three months or less.

EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.9
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
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
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.

EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases

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

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

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.

EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
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.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values of all asset categories are reviewed on an annual basis to ensure appropriate changes are made for depreciations.

Stock provisions

Stocks are stated at the lower of cost and net realisable value. The Directors will assess the requirement for any provision for obsolete stock or value deterioration as based on historical transactions, stock utilisation patterns, regular inspection and counting of physical items.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Manufacture of personal care, household, pet care and health products
28,633,940
17,027,596
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
18,884,877
16,378,965
Rest of World
9,749,063
648,631
28,633,940
17,027,596
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of tangible fixed assets
635,939
474,658
Operating lease charges
191,165
178,166
EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,445
10,900
For other services
Taxation compliance services
4,780
4,550
All other non-audit services
1,050
1,000
5,830
5,550
6
Employees

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

2025
2024
Number
Number
Directors
5
5
Administrative staff
31
25
Production staff
106
59
Total
142
89

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,362,675
2,605,080
Social security costs
527,199
256,612
Pension costs
78,308
57,417
4,968,182
2,919,109
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
476,800
378,476
Company pension contributions to defined contribution schemes
13,629
10,562
490,429
389,038
EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Directors' remuneration
(Continued)
- 17 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
105,000
95,501
Company pension contributions to defined contribution schemes
3,000
2,740
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
29,035
24,999
Interest on finance leases and hire purchase contracts
35,451
14,659
64,486
39,658
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(68,422)
-
0
Adjustments in respect of prior periods
-
0
(87,048)
Total current tax
(68,422)
(87,048)
Deferred tax
Origination and reversal of timing differences
249,500
(33,500)
Total tax charge/(credit)
181,078
(120,548)
EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 18 -

The actual charge/(credit) 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
1,003,801
703,731
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
250,950
175,933
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,884
Adjustments in respect of prior years
(12,153)
(87,048)
Research and development tax credit
(66,979)
(83,850)
Other permanent differences
-
0
569
Fixed asset differences
10,656
3,886
Movement in deferred tax not recognised
(1,396)
(131,922)
Taxation charge/(credit) for the year
181,078
(120,548)
10
Dividends
2025
2024
£
£
Final paid
48,000
-
0
EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2025
798,063
5,045,823
343,840
260,130
6,447,856
Additions
203,737
924,156
12,496
59,786
1,200,175
Disposals
-
0
(59,670)
-
0
(48,922)
(108,592)
At 31 December 2025
1,001,800
5,910,309
356,336
270,994
7,539,439
Depreciation and impairment
At 1 January 2025
525,329
1,896,354
232,415
194,354
2,848,452
Depreciation charged in the year
219,949
348,058
24,838
43,094
635,939
Eliminated in respect of disposals
-
0
(59,670)
-
0
(48,922)
(108,592)
At 31 December 2025
745,278
2,184,742
257,253
188,526
3,375,799
Carrying amount
At 31 December 2025
256,522
3,725,567
99,083
82,468
4,163,640
At 31 December 2024
272,734
3,149,469
111,425
65,776
3,599,404
12
Stocks
2025
2024
£
£
Raw materials and consumables
2,818,050
2,270,851
Finished goods and goods for resale
235,202
224,807
3,053,252
2,495,658
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
6,006,549
3,194,466
Corporation tax recoverable
68,422
87,048
Other debtors
247,267
-
0
Prepayments and accrued income
900,348
269,570
7,222,586
3,551,084
EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
266,327
200,757
Trade creditors
3,715,303
2,803,816
Amounts owed to group undertakings
53,836
82,360
Taxation and social security
481,428
466,013
Other creditors
4,021,693
2,106,801
Accruals and deferred income
750,706
171,142
9,289,293
5,830,889

Included within other creditors is an amount of £3,475,870 (202 4: £1,656,997) relating to the invoice discounting facility.
Hire purchase creditors are secured upon the assets to which they relate.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
567,789
498,456

Hire purchase creditors are secured upon the assets to which they relate.

16
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
955,000
705,500
2025
Movements in the year:
£
Liability at 1 January 2025
705,500
Charge to profit or loss
249,500
Liability at 31 December 2025
955,000

EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
78,308
57,417

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.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,100
1,100
1,100
1,100
19
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
185,514
191,165
Years 2-5
64,215
160,375
249,729
351,540
20
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
9,000
145,254
EXPAC (PRESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
21
Related party transactions
Transactions with related parties

Nature of related party relationship

I Love Cosmetics Limited is a subsidiary of GRI Brands Limited, a company which is under common control. Sales have been made to I Love Cosmetics Limited during the year totaling £1,006,313 (2024: £1,201,892).

Libra Speciality Chemicals Limited is a subsidiary of GRI Libra Limited, a company which is under common control. Purchases have been made from Libra Speciality Chemicals Limited in the year totaling £2,174,797 (2024: £936,800).

Management charges

GRI Group Limited is a subsidiary of GRI Whirlow Limited, a company which is under common control. Management charges of £1,103,760 were paid to GRI Group Limited during the year (2024: £nil).

Outstanding balances

At year end £264,238 (2024: £134,932) was receivable from I Love Cosmetics Limited. This amount is included within debtors.

At the year end £435,983 was owed to GRI Group Limited (2024: £406,948). This amount is included within debtors.

At year end £412,407 (2024: £226,558) was owed to Libra Specialty Chemicals Limited. This amount is included within creditors.

At year end £822 (2024: £nil) was owed to I Love Cosmetics Limited. This amount is included within other creditors.

22
Ultimate controlling party

The company's parent company is GRI Expac Limited, a company registered in England and Wales, which is under the control of the director, G Royle.

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