Company registration number 01225618 (England and Wales)
FIRN OVERSEAS PACKAGING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
FIRN OVERSEAS PACKAGING LIMITED
COMPANY INFORMATION
Directors
P Meechan
T Elgammel
S Azzam
I Elgammal
M Hayes
Secretary
P Meechan
Company number
01225618
Registered office
85A Northbrook Street
Newbury
RG14 1AE
England
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
FIRN OVERSEAS PACKAGING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
FIRN OVERSEAS PACKAGING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Review of the business

The principal activity of the company continues to be that of the marketing and trading of paper, pulp, plastic and packaging products.

2025 was a good year, and the company coped well with tight supply and war surcharges affecting freight costs.

During the year we continued our progress in developing new supply channels and diversifying product range, and also development of new markets, and this continues to be our main focus.

Principal risks and uncertainties

The principal risks and uncertainties are always limited supply of paper in the market which is continuing, and also the risk of instability in some of the markets we deal in, including foreign currency availability in those markets, and also general global economic and political conditions.

Development and performance

The company made a pre-tax profit of $1,258,619 (2024 - $1,755,217) for the year ended 30 November 2025, on a turnover of $75,396,110 (2024 - $74,136,836).

At 30 November 2025 the company had net assets of $17,490,890 (2024 - $16,562,619).

Key performance indicators

The directors produce and measure financial performance against management accounts. In addition, certain key performance indicators are used to manage the business.

These include but are not limited to the following:

Turnover: $75.4m (2024: $74.1m)

Gross profit margin: 4.4% (2024: 5.0%)

Other performance indicators

In the opinion of the directors there are no other p erformance i ndicators whose disclosure is necessary for an understanding of the development, performance or position of the business.

On behalf of the board

P Meechan
Director
3 June 2026
FIRN OVERSEAS PACKAGING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The principal activity of the company continues to be that of the marketing and trading of paper, plastic and packaging products.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

P Meechan
T Elgammel
S Azzam
I Elgammal
M Hayes
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
P Meechan
Director
3 June 2026
FIRN OVERSEAS PACKAGING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

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

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

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

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

FIRN OVERSEAS PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIRN OVERSEAS PACKAGING LIMITED
- 4 -
Opinion

We have audited the financial statements of Firn Overseas Packaging Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 30 November 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.

FIRN OVERSEAS PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIRN OVERSEAS PACKAGING 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.

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

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102 and Companies Act 2006.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Testing revenue, in particular cut-off, for evidence of management bias.

- Documenting and verifying all significant related party balances and transactions.

- Obtained bank statements for confirmation of material bank balances.

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 primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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

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.

Katherine Montgomery (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit, Statutory Auditor
Chartered Accountants
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
3 June 2026
FIRN OVERSEAS PACKAGING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
2025
2024
Notes
$
$
Turnover
3
75,396,110
74,136,836
Cost of sales
(72,052,097)
(70,419,371)
Gross profit
3,344,013
3,717,465
Administrative expenses
(2,082,729)
(1,954,692)
Operating profit
4
1,261,284
1,762,773
Interest payable and similar expenses
8
(2,665)
(7,556)
Profit before taxation
1,258,619
1,755,217
Tax on profit
9
(330,348)
(467,468)
Profit for the financial year
928,271
1,287,749

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

FIRN OVERSEAS PACKAGING LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 8 -
2025
2024
Notes
$
$
$
$
Fixed assets
Tangible assets
10
57,576
57,459
Current assets
Debtors
11
15,933,666
15,524,129
Cash at bank and in hand
8,911,614
5,143,111
24,845,280
20,667,240
Creditors: amounts falling due within one year
12
(7,411,966)
(4,162,080)
Net current assets
17,433,314
16,505,160
Total assets less current liabilities
17,490,890
16,562,619
Capital and reserves
Called up share capital
14
60,200
60,200
Profit and loss reserves
17,430,690
16,502,419
Total equity
17,490,890
16,562,619

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 3 June 2026 and are signed on its behalf by:
P Meechan
Director
Company registration number 01225618 (England and Wales)
FIRN OVERSEAS PACKAGING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
Share capital
Profit and loss reserves
Total
$
$
$
Balance at 1 December 2023
60,200
15,214,670
15,274,870
Year ended 30 November 2024:
Profit and total comprehensive income
-
1,287,749
1,287,749
Balance at 30 November 2024
60,200
16,502,419
16,562,619
Year ended 30 November 2025:
Profit and total comprehensive income
-
928,271
928,271
Balance at 30 November 2025
60,200
17,430,690
17,490,890
FIRN OVERSEAS PACKAGING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
2025
2024
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
3,904,048
(563,973)
Interest paid
(2,665)
(7,556)
Income taxes paid
(119,291)
(450,141)
Net cash inflow/(outflow) from operating activities
3,782,092
(1,021,670)
Investing activities
Purchase of tangible fixed assets
(13,589)
(10,483)
Net cash used in investing activities
(13,589)
(10,483)
Net increase/(decrease) in cash and cash equivalents
3,768,503
(1,032,153)
Cash and cash equivalents at beginning of year
5,143,111
6,175,264
Cash and cash equivalents at end of year
8,911,614
5,143,111
FIRN OVERSEAS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
1
Accounting policies
Company information

Firn Overseas Packaging Limited is a private company limited by shares incorporated in England and Wales. The registered office is 85A Northbrook Street, Newbury, England, RG14 1AE.

1.1
Accounting convention

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 US $, which is the functional currency of the company. Monetary amounts 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.

1.2
Going concern

Trading conditions for the next year are likely to remain uncertain, with potential future logistics issues if the war continues in the Middle East, and also the potential fallout from the imposing of tariffs, which while would not directly affect our markets, it could lead to price uncertainty in the market as a whole.true

However Firn is well placed to cope with the challenges, with well established and regular supply, and also a loyal customer base.

Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future on the basis of forecasts created. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for paper, plastic and packaging goods 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, which is once products are ready to be shipped as the company uses CFR incoterm on all sales. T he 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 cos t, net of depreciation and any impairment losses.

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

Fixtures and fittings
10-25% Straight line

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).

FIRN OVERSEAS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.6
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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

FIRN OVERSEAS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial liabilities

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

1.7
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.

1.8
Taxation

The tax expense represents tax currently payable.

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.

1.9
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.

1.10
Retirement benefits

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

FIRN OVERSEAS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.11
Leases

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.

1.12
Foreign exchange

Transactions in currencies other than US dollars 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 are included in the profit and loss account for the period.

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.

The directors do not feel there are any material key judgements or accounting estimates.

3
Turnover
2025
2024
$
$
Turnover analysed by class of business
Sale of goods
75,396,110
74,136,836
2025
2024
$
$
Turnover analysed by geographical market
Africa (Non Franco)
23,450,205
14,759,091
Africa (Franco)
6,638,746
11,750,995
Asia and Pacific
32,294,720
36,679,154
Carribean
742,109
926,022
Europe
-
570
Middle East
1,559,552
3,634,687
South America
5,580,461
3,245,078
North America
5,130,317
3,141,239
75,396,110
74,136,836
FIRN OVERSEAS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
$
$
Exchange (gains)/losses
(1,494)
37,790
Depreciation of owned tangible fixed assets
13,472
16,863
(Profit)/loss on disposal of tangible fixed assets
-
231
Operating lease charges
3,267
2,574
5
Employees

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

2025
2024
Number
Number
Management
3
3
Administration
5
5
Total
8
8

Their aggregate remuneration comprised:

2025
2024
$
$
Wages and salaries
1,257,771
1,166,582
Social security costs
103,574
80,424
Pension costs
108,777
74,926
1,470,122
1,321,932
6
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
38,038
32,938
7
Directors' remuneration
2025
2024
$
$
Remuneration for qualifying services
437,859
421,168
Company pension contributions to defined contribution schemes
42,297
40,316
480,156
461,484
FIRN OVERSEAS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
7
Directors' remuneration
(Continued)
- 16 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
$
$
Remuneration for qualifying services
286,470
227,155
Company pension contributions to defined contribution schemes
21,371
19,798
8
Interest payable and similar expenses
2025
2024
$
$
Other finance costs:
Other interest
2,665
7,556
9
Taxation
2025
2024
$
$
Current tax
UK corporation tax on profits for the current period
330,348
467,468

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
$
$
Profit before taxation
1,258,619
1,755,217
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
314,655
438,804
Tax effect of expenses that are not deductible in determining taxable profit
6,103
6,569
Permanent capital allowances in excess of depreciation
-
0
1,312
Depreciation on assets not qualifying for tax allowances
1,074
-
0
Other adjustments
8,516
20,783
Taxation charge for the year
330,348
467,468
FIRN OVERSEAS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
10
Tangible fixed assets
Fixtures and fittings
$
Cost
At 1 December 2024
132,873
Additions
13,589
At 30 November 2025
146,462
Depreciation and impairment
At 1 December 2024
75,414
Depreciation charged in the year
13,472
At 30 November 2025
88,886
Carrying amount
At 30 November 2025
57,576
At 30 November 2024
57,459
11
Debtors
2025
2024
Amounts falling due within one year:
$
$
Trade debtors
15,029,340
14,017,689
Other debtors
62,068
110,098
Prepayments and accrued income
842,258
1,396,342
15,933,666
15,524,129
12
Creditors: amounts falling due within one year
2025
2024
$
$
Trade creditors
6,033,354
3,259,723
Corporation tax
358,749
147,692
Other taxation and social security
33,800
25,613
Other creditors
39,693
35,820
Accruals and deferred income
946,370
693,232
7,411,966
4,162,080
FIRN OVERSEAS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
13
Retirement benefit schemes
2025
2024
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
108,777
74,926

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.

14
Share capital
2025
2024
$
$
Ordinary share capital
Issued and fully paid
20,000 'A' Ordinary Shares of £1 each
30,100
30,100
12,000 'B' Ordinary Shares of £1 each
18,060
18,060
8,000 'C' Ordinary Shares of £1 each
12,040
12,040
60,200
60,200

The company has three classes of ordinary shares which all rank pari passu.

15
Related party transactions

During the year the company purchased goods for the value of $1,548,838 (2024: $1,756,173) from a company under common control.

During the year the company sold goods for the value of $1,550,326 (2024: $710,795) to a company under common control.

Included within other debtors at 30 November 2025, is an amount of $nil (2024: $107,741) owed by a company under common control.

Included within other creditors at 30 November 2025, is an amount of $39,693 (2024: $35,820) relating to a shareholder loan account.

16
Operating lease commitments
Lessee

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

2025
2024
$
$
Within one year
27,138
26,056
Between two and five years
78,932
101,839
106,070
127,895
17
Ultimate controlling party
FIRN OVERSEAS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
17
Ultimate controlling party
(Continued)
- 19 -

The immediate parent company of Firn Overseas Packaging Limited is Firn Overseas Holdings, a company incorporated in Canada, with the registered office 327 Renfrew Drive, Suite 102, Markham, Ontario, L3R 958, Canada.

The ultimate parent company of Firn Overseas Packaging Limited is Elgammal Holdings, a company incorporated in Canada, with the registered office 327 Renfrew Drive, Suite 102, Markham, Ontario, L3R 958, Canada.

Consolidated accounts are not publicly available.

18
Cash generated from/(absorbed by) operations
2025
2024
$
$
Profit after taxation
928,271
1,287,749
Adjustments for:
Taxation charged
330,348
467,468
Finance costs
2,665
7,556
(Gain)/loss on disposal of tangible fixed assets
-
231
Depreciation and impairment of tangible fixed assets
13,472
16,863
Movements in working capital:
Increase in debtors
(409,537)
(3,233,368)
Increase in creditors
3,038,829
889,528
Cash generated from/(absorbed by) operations
3,904,048
(563,973)
19
Analysis of changes in net funds
1 December 2024
Cash flows
30 November 2025
$
$
$
Cash at bank and in hand
5,143,111
3,768,503
8,911,614
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