Lci - Trade In Paper And Cardboard Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Lci - Trade In Paper And Cardboard Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13781241 . The registered office is 19 Leyden Street, London, E1 7LE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, 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.

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. The company has therefore taken advantage of exemptions 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;

2.2. Going Concern Disclosure

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Significant judgements and estimations

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.

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Lci - Trade In Paper And Cardboard Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

The other intangible asset represents a website developed for the company's use. It is amortised to the profit and loss account on a straight-line basis over its estimated useful economic life of five years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	20% straight line
Computer Equipment	25% straight line

2.7. Foreign Currencies

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

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Lci - Trade In Paper And Cardboard Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.9. Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2025	2,653

As at 31 December 2025	2,653

Amortisation
As at 1 January 2025	354
Provided during the period	530

As at 31 December 2025	884

Net Book Value
As at 31 December 2025	1,769

As at 1 January 2025	2,299

5. Tangible Assets

	Motor Vehicles	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	29,958	1,399	31,357

As at 31 December 2025	29,958	1,399	31,357

Depreciation
As at 1 January 2025	5,992	233	6,225
Provided during the period	5,991	350	6,341

As at 31 December 2025	11,983	583	12,566

Net Book Value
As at 31 December 2025	17,975	816	18,791

As at 1 January 2025	23,966	1,166	25,132

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	433,346	2,382,351
Other debtors	49,774	260,414

	483,120	2,642,765

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Lci - Trade In Paper And Cardboard Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	300,080	873,332
Other creditors	45,739	880,943
Taxation and social security	-	5,089

	345,819	1,759,364

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Amounts owed to group undertakings	1,821,747	1,955,293

9. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	6,858	6,858
Other timing differences	(758)	-

	6,100	6,858

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	50,000	50,000

11. Ultimate Controlling Party

The directors consider that LCI Italia S.r.l. (incorporated and registered in Italy) is the Company’s immediate parent undertaking, holding 100 % of the issued ordinary share capital of LCI UK.

LCI Italia S.r.l. is, in turn, jointly controlled by the following two entities, which are therefore regarded as the ultimate controlling parties of the Company:

UPM Communication Papers Oy - Finland - Alvar Aallon Katu 1, 00100 Helsinki, Finland

VEOLIA Paper Germany GMBH - Germany - Amerigo Vespucci Platz 1, 20457 Hamburg, Germany

12. Audit Information

The auditor's report on the accounts of Lci - Trade In Paper And Cardboard Ltd for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Tony Castagnetti (Senior Statutory Auditor) for and on behalf of Belluzzo Audit Limited , Statutory Auditor.

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38, Craven Street

London

WC2N 5NG

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1,769		2,299
Tangible Assets	5		18,791		25,132

			20,560		27,431
CURRENT ASSETS
Debtors	6	483,120		2,642,765
Cash at bank and in hand		787,965		659,201

		1,271,085		3,301,966
Creditors: Amounts Falling Due Within One Year	7	(345,819 )		(1,759,364 )

NET CURRENT ASSETS (LIABILITIES)			925,266		1,542,602

TOTAL ASSETS LESS CURRENT LIABILITIES			945,826		1,570,033

Creditors: Amounts Falling Due After More Than One Year	8		(1,821,747 )		(1,955,293 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	9		(6,100 )		(6,858 )

NET LIABILITIES			(882,021 )		(392,118 )

CAPITAL AND RESERVES
Called up share capital	10		50,000		50,000
Profit and Loss Account			(932,021 )		(442,118 )

SHAREHOLDERS' FUNDS			(882,021)		(392,118)