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Registration number: 02637971

Gordano Support Group Limited
Annual Report and Financial Statements
for the Year Ended 30 September 2025

Gordano Support Group Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 10
Profit and Loss Account | 11
Statement of Comprehensive Income | 12
Balance Sheet | 13
Statement of Changes in Equity | 14
Statement of Cash Flows | 15
Notes to the Financial Statements | 16 to 34

Gordano Support Group Limited

Company Information

Directors | J E Bull N J Bull L S Selwyn C Skuse T J Patch P J Roberts

Company secretary | Mrs K O'Neill

Registered office | Barns Ground Kenn Clevedon North Somerset England BS21 6ST

Auditors | Forvis Mazars LLP Chartered Accountants & Statutory Auditor8th Floor Assembly Building C Cheese Lane Bristol BS2 0JJ

Gordano Support Group Limited

Strategic Report for the Year Ended 30 September 2025

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

Principal activity

The principal activity of the company is the provision of packaging, logistics, warehousing and related services.

Fair review of the business

The results for the year and financial position of the company are as shown in the annexed financial statements.
The directors are pleased to report that the year ended 30 September 2025 has seen a resilient set of financial results with a sustained profit and growth in certain areas of the business against a backdrop of geopolitical and macroeconomic factors that have provided challenges and slowed some anticipated growth in certain markets.
Despite a challenging business environment the company has, through the commitment and hard work of our people, been able to mitigate the impacts of these aforementioned macro forces coupled with various micro factors including the instability of material and component costs, supply chain issues, and the continued inflationary impacts within the UK economy, as they have arisen. We have continued our commitment to our investment programs in people, new production methodology, machinery and technology, along with improvements in new business developments, allowing us to capitalise on opportunities.
The company's financial KPls are turnover, gross profits and gross profit margin, as reflected in the financial statements and these will continue to be the focus in the coming year along with our commitment to a new 5-year growth strategy.
Turnover in the year of £12,518,017, showed an increase of 10.37% on the prior year (2024 - £11,341,887). The company has reported gross profits of £3,982,166 (2024: £3,686,398) and achieved gross profit margins of 31.81% (2024: 32.50%).
Following the year end, the company has continued to increase activity levels, controlling costs, increasing sales, and working to mitigate the further impacts we are experiencing in terms of inflationary pressures. Due to these continued efforts, it is anticipated that the company will report an improvement in profitability for the year ending 30 September 2026.

Gordano Support Group Limited

Strategic Report for the Year Ended 30 September 2025 (continued)

Financial instruments and risk review

The company's financial instruments comprise of cash at bank, overdrafts and bank loans. The main purpose of these financial instruments is to raise adequate finance for the company's operations.
The main risks arising from the company's financial instruments are interest rate fluctuations and liquidity risk. It is the company's policy to finance its operations through a mixture of cash and borrowings and to review periodically the mix of these instruments with regard to the projected cashflow requirements of the company and an acceptable level of risk exposure

Approved and authorised by the Board on 22 June 2026 and signed on its behalf by:

......................................... J E Bull Director

Gordano Support Group Limited

Directors' Report for the Year Ended 30 September 2025

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

Directors of the company

The directors who held office during the year were as follows:

M J Bull (ceased 19 February 2025)

J E Bull

N J Bull

L S Selwyn (appointed 22 November 2024)

C Skuse

T J Patch

P J Roberts (appointed 3 February 2025)

Information included in the Strategic Report

In accordance with section 414C(11) of the Companies Act 2006 and schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 the company has elected to present the business review and details of the principal risks and uncertainties within the strategic report.

Future developments

The company plans to continue with its policy of investing in new equipment to enable greater automation and advanced levels of efficiencies and effectiveness within the production processes of the business.
In understanding its environmental responsibilities, the company is also striving to promote continual improvements and efficiencies regarding material usage and the associated requirement of keeping wastage levels to a minimum.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 22 June 2026 and signed on its behalf by:

......................................... J E Bull Director

Gordano Support Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom 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.

Gordano Support Group Limited

Independent Auditor's Report to the Members of Gordano Support Group Limited

Opinion

We have audited the financial statements of Gordano Support Group Limited (the 'company') for the year ended 30 September 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 30 September 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 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 director's 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 original financial statements were 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. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Gordano Support Group Limited

Independent Auditor's Report to the Members of Gordano Support Group Limited (continued)

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.

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Gordano Support Group Limited

Independent Auditor's Report to the Members of Gordano Support Group Limited (continued)

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 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.

Gordano Support Group Limited

Independent Auditor's Report to the Members of Gordano Support Group Limited (continued)

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

| 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.
| Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements employment regulation, health and safety regulation, anti-money laundering regulation.
| To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
• | Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
• | Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
• | Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
• | Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
| We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
| In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
| Our audit procedures in relation to fraud included but were not limited to:
• | Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
• | Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• | Discussing amongst the engagement team the risks of fraud; and
• | Addressing the risks of fraud through management override of controls by performing journal entry testing.
| There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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

Gordano Support Group Limited

Independent Auditor's Report to the Members of Gordano Support Group Limited (continued)

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.

......................................
Jonathan Marchant (Senior Statutory Auditor)
For and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
8th Floor
Assembly Building C
Cheese Lane
Bristol
BS2 0JJ

23 June 2026

Gordano Support Group Limited

Profit and Loss Account for the Year Ended 30 September 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 12,518,017 | 11,341,887
Cost of sales |  | (8,535,851) | (7,655,489)
Gross profit |  | 3,982,166 | 3,686,398
Distribution costs |  | (393,311) | (346,145)
Administrative expenses |  | (3,269,245) | (3,132,679)
Operating profit | 5 | 319,610 | 207,574
Other interest receivable and similar income | 6 | 5,200 | 7,244
Interest payable and similar expenses | 7 | (105,534) | (120,225)
|  | (100,334) | (112,981)
Profit before tax |  | 219,276 | 94,593
Tax on profit | 11 | (72,977) | (42,331)
Profit for the financial year |  | 146,299 | 52,262

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Gordano Support Group Limited

Statement of Comprehensive Income for the Year Ended 30 September 2025

| 2025 £ | 2024 £
Profit for the year | 146,299 | 52,262
Total comprehensive income for the year | 146,299 | 52,262

Gordano Support Group Limited

(Registration number: 02637971)
Balance Sheet as at 30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 12 | 2,970,330 | 3,074,134
Investments | 13 | 250 | 250
|  | 2,970,580 | 3,074,384
Current assets |  |  |
Stocks | 14 | 1,421,291 | 1,226,380
Debtors | 15 | 3,320,864 | 2,963,921
Cash at bank and in hand | 16 | 48,880 | 32,589
|  | 4,791,035 | 4,222,890
Creditors: Amounts falling due within one year | 17 | (4,020,556) | (3,498,013)
Net current assets |  | 770,479 | 724,877
Total assets less current liabilities |  | 3,741,059 | 3,799,261
Creditors: Amounts falling due after more than one year | 17 | (159,359) | (304,068)
Provisions for liabilities | 18 | (233,059) | (242,851)
Net assets |  | 3,348,641 | 3,252,342
Capital and reserves |  |  |
Called up share capital | 20 | 14,689 | 14,689
Capital redemption reserve |  | 5,311 | 5,311
Revaluation reserve |  | 973,631 | 973,631
Retained earnings |  | 2,355,010 | 2,258,711
Shareholders' funds |  | 3,348,641 | 3,252,342

Approved and authorised by the Board on 22 June 2026 and signed on its behalf by:

......................................... J E Bull Director

Gordano Support Group Limited

Statement of Changes in Equity for the Year Ended 30 September 2025

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Retained earnings £
At 1 October 2024 | 14,689 | 5,311 | 973,631 | 2,258,711
Profit for the year | - | - | - | 146,299
Dividends | - | - | - | (50,000)
At 30 September 2025 | 14,689 | 5,311 | 973,631 | 2,355,010

| Total £
At 1 October 2024 | 3,252,342
Profit for the year | 146,299
Dividends | (50,000)
At 30 September 2025 | 3,348,641

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Retained earnings £
At 1 October 2023 | 14,689 | 5,311 | 989,459 | 2,220,621
Profit for the year | - | - | - | 52,262
Other comprehensive income | - | - | (15,828) | 15,828
Total comprehensive income | - | - | (15,828) | 68,090
Dividends | - | - | - | (30,000)
At 30 September 2024 | 14,689 | 5,311 | 973,631 | 2,258,711

| Total £
At 1 October 2023 | 3,230,080
Profit for the year | 52,262
Other comprehensive income | -
Total comprehensive income | 52,262
Dividends | (30,000)
At 30 September 2024 | 3,252,342

Gordano Support Group Limited

Statement of Cash Flows for the Year Ended 30 September 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 146,299 | 52,262
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 262,308 | 300,590
Profit on disposal of tangible assets | 4 | (14,500) | (726)
Finance income | 6 | (5,200) | (7,244)
Finance costs | 7 | 105,534 | 120,225
Income tax expense | 11 | 72,977 | 42,331
|  | 567,418 | 507,438
Working capital adjustments |  |  |
Increase in stocks | 14 | (194,911) | (43,037)
(Increase)/decrease in debtors | 15 | (397,164) | 591,866
Increase/(decrease) in creditors | 17 | 368,046 | (301,296)
Cash generated from operations |  | 343,389 | 754,971
Income taxes paid | 11 | (35,666) | (109,376)
Net cash flow from operating activities |  | 307,723 | 645,595
Cash flows from investing activities |  |  |
Interest received | 6 | 5,200 | 7,244
Acquisitions of tangible assets |  | (158,504) | (279,244)
Proceeds from sale of tangible assets |  | 14,500 | 10,800
Net cash flows from investing activities |  | (138,804) | (261,200)
Cash flows from financing activities |  |  |
Interest paid | 7 | (105,534) | (120,225)
Proceeds from bank borrowing draw downs |  | - | 200,000
Repayment of bank borrowing |  | (71,741) | (354,186)
Payments to finance lease creditors | 17 | (56,120) | 16,451
Dividends paid | 23 | (50,000) | (30,000)
Net cash flows from financing activities |  | (283,395) | (287,960)
Net (decrease)/increase in cash and cash equivalents |  | (114,476) | 96,435
Cash and cash equivalents at 1 October |  | (969,974) | (1,066,409)
Cash and cash equivalents at 30 September |  | (1,084,450) | (969,974)

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Barns Ground
Kenn
Clevedon
North Somerset
BS21 6ST
England

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the available exemption under s405(2) of the Companies Act 2006 on the basis the company's subsidiaries were dormant in the year as such are not material to the year-end position and for the purpose of giving a true and fair view.

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

2 | Accounting policies (continued)

Going concern

After a careful review of the current trading position together with the company’s forecasts and projections for the forthcoming 12 months, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The company has seen sustained turnover and profitability levels and this, combined with the access to adequate financial resources means that the directors are satisfied that they can continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements are disclosed below:
Depreciation - The directors exercise judgements in order to determine the useful lives and residual values of tangible fixed assets. The assets are depreciated down to their residual values over their estimated lives.
Deemed cost - The directors have opted to utilise the deemed cost election upon transition to FRS102 for the leasehold property. The revalued amount is based on an independent professional valuation undertaken on 10 June 2016 by RICS registered valuers Carter Baynes Limited. The directors are confident that this valuation is materially correct and have critically assessed the valuation methodology and underlying assumptions.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

2 | Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
In accordance with section 35 of FRS102 the directors have chosen to adopt the cost model for leasehold premises previously held under the revaluation model. The directors have elected to use a previous revaluation of this asset as its deemed cost at the transition date.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold property | 2% straight line
Plant and machinery | 10% - 15% straight line
Fixtures and fittings | 10% - 15% straight line
Office equipment | 33% straight line
Motor vehicles | 25% straight line
Commercial motor vehicles | 25% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

2 | Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

2 | Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

2 | Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 12,518,017 | 11,341,887

The analysis of the company's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 12,518,017 | 11,341,887

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

4 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
Gain on disposal of property, plant and equipment | 14,500 | 726

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 262,308 | 300,590
Operating lease expense - property | 622,659 | 617,725
Operating lease expense - plant and machinery | 47,669 | 48,663
Operating lease expense - other | 12,248 | 10,579
Profit on disposal of property, plant and equipment | (14,500) | (726)

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Other finance income | 5,200 | 7,244

7 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 22,740 | 20,140
Interest on obligations under finance leases and hire purchase contracts | 24,433 | 22,555
Other finance costs | 58,361 | 77,530
| 105,534 | 120,225

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 3,860,712 | 3,674,497
Social security costs | 668,736 | 352,397
Pension costs, defined contribution scheme | 103,960 | 76,128
Other employee expense | 9,361 | 6,402
| 4,642,769 | 4,109,424

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 79 | 84
Administration and support | 28 | 28
| 107 | 112

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

9 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 467,841 | 430,750
Contributions paid to money purchase schemes | 31,900 | 5,273
| 499,741 | 436,023

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 2 | 2

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 126,875 | 125,000

10 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 20,150 | 19,518

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

11 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 82,769 | 33,221
Deferred taxation |  |
Arising from changes in tax rates and laws | (9,792) | 9,110
Tax expense in the income statement | 72,977 | 42,331

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 219,276 | 94,593
Corporation tax at standard rate | 54,819 | 23,648
Tax increase from effect of capital allowances and depreciation | 26,375 | 4,029
Decrease from effect of different UK tax rates on some earnings | - | (1,839)
Tax (decrease)/increase from other short-term timing differences | (9,792) | 9,110
Effect of expense not deductible in determining taxable profit (tax loss) | 1,575 | 7,383
Total tax charge | 72,977 | 42,331

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

11 | Taxation (continued)

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Accelerated capital allowances | - | 215,462
Revaluation of tangible assets | - | 17,597
| - | 233,059

2024 | Asset £ | Liability £
Accelerated capital allowances | - | 225,254
Revaluation of tangible assets | - | 17,597
| - | 242,851

12 | Tangible assets

| Long leasehold land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Office equipment £
Cost or valuation
At 1 October 2024 | 2,579,848 | 922,206 | 1,681,632 | 282,109
Additions | - | 68,616 | 27,389 | 16,066
Disposals | - | - | (8,500) | -
At 30 September 2025 | 2,579,848 | 990,822 | 1,700,521 | 298,175
Depreciation
At 1 October 2024 | 464,430 | 738,302 | 1,107,995 | 246,842
Charge for the year | 51,833 | 50,216 | 81,609 | 20,197
Eliminated on disposal | - | - | (8,500) | -
At 30 September 2025 | 516,263 | 788,518 | 1,181,104 | 267,039
Carrying amount
At 30 September 2025 | 2,063,585 | 202,304 | 519,417 | 31,136
At 30 September 2024 | 2,115,418 | 183,904 | 573,637 | 35,267

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

12 | Tangible assets (continued)

| Motor vehicles £ | Commercial vehicles £ | Total £
Cost or valuation
At 1 October 2024 | 85,239 | 277,848 | 5,828,882
Additions | - | 46,433 | 158,504
Disposals | - | (30,894) | (39,394)
At 30 September 2025 | 85,239 | 293,387 | 5,947,992
Depreciation
At 1 October 2024 | 58,256 | 138,923 | 2,754,748
Charge for the year | 9,003 | 49,450 | 262,308
Eliminated on disposal | - | (30,894) | (39,394)
At 30 September 2025 | 67,259 | 157,479 | 2,977,662
Carrying amount
At 30 September 2025 | 17,980 | 135,908 | 2,970,330
At 30 September 2024 | 26,983 | 138,925 | 3,074,134

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

12 | Tangible assets (continued)

Included within the net book value of land and buildings above is £2,063,585 (2024 - £2,115,418) in respect of long leasehold land and buildings.

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2025 £ | 2024 £
Plant and machinery | 299,080 | 291,969
Motor vehicles | 17,983 | 26,983
Commercial vehicles | 116,021 | 131,635
| 433,084 | 450,587

13 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 200 | 200
Investments in joint ventures | 50 | 50
| 250 | 250

Subsidiaries | £
Cost or valuation
At 1 October 2024 | 200
Carrying amount
At 30 September 2025 | 200
At 30 September 2024 | 200

Joint ventures | £
Cost
At 1 October 2024 | 50
Carrying amount
At 30 September 2025 | 50
At 30 September 2024 | 50

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

13 | Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Gordano Packaging Limited | Barns Ground, Kenn, Clevedon, BS21 6ST England |
100 £1 ordinary shares
100%
100%
Gordano Support Limited | Barns Ground, Kenn, Clevedon, BS21 6ST England |
100 £1 ordinary shares
100%
100%
Joint ventures
Safe2Ship Limited | Barns Ground, Kenn, Clevedon, BS21 6ST | 50 £1 ordinary shares | 50% | 50%
| England |  |  |

Subsidiary undertakings
Gordano Packaging Limited The principal activity of Gordano Packaging Limited is the provision of packaging services. During the year the company remained dormant.
Gordano Support Limited The principal activity of Gordano Support Limited is the provision of packaging services. During the year the company remained dormant.

Joint ventures
Safe2Ship Limited The principal activity of Safe2Ship Limited is the provision of dangerous goods packaging. During the year the company remained dormant.

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

14 | Stocks

| 2025 £ | 2024 £
Inventories | 1,421,291 | 1,226,380

Stock inventories at the year end included a provision for slow-moving and devalued stock of £44,894 (2024: £46,315).

15 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 2,892,374 | 2,338,975
Other debtors | 428,490 | 584,725
Income tax asset | - | 40,221
| 3,320,864 | 2,963,921

16 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 48,880 | 32,589
Bank overdrafts | (1,133,330) | (1,002,563)
Cash and cash equivalents in statement of cash flows | (1,084,450) | (969,974)

17 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 21 | 1,347,012 | 1,199,397
Trade creditors |  | 1,887,344 | 1,705,359
Social security and other taxes |  | 367,077 | 311,827
Outstanding defined contribution pension costs |  | 15,962 | 30,860
Accruals |  | 396,279 | 250,570
Income tax liability |  | 6,882 | -
|  | 4,020,556 | 3,498,013
Due after one year |  |  |
Loans and borrowings | 21 | 159,359 | 304,068

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

18 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 October 2024 | 233,059 | 233,059
At 30 September 2025 | 233,059 | 233,059

19 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £103,960 (2024 - £76,128).
Contributions totalling £15,962 (2024 - £30,860) were payable to the scheme at the end of the year and are included in creditors.

20 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 14,689 | 14,689 | 14,689 | 14,689

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

21 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 39,949 | 111,690
Hire purchase contracts | 119,410 | 192,378
| 159,359 | 304,068

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 71,377 | 71,377
Bank overdrafts | 1,133,330 | 1,002,563
Hire purchase contracts | 142,305 | 125,457
| 1,347,012 | 1,199,397

Bank borrowings

Bank term loans are denominated in £ with a nominal interest rate of 3% above base rate, and the final instalment is due on 18 February 2027. The carrying amount at year end is £111,326 (2024 - £183,067). The bank term loan is secured by a charge over the company's leasehold premises The loan funds of £200,000 were advanced on 18 June 2024 and are repayable in equal instalments over a 32 month period with a final settlement date of 18 February 2027.

Bank overdrafts include balances secured against amounts owed by customers within trade debtors.

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

22 | Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 142,305 | 125,457
Later than one year and not later than five years | 119,410 | 192,378
| 261,715 | 317,835

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 335,346 | 661,999
Later than one year and not later than five years | 1,341,384 | 465,520
Later than five years | 334,200 | 389,900
| 2,010,930 | 1,517,419

The amount of non-cancellable operating lease payments recognised as an expense during the year was £334,346 (2024 - £661,940).

23 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £3.404 (2024 - £2.042) per ordinary share |  | 50,000 |  | 30,000

Gordano Support Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)

24 | Analysis of changes in net debt

| At 1 October 2024 £ | Financing cash flows £ | At 30 September 2025 £
Cash and cash equivalents |  |  |
Cash | 32,589 | 16,291 | 48,880
Overdrafts | (1,002,563) | (130,767) | (1,133,330)
| (969,974) | (114,476) | (1,084,450)
Borrowings |  |  |
Long term borrowings | (183,067) | 71,741 | (111,326)
Lease liabilities | (317,835) | 56,120 | (261,715)
| (500,902) | 127,861 | (373,041)
| (1,470,876) | 13,385 | (1,457,491)

25 | Related party transactions

Other transactions with directors

Advances totalling £256,780 made to directors in prior years were outstanding at the commencement of the year. During the year the directors repaid £150,000 to the company, and interest was applied to the outstanding balance at a rate of 3%-3.75%. At the balance sheet date an amount of £111,979 (2024 - £256,780) remained outstanding in advances and accrued interest.
During the year, Roberts & Co (Bristol) Limited, a company in which the director, Mr P Roberts, held a controlling interest in the peirod, provided services to the company totalling £28,700. At the year end date the company owed Roberts & Co (Bristol) Limited a balance of £Nil in respect of services provided.
During the year the company made ground rent payments totalling £55,700 (2024 - £55,700) to the GPL Executive Pension Trust, a pension scheme in which the directors, M J Bull, N J Bull, J E Bull and LS Selwyn are trustees. The above ground rental is at market-value and is subject to a lease term of 35 years commencing 16 January 2001. The associated remaining total lease commitment of £612,700 (£55,700 per annum for 11 years) is disclosed within the operating lease commitments note.