| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| FOR |
| SGL CO-PACKING LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| FOR |
| SGL CO-PACKING LIMITED |
| SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2025 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SGL CO-PACKING LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 19-20 Bourne Court |
| Southend Road |
| Woodford Green |
| Essex |
| IG8 8HD |
| SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061) |
| ABRIDGED BALANCE SHEET |
| 31 December 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium | 8 |
| Revaluation reserve | 8 |
| Retained earnings | 8 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2025 |
| 1. | STATUTORY INFORMATION |
| SGL Co-Packing Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of at least twelve months from when the financial statements are authorised for issue. |
| The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as going concern. The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Leasehold improvements | over the shorter life of the asset or term of the lease |
| Plant and equipment | 12.5% straight line |
| Fixtures and office equipment | 17.5% straight line |
| Motor Vehicles | 20% straight line |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Plant and machinery were revalued during the year and are carried at their revalued amounts less subsequent depreciation and impairment. Revaluation gains are credited to the revaluation reserve. |
| Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Taxation |
| Taxation for the year comprises current 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 |
| 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. The measurement of deferred tax liabilities and assets reflects 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 or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
| Foreign currencies |
| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets that are held by company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases. |
| Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred. |
| Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. |
| In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Provisions and liabilities |
| Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the balance sheet. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST OR VALUATION |
| At 1 January 2025 |
| Additions |
| Revaluations |
| At 31 December 2025 |
| DEPRECIATION |
| At 1 January 2025 |
| Charge for year |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| The net book value of and depreciation charge for the period on tangible fixed assets includes assets held under hire purchase contracts as follows: |
| 2025 | 2024 |
| £ | £ |
| Net book value |
| Plant and machinery | 0 | 1270 |
| Depreciation charged |
| Plant and machinery | 1,270 | 1,715 |
| 5. | FIXED ASSET INVESTMENTS |
| Information on investments other than loans is as follows: |
| Totals |
| £ |
| COST |
| At 1 January 2025 | 430,000 |
| Additions | 1,300,000 |
| At 31 December 2025 | 1,730,000 |
| NET BOOK VALUE |
| At 31 December 2025 | 1,730,000 |
| At 31 December 2024 | 430,000 |
| SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2025 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 19-20 Bourne Court, Southend Road, Woodford Green, Essex, IG8 8HD |
| Nature of business: |
| % |
| Class of shares: | holding |
| 6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other debtors |
| The deferred tax asset has been calculated based on the trading losses carried forward at 31 December 2025 and on the current corporation tax rate of 25%. Such losses are expected to be relieved in the financial years to December 2026 and 2027. |
| 7. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 211,002 | 34,062 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2025 |
| Movement in the year | 176,940 |
| Balance at 31 December 2025 |
| Deferred tax provision balance in the accounts relates to accelerated capital allowances accounted at the future tax rate at 25% (2024: 25%) |
| 8. | RESERVES |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2025 | 790,239 |
| Deficit for the year | ( |
) | ( |
) |
| Revaluation of plant and |
| machinery | - | - | 276,750 | 276,750 |
| At 31 December 2025 | 1,061,363 |
| SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2025 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £40,633 (2024: £38,001) during the year. There were no outstanding contributions at the balance sheet date (2024: Nil). |
| 11. | CONTINGENT LIABILITIES |
| The company has granted a floating charge to Barclays Bank plc over all of its assets as security for the borrowings of the Keswick Enterprises Group of companies. At 31 December 2025 group borrowings amounted to £2,680,302 (2024: £4,824,076). |
| 12. | CAPITAL COMMITMENTS |
| There were no capital commitments as at 31 December 2025 and as at 31 December 2024. |
| 13. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company's parent company is The Keswick Enterprises Group Ltd, which is a wholly owned subsidiary of The Keswick Enterprises Network Ltd. The ultimate controlling party is Mr J A Harvey by virtue of his majority shareholding in the group's parent company. |