REGISTERED NUMBER: 01854737 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025

FOR

U.K. PACKAGING SUPPLIES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

A G Dark

Mrs D T Dark

Ms T M Sullivan

B Young

SECRETARY:

A G Dark

REGISTERED OFFICE:

100 Brantwood Road

Tottenham

London

N17 0XY

REGISTERED NUMBER:

01854737 (England and Wales)

SENIOR STATUTORY AUDITOR:

Paul Harris FCCA ACA

AUDITORS:

Chegwidden & Co

Statutory Auditors

Chartered Accountants

Priestley House

Priestley Gardens

Chadwell Heath

Essex, RM6 4SN

The directors present their strategic report for the year ended 31st October 2025.

REVIEW OF BUSINESS

Over 40 years in UK Packaging; deliveries via own fleet supporting service continuity and cost control.

Operations span B2B bulk generic and bespoke packaging, bespoke corrugated cartons and printed tape (Newmarket), cut foam (Lancing), imported lines.

Integrated quality and environmental framework certified to ISO 9001:2015 and ISO 14001:2015.

2024/25 was another good year, with continued development and expansion of services.

PRINCIPAL RISKS AND UNCERTAINTIES

EPR regulatory change: single largest forward cost variable (see above); managed through compliance methodology, customer declarations, RAM-driven portfolio review and pricing/contract review.

Competition: mitigated by service quality, technical expertise, breadth of product range and depot network reach.

Employee retention: managed via competitive remuneration, training investment and a long-standing culture supporting low turnover.

Supply chain: diversified supplier base, in-house manufacturing at Newmarket and Lancing, and active stockholding across five depots.

EU PPWR: phased requirements to 2030 monitored for indirect impact.

EXTENDED PRODUCER RESPONSIBILITY (EPR)

Registered as a Large Producer with the Environment Agency (ID 100410); compliance discharged via Paperpak Ltd (Member ID PPK2602).

Bi-annual data returns submitted on time; PRN and PERN recycling obligations met in full.

Modulated disposal fees commenced in 2025 and are expected to rise materially as RAM modulation factors increase.

Exposure managed via RAM assessment programme, household percentage methodology, customer declarations, and portfolio review to shift Amber/Red rated materials toward Green.

Anticipated closure of the wholesale merchant obligation chain gap could add EPR costs depending on the mechanism adopted and household share of affected volumes.

EU PPWR monitored; direct impact lower than UK EPR given predominantly UK supply base, but indirect effects expected via supplier reformulation and UK regulatory trajectory.

KEY PERFORMANCE INDICATORS ("KPI")

The company assesses the following key performance indicators:

Revenue: £51,550,908 (FY24: £47,940,575) - up 7.53%.

Gross margin: £19,004,910 (FY24: £18,583,646) - up 2.27%.

EBITDA: £2,598,987 (FY24: £4,430,179) - down 41.33%.

Cash balances: £3,253,388 (FY24: £5,142,167) - down 36.73%.

EBITDA reflects a step-change in regulatory cost base (EPR compliance, PRN/PERN, early modulated disposal fees), targeted investment in capacity and compliance, and supplier cost pass-through timing - not an underlying deterioration in trading. Pricing review and RAM-driven portfolio adjustments are in place to recover margin in FY26.

ON BEHALF OF THE BOARD:

A G Dark - Director

19th June 2026

The directors present their report with the financial statements of the company for the year ended 31st October 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31st October 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st November 2024 to the date of this report.

A G Dark

Mrs D T Dark

Ms T M Sullivan

B Young

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Chegwidden & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A G Dark - Director

19th June 2026

Opinion

We have audited the financial statements of U.K. Packaging Supplies Limited (the 'company') for the year ended 31st October 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31st October 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

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.

Responsibilities of directors

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

Auditors' 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 a Report of the Auditors 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.

- Enquiry of management, those charged with governance and the entity's solicitors (or in house

legal team) around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-

compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess

compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries

and other adjustments for appropriateness, and evaluating the business rationale of significant

transactions outside the normal course of business.

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 Report of the Auditors.

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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Harris FCCA ACA (Senior Statutory Auditor)

for and on behalf of Chegwidden & Co

Statutory Auditors

Chartered Accountants

Priestley House

Priestley Gardens

Chadwell Heath

Essex, RM6 4SN

22nd June 2026

TURNOVER

51,550,908

47,940,575

Cost of sales

32,545,998

29,356,929

GROSS PROFIT

19,004,910

18,583,646

Distribution costs

1,683,724

1,517,495

Administrative expenses

15,832,290

13,216,463

17,516,014

14,733,958

OPERATING PROFIT

4

1,488,896

3,849,688

Interest receivable and similar income

106,745

84,714

1,595,641

3,934,402

Interest payable and similar expenses

5

83,732

119,293

PROFIT BEFORE TAXATION

1,511,909

3,815,109

Tax on profit

6

981,721

975,212

PROFIT FOR THE FINANCIAL YEAR

530,188

2,839,897

PROFIT FOR THE YEAR

530,188

2,839,897

OTHER COMPREHENSIVE INCOME

Revaluation in year

2,000,000

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

2,000,000

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,530,188

2,839,897

FIXED ASSETS

Intangible assets

7

1,370,837

1,720,837

Tangible assets

8

17,594,303

15,349,832

18,965,140

17,070,669

CURRENT ASSETS

Stocks

9

2,299,276

2,115,127

Debtors

10

11,653,351

9,473,822

Cash at bank

3,255,514

5,144,293

17,208,141

16,733,242

CREDITORS

Amounts falling due within one year

11

12,847,122

12,537,662

NET CURRENT ASSETS

4,361,019

4,195,580

TOTAL ASSETS LESS CURRENT LIABILITIES

23,326,159

21,266,249

CREDITORS

Amounts falling due after more than one year

12

(42,523

)

(999,052

)

PROVISIONS FOR LIABILITIES

16

(2,276,527

)

(1,790,276

)

NET ASSETS

21,007,109

18,476,921

CAPITAL AND RESERVES

Called up share capital

17

100,000

100,000

Revaluation reserve

18

7,747,606

6,247,606

Retained earnings

18

13,159,503

12,129,315

SHAREHOLDERS' FUNDS

21,007,109

18,476,921

The financial statements were approved by the Board of Directors and authorised for issue on 19th June 2026 and were signed on its behalf by:

A G Dark - Director

Ms T M Sullivan - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st November 2023

100,000

9,289,418

6,247,606

15,637,024

Changes in equity

Total comprehensive income

-

2,839,897

-

2,839,897

Balance at 31st October 2024

100,000

12,129,315

6,247,606

18,476,921

Changes in equity

Total comprehensive income

-

1,030,188

1,500,000

2,530,188

Balance at 31st October 2025

100,000

13,159,503

7,747,606

21,007,109

Cash flows from operating activities

Cash generated from operations

1

3,328,405

3,116,574

Interest paid

(61,188

)

(94,544

)

Interest element of hire purchase payments paid

(22,544

)

(24,749

)

Tax paid

(576,838

)

(1,516,500

)

Net cash from operating activities

2,667,835

1,480,781

Cash flows from investing activities

Purchase of tangible fixed assets

(916,945

)

(1,215,311

)

Sale of tangible fixed assets

23,467

32,458

Interest received

106,745

84,714

Net cash from investing activities

(786,733

)

(1,098,139

)

Cash flows from financing activities

Loan repayments in year

(1,820,532

)

(2,367,354

)

Capital repayments in year

(187,649

)

(238,160

)

Amount introduced by directors

-

408,179

Amount withdrawn by directors

(1,761,700

)

-

Net cash from financing activities

(3,769,881

)

(2,197,335

)

Decrease in cash and cash equivalents

(1,888,779

)

(1,814,693

)

Cash and cash equivalents at beginning of year

2

5,142,167

6,956,860

Cash and cash equivalents at end of year

2

3,253,388

5,142,167

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,511,909

3,815,109

Depreciation charges

1,003,346

495,777

(Profit)/loss on disposal of fixed assets

(4,338

)

6,538

Finance costs

83,732

119,293

Finance income

(106,745

)

(84,714

)

2,487,904

4,352,003

Increase in stocks

(184,149

)

(304,447

)

Increase in trade and other debtors

(417,829

)

(2,054,912

)

Increase in trade and other creditors

1,442,479

1,123,930

Cash generated from operations

3,328,405

3,116,574

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

3,255,514

5,144,293

Bank overdrafts

(2,126

)

(2,126

)

3,253,388

5,142,167

Year ended 31st October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

5,144,293

6,958,986

Bank overdrafts

(2,126

)

(2,126

)

5,142,167

6,956,860

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank

5,144,293

(1,888,779

)

3,255,514

Bank overdrafts

(2,126

)

-

(2,126

)

5,142,167

(1,888,779

)

3,253,388

Debt

Finance leases

(343,597

)

187,649

(155,948

)

Debts falling due within 1 year

(980,532

)

980,532

-

(1,324,129

)

1,168,181

(155,948

)

Total

3,818,038

(720,598

)

3,097,440

1.	STATUTORY INFORMATION

U.K. Packaging Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property - No Depreciation

Plant and machinery - 20% on reducing balance

Motor vehicles - 25% on reducing balance

No depreciation is charged on the freehold property, since it is regularly maintained, and the directors believe that any provision will be immaterial. This policy is not in accordance with FRS 102, but is considered necessary to show a true and fair view.

Before transitioning to FRS 102, the company adopted a policy of revaluing freehold property and they were stated at their revalued amount less any subsequent accumulated impairment losses.

Stocks

Stocks (inventories) are stated at the lower of cost and estimated selling price less costs to complete and sell. Inventories are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes

and duties and transport and handling directly attributable to bringing the inventory to its present location

and condition. The cost of manufactured finished goods includes design costs, raw materials, direct labour and other direct costs and related production overheads (based on normal operating capacity).

At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an

impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is

recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a

credit in the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

9,521,453

8,254,340

Social security costs

1,246,742

963,380

Other pension costs

178,656

210,132

10,946,851

9,427,852

The average number of employees during the year was as follows:

2025

2024

Selling and administration

150

145

2025

2024

£

£

Directors' remuneration

3,631,042

3,096,744

Directors' pension contributions to money purchase schemes

49,125

108,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

3,181,010

2,195,060

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

479,695

225,661

Depreciation - assets on hire purchase contracts

173,650

240,949

(Profit)/loss on disposal of fixed assets

(4,338

)

6,538

Goodwill amortisation

350,000

29,167

Auditors' remuneration

15,000

14,500

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

25,153

58,509

Life policy on loan

36,035

36,035

Hire purchase

22,544

24,749

83,732

119,293

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

495,470

799,325

Deferred tax

486,251

175,887

Tax on profit

981,721

975,212

UK corporation tax has been charged at 25% (2024 - 25%).