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Registered number: 01636565 CAPS CASES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
CAPS CASES LIMITED COMPANY INFORMATION
DIRECTORS | T C Bissett
| M H Bissett
| J T Bissett
| N J Drewry
| D Bowman
| D Lochhead
COMPANY SECRETARY | N J Drewry
REGISTERED NUMBER | 01636565
REGISTERED OFFICE | Studlands Park Industrial Estate
| Newmarket
| Suffolk
| CB8 7AU
INDEPENDENT AUDITOR | PEM Audit Limited
| Statutory Auditor
| Salisbury House
| Station Road
| Cambridge
| CB1 2LA
CAPS CASES LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10 - 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 35
CAPS CASES LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
INTRODUCTION
This Strategic Report provides a balanced and comprehensive review of the Company’s performance and development during the year ended 31 October 2025, as well as its financial and operational position at the year end. The commentary is proportionate to the size and relatively non-complex nature of the business and has been prepared in the context of the principal risks and uncertainties that the Company faces.
BUSINESS REVIEW
The Company’s core activity during the year remained the manufacture of packaging materials. Operating within a highly competitive market environment and against a backdrop of sustained inflationary pressure, the Company delivered a resilient performance. Continued capital investment, prudent supply chain management, and the commitment of our workforce supported the maintenance of a reliable and efficient supply capability. Turnover for the year increased by 2%, to £30.2 million (2024 - £29.6 million). The gross profit margin declined slightly from 38% to 35% in the year, due to increased costs of production. With turnover remaining at a consistent level, yet increases to expenses being incurred like wage and salary obligations (driven by statutory minimum requirements), a full-year impact of depreciation, and additional rental expenses linked to capital investments and corporate acquisitions, contributed to a decrease in operating profit margin - from 2.6% in 2024 to (0.1%) in 2025. Looking ahead to the remainder of 2025 and into 2026, although overall demand for corrugated packaging has softened slightly, the Directors are confident in the Company’s ability to achieve growth by adapting to evolving market demands. In particular, demand for high-quality, high-graphic packaging solutions for the e-commerce sector remains robust, despite wider economic challenges.
FINANCIAL KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, the Directors consider that the most relevant performance indicators are those reflecting financial outcomes at a high level. These include: Key Metric 2025 2024 £ £ Turnover 30,195,779 29,596,153 Gross Profit 10,565,773 11,139,009 (Loss)/Profit Before Tax (509,599) 372,348 The Directors are of the view that further breakdown or analysis using additional performance metrics is not required to understand the Company’s financial performance or position. Page 1
CAPS CASES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
PRINCIPAL RISKS AND UNCERTAINTIES
The Company operates in an environment subject to a range of risks and uncertainties, predominantly influenced by the broader UK packaging industry. Factors such as fluctuations in board prices and general macroeconomic conditions can significantly impact performance. To manage its exposure, the Company identifies and mitigates key areas of financial risk, which include market risk, price risk, and credit risk. Measures implemented to address these risks include: • Preparation and ongoing monitoring of profit and loss budgets and cash flow forecasts. • Regular performance comparisons against budgeted expectations. Credit risk, arising primarily from trade debtors, is actively managed through: • Defined and regularly reviewed customer credit limits. • Use of credit reports, debtor ageing profiles, and collection history. • Maintenance of a trade credit insurance policy to further mitigate risk. The Company also maintains strong working relationships with its primary funders. All credit facilities have been extended or renewed as required. Interest rate risk is managed by selecting borrowing terms that align with the purpose of each facility, ensuring that financing costs remain controlled and appropriate. This report was approved by the board and signed on its behalf by:
T C Bissett Director
Date: 15 July 2026
Page 2
CAPS CASES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The Directors present their report and the financial statements for the year ended 31 October 2025.
PRINCIPAL ACTIVITY
The principal activity of the Company is the manufacture of paperboard containers.
RESULTS AND DIVIDENDS
The loss for the year, after taxation, amounted to £352,770 (2024 - profit £595,879). Dividends of £NIL (2024 - £NIL) were paid during the year. No final dividends have been recommended.
DIRECTORS
The Directors who served during the year were:
T C Bissett
M H Bissett
J T Bissett
N J Drewry
D Bowman
D Lochhead
DIRECTORS' RESPONSIBILITIES STATEMENT
The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; 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 to 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. Page 3
CAPS CASES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
FUTURE DEVELOPMENTS
The Company remains committed to maintaining an efficient and technologically advanced manufacturing process. In anticipation of sustained competitive pressures, we will continue to focus on the production of high-quality, specialist bespoke products and world-class print solutions. As part of our customer-focused approach, we will actively support clients in identifying opportunities to reduce packaging costs. This will be achieved through innovative design improvements and packaging rationalisation initiatives, helping to mitigate the inflationary challenges currently facing the UK packaging sector. Looking ahead, we expect continued robust demand for corrugated packaging, which is increasingly recognised as a sustainable and environmentally responsible (“Green”) solution.
RESEARCH AND DEVELOPMENT ACTIVITIES
During the year the Company continued to invest in research and development (R&D). Our R&D activities primarily centred on developing next-generation products that meet evolving customer demands in terms of performance, efficiency and sustainability. The Directors recognise the importance of R&D in driving the Company’s future growth and differentiation in the marketplace.
DISCLOSURE OF INFORMATION TO AUDITOR
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
POST BALANCE SHEET EVENTS
There have been no significant events affecting the Company since the year end other than those disclosed in note 29.
AUDITOR
Our auditor Peters Elworthy and Moore transferred their audit registration and therefore that part of their business to a newly incorporated limited company, PEM Audit Limited, on 1 September 2025. Accordingly, Peters Elworthy and Moore ceased to be the Company’s auditor with the Directors duly appointing PEM Audit Limited to fill the vacancy arising. The auditor, PEM Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf by:
T C Bissett Director
Date: 15 July 2026
Page 4
CAPS CASES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED
OPINION
We have audited the financial statements of Caps Cases Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 31 October 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. Page 5
CAPS CASES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINION 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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. Page 6
CAPS CASES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED (CONTINUED)
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with Directors and other management, and from our commercial knowledge and experience of the packaging sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and relevant taxation legislation; ∙in addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company's ability to operate or to avoid material penalties; ∙we obtained an understanding of the legal and regulatory framework applicable to the Company and of the Company’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance; ∙we made enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙laws and regulations identified were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. As a result of the above risk assessment procedures we identified the greatest risk of material misstatement on the financial statements arising from irregularities and fraud to be within the potential for management to override controls together with the risk of fraudulent revenue recognition. We considered the risk of fraudulent revenue recognition to be most prevalent in the cut-off of revenue. In response to these identified risks, we designed procedures which included, but were not limited to: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business; ∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; ∙we used Audit Data Analytics to review the client data for unusual trends/anomalies; and ∙performed substantive testing for a sample of revenue transactions and assessed whether revenue was recognised in the correct financial period. Page 7
CAPS CASES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED (CONTINUED) AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙we agreed the financial statement disclosures to underlying supporting documentation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; ∙we read the minutes of meetings of those charged with governance; ∙we discussed with those charged with governance and the entity’s solicitors actual and potential litigation and claims; and ∙we reviewed any correspondence with HMRC, relevant regulators and the Company’s legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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.
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. Thomas Hamilton (Senior Statutory Auditor) for and on behalf of PEM Audit Limited Statutory Auditor Salisbury House Station Road Cambridge CB1 2LA Date: 18 July 2026 Page 8
CAPS CASES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 30,195,779 | 29,596,153
Cost of sales |  | (19,630,006) | (18,457,144)
GROSS PROFIT |  | 10,565,773 | 11,139,009
Distribution costs |  | (2,035,540) | (1,942,718)
Administrative expenses |  | (8,546,516) | (8,475,864)
Exceptional items | 13 | (122,864) | 41,342
Other operating income | 5 | 95,000 | -
OPERATING (LOSS)/PROFIT | 6 | (44,147) | 761,769
Interest receivable and similar income | 10 | 298 | -
Interest payable and similar expenses | 11 | (465,750) | (389,421)
(LOSS)/PROFIT BEFORE TAX |  | (509,599) | 372,348
Tax on (loss)/profit | 12 | 156,829 | 223,531
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |  | (352,770) | 595,879
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024 - £NIL).
The notes on pages 13 to 35 form part of these financial statements.
Page 9
CAPS CASES LIMITED REGISTERED NUMBER: 01636565 BALANCE SHEET AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Intangible assets | 14 |  | 882,802 |  | 974,601
Tangible assets | 15 |  | 9,601,587 |  | 7,885,458
Investments | 16 |  | 151,595 |  | 208,867
|  |  | 10,635,984 |  | 9,068,926
CURRENT ASSETS |  |  |  |  |
Stocks | 17 | 568,954 |  | 635,517 |
Debtors: amounts falling due within one year | 18 | 13,478,554 |  | 14,082,371 |
Cash at bank and in hand | 19 | 133,730 |  | 193,449 |
|  | 14,181,238 |  | 14,911,337 |
Creditors: amounts falling due within one year | 20 | (11,429,588) |  | (11,030,428) |
NET CURRENT ASSETS |  |  | 2,751,650 |  | 3,880,909
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 13,387,634 |  | 12,949,835
Creditors: amounts falling due after more than one year | 21 |  | (2,576,787) |  | (1,757,480)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 24 | (1,803,415) |  | (1,832,153) |
|  |  | (1,803,415) |  | (1,832,153)
NET ASSETS |  |  | 9,007,432 |  | 9,360,202
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 25 |  | 6,000 |  | 6,000
Profit and loss account | 26 |  | 9,001,432 |  | 9,354,202
|  |  | 9,007,432 |  | 9,360,202
Page 10
CAPS CASES LIMITED REGISTERED NUMBER: 01636565 BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
T C Bissett
Director
Date: 15 July 2026
The notes on pages 13 to 35 form part of these financial statements. Page 11
CAPS CASES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
AT 1 NOVEMBER 2023 | 6,000 | 8,758,323 | 8,764,323
Profit for the year | - | 595,879 | 595,879
AT 1 NOVEMBER 2024 | 6,000 | 9,354,202 | 9,360,202
Loss for the year | - | (352,770) | (352,770)
AT 31 OCTOBER 2025 | 6,000 | 9,001,432 | 9,007,432
| The notes on pages 13 to 35 form part of these financial statements.
Page 12
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | GENERAL INFORMATION
Caps Cases Limited (the 'Company') is a private company limited by shares and incorporated in England and Wales. Its registered office and principal trading address is Studland Park Industrial Estate, Newmarket, Suffolk, CB8 7AU. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of CATMJ Limited as at 31 October 2025 and these financial statements may be obtained from Companies House.
| 2.3 | EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. Page 13
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | GOING CONCERN
The financial statements have been prepared on a going concern basis which assumes that the Company will have adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. In making their assessment, the Directors have reviewed the latest available financial information at the date of signing, including trading forecasts for the remainder of the financial year and the period beyond. The Company meets its day to day working capital requirements using cash reserves and bank borrowings for capital purchases. Business performance is reviewed monthly and the Directors acknowledge the ongoing turbulent global economic environment. However, having considered the adequacy of the Company's financial position at the time of approving the financial statements, noting the level of cash held, the cost base of the Company, the sales pipeline and approved budgets, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On the basis of their review they are therefore satisfied that it is appropriate to prepare the financial statements on the going concern basis.
| 2.5 | FOREIGN CURRENCY TRANSLATION
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Page 14
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | REVENUE
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. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.7 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.8 | LEASED ASSETS: THE COMPANY AS LESSEE
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.9 | RESEARCH AND DEVELOPMENT
Research and development expenditure is written off as incurred.
| 2.10 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.11 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 15
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.13 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.14 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.15 | EXCEPTIONAL ITEMS
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 16
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.16 | INTANGIBLE ASSETS
GOODWILL Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of 10 years. OTHER INTANGIBLE ASSETS Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The estimated useful life of other intangible assets is two years. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
| 2.17 | TANGIBLE FIXED ASSETS
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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a range of methods as set out below. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | 20% straight line
|  |  |  | Plant and machinery | - | 7.7% - 20% straight line or 15% - 33% reducing balance
|  |  |  | Motor vehicles | - | 25% straight line or 25% reducing balance
|  |  |  | Fixtures and fittings | - | 25% straight line or 15% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 17
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.18 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.19 | STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
| 2.20 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.21 | 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.
| 2.22 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.23 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 18
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.24 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 19
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.24 | FINANCIAL INSTRUMENTS (CONTINUED)
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 20
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make significant judgements and estimates. 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. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Depreciation and useful economic life of tangible fixed assets The determination of the useful economic lives and residual values of tangible fixed assets is a key area of judgement. Management reviews the expected useful lives of assets at each reporting date, taking into account factors such as the expected usage of the asset, physical wear and tear, technical or commercial obsolescence, and legal or similar limits on the use of the asset. Changes in these estimates could significantly affect the carrying amount of tangible fixed assets and the depreciation charge for the year. Where there is a change in the estimated useful life of an asset, the depreciation charge is adjusted prospectively. These estimates are based on historical experience and industry practice, and are reviewed regularly to ensure they remain appropriate. Amortisation and useful economic life of goodwill The Company determines the useful economic life of goodwill arising on business combinations based on management’s judgement of the period over which the acquired business is expected to generate economic benefits. This assessment considers factors such as the nature of the business, the stability of the industry, expected future cash flows, and the anticipated duration of customer relationships. The Company has determined a useful economic life of 10 years for goodwill recognised in the financial statements, based on the expected longevity of the acquired business’s operations and synergies. This estimate is reviewed annually and revised if there are indicators that the useful life has changed. Changes in the estimated useful life could have a material impact on the amortisation charge and the carrying amount of goodwill. Carrying value of investments in subsidiaries The Company assesses the carrying value of investments in subsidiaries at each reporting date to determine whether there is any indication of impairment. This assessment requires significant judgement, particularly in evaluating the future performance and financial position of the subsidiaries. Indicators of impairment may include recurring operating losses, deteriorating market conditions, or adverse changes in the economic environment. Where such indicators exist, the Company estimates the recoverable amount of the investment, which is the higher of fair value less costs to sell and value in use. This involves forecasting future cash flows and selecting appropriate discount rates, both of which require judgement and estimation. Changes in these assumptions could lead to material adjustments to the carrying value of the investments. Page 21
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of goods | 30,195,779 | 29,596,153
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 29,876,264 | 29,332,810
| Rest of Europe | 319,515 | 263,343
|  | 30,195,779 | 29,596,153
5. | OTHER OPERATING INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research and development tax credit income | 95,000 | -
6. | OPERATING (LOSS)/PROFIT
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 7,171 | 3,078
| Other operating lease rentals | 1,103,220 | 933,784
| Depreciation of tangible fixed assets | 1,278,902 | 1,168,849
| Amortisation of intangible fixed assets | 129,137 | 241,548
| Profit on disposal of tangible fixed assets | (299,181) | (50,254)
| Impairment of trade debtors | 25,059 | 30,817
| Impairment of stock | 86,085 | (56,952)
Page 22
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
7. | AUDITOR'S REMUNERATION
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 28,880 | 27,500
8. | EMPLOYEES
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,292,172 | 7,097,188
| Social security costs | 828,293 | 661,893
| Cost of defined contribution scheme | 137,515 | 130,891
|  | 8,257,980 | 7,889,972
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production staff | 194 | 194
|  | Administrative staff | 27 | 28
|  | Sales staff | 6 | 6
|  |  | 227 | 228
Page 23
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
9. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 235,585 | 148,407
| Company contributions to defined contribution pension schemes | 3,963 | 2,422
|  | 239,548 | 150,829
| During the year retirement benefits were accruing to 3 Directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £88,545 (2024 - £74,793).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £1,321 (2024 - £1,321).
10. | INTEREST RECEIVABLE AND SIMILAR INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 298 | -
Page 24
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loan interest payable | 22,380 | 3,569
| Other interest payable | 4,326 | 28,059
| Interest payable on factored debts | 245,392 | 231,873
| Finance leases and hire purchase contracts | 193,652 | 125,920
|  | 465,750 | 389,421
12. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CURRENT TAX |  |
| Corporation Tax on profits for the year | - | 63,090
| Adjustments in respect of previous periods | (63,090) | (206,607)
| TOTAL CURRENT TAX | (63,090) | (143,517)
| DEFERRED TAX |  |
| Origination and reversal of timing differences | (93,739) | (80,014)
| TOTAL DEFERRED TAX | (93,739) | (80,014)
| TAX ON (LOSS)/PROFIT | (156,829) | (223,531)
Page 25
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 12.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25.00% (2024 - 25.00%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (509,599) | 372,348
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2024 - 25.00%) | (127,400) | 93,087
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 38,396 | 105,232
| Capital allowances for year in excess of depreciation | 4,395 | 81,386
| Non-taxable write back of intercompany loans | - | (110,689)
| Research and development claim non-taxable income | - | (206,606)
| Movement in deferred tax not recognised | (106,773) | (185,941)
| Adjustments to tax charge in respect of prior periods | (63,090) | -
| Other permanent differences | 57 | -
| Group relief surrendered | 185,522 | -
| Other tax adjustments, reliefs and transfers | (22,935) | -
| Release of deferred tax provision arising on hive-up in the year | (65,001) | -
| TOTAL TAX CHARGE FOR THE YEAR | (156,829) | (223,531)
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges.
13. | EXCEPTIONAL ITEMS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Impairment of investment in subsidiaries | 21,179 | 401,414
| Write-off/(write-back) of intercompany loans | 101,685 | (442,756)
|  | 122,864 | (41,342)
Page 26
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | INTANGIBLE ASSETS
|  | Goodwill
|  | £
| COST |
| At 1 November 2024 | 1,241,585
| Additions | 37,338
| At 31 October 2025 | 1,278,923
| AMORTISATION |
| At 1 November 2024 | 266,984
| Charge for the year on owned assets | 129,137
| At 31 October 2025 | 396,121
| NET BOOK VALUE |
| At 31 October 2025 | 882,802
| At 31 October 2024 | 974,601
| Goodwill additions during the year arose from the hive up of trade and assets from two group companies in November 2024.
Page 27
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
15. | TANGIBLE FIXED ASSETS
|  | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |
| At 1 November 2024 | 123,437 | 16,489,156 | 720,454 | 650,832 | 17,983,879
| Additions | 9,252 | 2,764,019 | 11,895 | 3,523 | 2,788,689
| Transfer of assets on hive up | 50,055 | 397,243 | 117,199 | 12,023 | 576,520
| Disposals | - | (2,483,535) | (101,119) | (345,393) | (2,930,047)
| At 31 October 2025 | 182,744 | 17,166,883 | 748,429 | 320,985 | 18,419,041
| DEPRECIATION |  |  |  |  |
| At 1 November 2024 | 30,928 | 9,212,663 | 289,161 | 565,669 | 10,098,421
| Charge for the year on owned assets | 28,748 | 653,124 | 167,511 | 35,027 | 884,410
| Charge for the year on financed assets | - | 382,967 | 11,525 | - | 394,492
| Transfer of assets on hive up | 22,514 | 196,948 | 53,265 | 8,082 | 280,809
| Disposals | - | (2,412,292) | (86,093) | (342,293) | (2,840,678)
| At 31 October 2025 | 82,190 | 8,033,410 | 435,369 | 266,485 | 8,817,454
| NET BOOK VALUE |  |  |  |  |
| At 31 October 2025 | 100,554 | 9,133,473 | 313,060 | 54,500 | 9,601,587
| At 31 October 2024 | 92,509 | 7,276,493 | 431,293 | 85,163 | 7,885,458
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 5,265,165 | 3,486,984
Page 28
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 November 2024 | 610,281
| Disposals | (36,093)
| At 31 October 2025 | 574,188
| IMPAIRMENT |
| At 1 November 2024 | 401,414
| Charge for the period | 21,179
| At 31 October 2025 | 422,593
| NET BOOK VALUE |
| At 31 October 2025 | 151,595
| At 31 October 2024 | 208,867
| SUBSIDIARY UNDERTAKINGS
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Carry on Packaging Limited | (a) | Ordinary | 100%
| Prior Packaging Limited | (a) | Ordinary | 100%
| UK Corr Limited | (a) | Ordinary | 100%
| Reliant Packaging Limited * | (a) | Ordinary | 100%
| Nene Packaging Limited * | (a) | Ordinary | 100%
| * investments held indirectly (a) Caps Cases Limited, Studlands Park Industrial Estate, Newmarket, Suffolk, CB8 7AU Pos-Pack Limited was a subsidiary of the Company during the year and was dissolved on 24 December 2024. Subsequent to the year end, Reliant Packaging Limited was dissolved on 30 December 2025 and UK Corr Limited was dissolved on 10 March 2026.
Page 29
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
17. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 243,114 | 186,738
| Work in progress (goods to be sold) | 77,815 | 102,900
| Finished goods and goods for resale | 248,025 | 345,879
|  | 568,954 | 635,517
| Raw materials and consumables are stated net of a provision of £34,747 (2024 - £14,392) for slow moving and obsolete stock.
18. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors excluding factored debts | 571,066 | 232,967
| Factored debts | 6,721,610 | 6,987,985
| Amounts owed by group undertakings | 3,698,216 | 3,995,875
| Other debtors | 1,714,274 | 2,142,649
| Prepayments and accrued income | 663,756 | 711,828
| Tax recoverable | 109,632 | 11,067
|  | 13,478,554 | 14,082,371
| Trade debtors are stated net of a provision of £48,415 (2024 - £23,356) for bad and doubtful debts. Amounts owed by group undertakings are unsecured, interest free and repayable on demand. The Company has a debt factoring arrangement under which trade debtors are factored to a third party. The arrangement is with recourse, and as such, the Company retains the significant risks and rewards associated with the trade debtors.
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CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
19. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 133,730 | 193,449
20. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans (see note 22) | 282,028 | 169,427
| Other loans (see note 22) | - | 13,369
| Trade creditors | 4,034,094 | 4,022,099
| Corporation tax | - | 63,090
| Other taxation and social security | 870,823 | 767,869
| Obligations under finance lease and hire purchase contracts (see note 23) | 860,569 | 599,919
| Proceeds of factored debts | 4,691,208 | 4,520,145
| Other creditors | 79,803 | 219,484
| Accruals and deferred income | 611,063 | 655,026
|  | 11,429,588 | 11,030,428
| Proceeds of factored debts are secured against the related trade debtors and is subject to interest at 1.38% over the Bank of England Base Rate per annum.
21. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans (see note 22) | 322,289 | 380,573
| Obligations under finance leases and hire purchase contracts (see note 23) | 2,254,498 | 1,376,907
|  | 2,576,787 | 1,757,480
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CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
22. | LOANS
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| AMOUNTS FALLING DUE WITHIN ONE YEAR |  |
| Bank loans | 282,028 | 169,427
| Other loans | - | 13,369
|  | 282,028 | 182,796
| AMOUNTS FALLING DUE 1-2 YEARS |  |
| Bank loans | 303,771 | 183,334
|  | 303,771 | 183,334
| AMOUNTS FALLING DUE 2-5 YEARS |  |
| Bank loans | 18,518 | 197,239
|  | 18,518 | 197,239
|  | 604,317 | 563,369
| Bank loans comprise fixed rate commercial loans that accrue interest between 7.33% - 7.63% over the Bank of England Base Rate per annum. These loans were drawn down between October 2024 and January 2025 and are repayable in monthly instalments to October 2027 and December 2027. The loans are secured by a fixed charge over tangible fixed assets held by the Company.
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CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
23. | HIRE PURCHASE AND FINANCE LEASES
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 860,569 | 599,918
| Between 1-5 years | 1,775,955 | 1,376,907
| Over 5 years | 478,544 | -
|  | 3,115,068 | 1,976,825
| Obligations under finance leases and hire purchase contracts are secured over specific assets to which they relate.
24. | DEFERRED TAXATION
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 1,832,153 | 1,912,167
| Charged to profit or loss | (93,739) | (80,014)
| Arising on business combinations | 65,001 | -
| AT END OF YEAR | 1,803,415 | 1,832,153
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 2,036,509 | 1,834,668
| Short term timing differences | (2,677) | (2,515)
| Losses and other deductions | (230,417) | -
|  | 1,803,415 | 1,832,153
25. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 6,000 (2024 - 6,000) Ordinary shares of £1.00 each | 6,000 | 6,000
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CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
26. | RESERVES
Profit and loss account The profit and loss account reserve represents cumulative retained profits and losses of the Company, net of dividends paid and other appropriations.
27. | CAPITAL COMMITMENTS
| At 31 October 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | - | 2,247,344
28. | PENSION COMMITMENTS
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £137,515 (2024 - £130,891). Contributions totalling £25,304 (2024 - £24,596) were payable to the fund at the balance sheet date and are included in other creditors.
29. | COMMITMENTS UNDER OPERATING LEASES
| At 31 October 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 1,106,778 | 810,512
| Later than 1 year and not later than 5 years | 1,914,323 | 2,047,695
| Later than 5 years | 550,000 | 715,000
|  | 3,571,101 | 3,573,207
| Subsequent to the year end, in November 2025, the Company entered into variations of three existing operating lease agreements. The modified leases have remaining terms to March 2034 and give rise to additional future lease commitments of £1,774,000.
30.FINANCIAL GUARANTEES The Company has provided a cross guarantee in respect of the bank borrowings of the immediate parent undertaking, Tradegreat Limited. As at 31 October 2025, these borrowings amounted to £838,665 (2024 - £1,092,346). Page 34
CAPS CASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
31. | RELATED PARTY TRANSACTIONS
| Transactions with group companies The Company has taken advantage of the exemption available under FRS 102 Section 33.1A from disclosing transactions with wholly owned subsidiaries of the same group. Transactions with connected companies Included in other debtors is a loan of £1,499,906 (2024 - £1,229,936) to TMJB Investments Limited, a company under common control. The loan is unsecured, interest free and repayable on demand.
32. | CONTROLLING PARTY
The immediate parent undertaking is Tradegreat Limited and the ultimate parent undertaking is CATMJ Limited. These companies are both incorporated in England and Wales. The smallest and largest group in which the results of the Company are consolidated is that headed by CATMJ Limited. Copies of the consolidated financial statements can be obtained from Companies House. The Directors consider that no single individual exercises ultimate control over the ultimate parent undertaking and, accordingly, there is no ultimate controlling party.
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