47 false false false false true false false false false false false true false false false false false false No description of principal activity 2024-10-01 Sage Accounts Production Advanced 2025 - FRS102_2025 794,355 691,223 6,221 6,221 364,304 237,051 601,355 xbrli:pure xbrli:shares iso4217:GBP 10985950 2024-10-01 2025-09-30 10985950 2025-09-30 10985950 2024-09-30 10985950 2023-10-01 2024-09-30 10985950 2024-09-30 10985950 2023-09-30 10985950 core:NetGoodwill 2024-10-01 2025-09-30 10985950 core:LandBuildings core:LongLeaseholdAssets 2024-10-01 2025-09-30 10985950 core:FurnitureFittings 2024-10-01 2025-09-30 10985950 bus:OrdinaryShareClass1 2024-10-01 2025-09-30 10985950 bus:LeadAgentIfApplicable 2024-10-01 2025-09-30 10985950 bus:Director2 2024-10-01 2025-09-30 10985950 bus:Director1 2024-10-01 2025-09-30 10985950 core:WithinOneYear 2025-09-30 10985950 core:WithinOneYear 2024-09-30 10985950 core:NetGoodwill 2025-09-30 10985950 core:PlantMachinery 2024-09-30 10985950 core:FurnitureFittings 2024-09-30 10985950 core:LandBuildings 2025-09-30 10985950 core:PlantMachinery 2025-09-30 10985950 core:FurnitureFittings 2025-09-30 10985950 core:DeferredTaxation 2024-10-01 2025-09-30 10985950 core:LandBuildings 2024-10-01 2025-09-30 10985950 core:PlantMachinery 2024-10-01 2025-09-30 10985950 core:AfterOneYear 2025-09-30 10985950 core:AfterOneYear 2024-09-30 10985950 core:RevaluationReserve 2023-10-01 2024-09-30 10985950 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 10985950 core:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 10985950 core:UKTax 2024-10-01 2025-09-30 10985950 core:ShareCapital 2025-09-30 10985950 core:ShareCapital 2024-09-30 10985950 core:RevaluationReserve 2025-09-30 10985950 core:RevaluationReserve 2024-09-30 10985950 core:RetainedEarningsAccumulatedLosses 2025-09-30 10985950 core:RetainedEarningsAccumulatedLosses 2024-09-30 10985950 core:ShareCapital 2023-09-30 10985950 core:RevaluationReserve 2023-09-30 10985950 core:RetainedEarningsAccumulatedLosses 2023-09-30 10985950 core:PreviouslyStatedAmount core:ShareCapital 2025-09-30 10985950 core:PreviouslyStatedAmount core:RevaluationReserve 2025-09-30 10985950 core:PreviouslyStatedAmount core:RetainedEarningsAccumulatedLosses 2025-09-30 10985950 core:PreviouslyStatedAmount 2025-09-30 10985950 core:BetweenOneFiveYears 2025-09-30 10985950 core:BetweenOneFiveYears 2024-09-30 10985950 core:MoreThanFiveYears 2025-09-30 10985950 core:AcceleratedTaxDepreciationDeferredTax 2025-09-30 10985950 core:AcceleratedTaxDepreciationDeferredTax 2024-09-30 10985950 core:TaxLossesCarry-forwardsDeferredTax 2024-09-30 10985950 core:PlantMachinery 2024-09-30 10985950 core:FurnitureFittings 2024-09-30 10985950 core:DeferredTaxation 2024-09-30 10985950 core:DeferredTaxation 2025-09-30 10985950 bus:Director1 2024-09-30 10985950 bus:Director1 2025-09-30 10985950 bus:Director2 2024-09-30 10985950 bus:Director2 2025-09-30 10985950 bus:Director1 2023-09-30 10985950 bus:Director1 2024-09-30 10985950 bus:Director2 2023-09-30 10985950 bus:Director2 2024-09-30 10985950 bus:MediumEntities 2024-10-01 2025-09-30 10985950 bus:Audited 2024-10-01 2025-09-30 10985950 bus:Medium-sizedCompaniesRegimeForAccounts 2024-10-01 2025-09-30 10985950 bus:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 10985950 bus:FullAccounts 2024-10-01 2025-09-30 10985950 bus:OrdinaryShareClass1 2025-09-30 10985950 bus:OrdinaryShareClass1 2024-09-30 10985950 core:ComputerEquipment 2024-10-01 2025-09-30 10985950 core:ComputerEquipment 2024-09-30 10985950 core:ComputerEquipment 2025-09-30
COMPANY REGISTRATION NUMBER: 10985950

D & M Packaging Limited

Financial Statements

30 September 2025

D & M Packaging Limited

Financial Statements

Year ended 30th September 2025

Contents | Pages

Strategic Report | 1

Directors' Report | 2 to 3

Independent Auditor's Report to the Members | 4 to 7

Statement of Comprehensive Income | 8

Statement of Financial Position | 9

Statement of Changes in Equity | 10

Statement of Cash Flows | 11

Notes to the Financial Statements | 12 to 23

D & M Packaging Limited

Strategic Report

Year ended 30th September 2025
The directors present their strategic report for the year ended 30th September 2025. The principal activity of the company in the year of review is the supply of flexible packaging.
Business Review 2024/25 During the financial year under review, D&M Packaging Limited continued to grow and consolidate the positive financial performances of the last few years. Trading performance during the year has remained robust despite the ongoing market challenges, including labour shortages and cost inflation. Gross margin has been impacted slightly but due to the increased turnover the overall profit has increased. The Directors have reinvested into people, systems, and process improvements to support future growth, and this will continue over the coming years in order to focus on strengthening operational control in order to deliver sustained and scalable growth. Further investment in additional major capital equipment is also underway which will further enable the recent growth to continue. Looking ahead, the Directors anticipate a period of strong controlled growth. The Group is focused on expanding delivery capability through targeted recruitment, structured training, and leadership development, ensuring that team growth keeps pace with increasing workload while maintaining safety, quality, and commercial discipline. Mr M Peplinski Director.
Principal Risks and Uncertainties The principal risks facing the company relate to the availability and cost of skilled labour, ongoing cost inflation and regulatory change, cashflow timing associated with rapid growth, and project delivery risks linked to external programme dependencies. The Directors actively monitor these risks and believe that appropriate mitigation strategies and controls are in place. The Directors remain confident that the Company's strong client relationships, diversified pipeline, strengthened management structure, and continued investment in people and systems provide a solid foundation for sustainable growth.
Key Performance Indicators The directors consider the key measurement of effectiveness is profit before tax. For the year ended 30th September 2025 the profit before tax is £1,047,797 compared to £829,138 in the previous period. Turnover has increased in 2025 by 24.05% to £13,703,166 generating a gross profit of £3,497,177. The gross profit margin decreased slightly from 26.99% to 25.52%.
This report was approved by the board of directors on 30th June 2026 and signed on behalf of the board by:

Mr M Peplinski
Director

D & M Packaging Limited

Directors' Report

Year ended 30th September 2025
The directors present their report and the financial statements of the company for the year ended 30 September 2025 .
Directors
The directors who served the company during the year were as follows:

Mr D Moorcroft |
Mr M Peplinski |

Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 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 judgments and accounting estimates that are reasonable and prudent; - 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 30 June 2026 and signed on behalf of the board by:

Mr M Peplinski
Director

D & M Packaging Limited

Independent Auditor's Report to the Members of D & M Packaging Limited

Year ended 30th September 2025
Qualified opinion
We have audited the financial statements of D & M Packaging Limited (the 'company') for the year ended 30th September 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements: - give a true and fair view of the state of the company's affairs as at 30th September 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
The audit evidence available to us was limited because no audit had been undertaken in respect of the years ended 30th September 2023 or 30th September 2024 such that the physical stock with a carrying value of £1,861,148 as at 30th September 2023 and £1,510,934 as at 30th September 2024 were not verifiable. Owing to the nature of the company's records, we were unable to obtain sufficient audit evidence regarding stock quantities for any of the years by using other audit procedures.
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 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 qualified 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor'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: - Inquiry of management, those charged with governance and the company's solicitors around actual and potential litigation and claims; - Inquiry of company staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing 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 and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Jonathon Dale BA(Hons) FCA
(Senior Statutory Auditor)

For and on behalf of
Independent Auditors LLP
Chartered Accountants & Statutory Auditor
Emstrey House North
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

30 June 2026

D & M Packaging Limited

Statement of Comprehensive Income

Year ended 30th September 2025

| 2025 | 2024
|  | (restated)
Note | £ | £
Turnover | 4 | 13,703,166 | 11,046,623

Cost of sales | ( 10,205,989) | ( 8,064,565)
| -------------- | --------------
Gross Profit | 3,497,177 | 2,982,058

Administrative expenses | ( 2,333,073) | ( 2,099,318)
Other operating income | 5 | – | 28,298
|  | ------------- | -------------
Operating Profit | 6 | 1,164,104 | 911,038

Other interest receivable and similar income | 9 | – | 111
Interest payable and similar expenses | 10 | ( 116,307) | ( 82,011)
| ------------- | -------------
Profit Before Taxation | 1,047,797 | 829,138

Tax on profit | 11 | ( 253,442) | ( 137,915)
| ------------- | ----------
Profit for the Financial Year and Total Comprehensive Income | 794,355 | 691,223
| ------------- | ----------

All the activities of the company are from continuing operations.

D & M Packaging Limited

Statement of Financial Position

30 September 2025

| 2025 | 2024
|  |  | (restated)
Note | £ | £ | £

Fixed Assets

Tangible assets | 13 |  | 2,560,423 | 2,365,703

Current Assets

Stocks | 14 | 1,681,683 |  | 1,510,934
Debtors | 15 | 3,977,212 |  | 2,820,429
Cash at bank and in hand | 197,640 |  | 151,306
| ------------- |  | -------------
| 5,856,535 |  | 4,482,669

Creditors: amounts falling due within one year | 16 | ( 4,436,546) |  | ( 4,041,968)
| ------------- |  | -------------
Net Current Assets |  | 1,419,989 | 440,701
|  | ------------- | -------------
Total Assets Less Current Liabilities |  | 3,980,412 | 2,806,404

Creditors: amounts falling due after more than one year | 17 |  | ( 460,169) | ( 317,567)

Provisions

Taxation including deferred tax | 19 |  | ( 601,355) | ( 364,304)
|  | ------------- | -------------
Net Assets |  | 2,918,888 | 2,124,533
|  | ------------- | -------------

Capital and Reserves

Called up share capital | 24 |  | 2 | 2
Revaluation reserve | 25 |  | 118,929 | 118,929
Profit and loss account | 25 |  | 2,799,957 | 2,005,602
|  | ------------- | -------------
Shareholders Funds |  | 2,918,888 | 2,124,533
|  | ------------- | -------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 June 2026 , and are signed on behalf of the board by:

Mr M Peplinski
Director

Company registration number: 10985950

D & M Packaging Limited

Statement of Changes in Equity

Year ended 30th September 2025

| Called up share capital | Revaluation reserve | Profit and loss account | Total
Note | £ | £ | £ | £
At 1st October 2023 | 2 | 133,602 | 1,299,706 | 1,433,310
Profit for the year |  |  | 691,223 | 691,223
Other comprehensive income for the year: |  |  |  |
| Reclassification from revaluation reserve to profit and loss account | – | ( 14,673) | 14,673 | –
| ---- | ---------- | ------------- | -------------
Total Comprehensive Income for the Year | – | ( 14,673) | 705,896 | 691,223
At 30th September 2024 (as Previously Reported) | 2 | 118,929 | 2,056,702 | 2,175,633
Prior period adjustments | 23 | – | – | (51,100) | (51,100)
| ---- | ---------- | ------------- | -------------
At 30th September 2024 (Restated) | 2 | 118,929 | 2,005,602 | 2,124,533
| ---- | ---------- | ------------- | -------------
Profit for the year |  |  | 794,355 | 794,355
| ---- | ---------- | ------------- | -------------
Total Comprehensive Income for the Year | – | – | 794,355 | 794,355
| ---- | ---------- | ------------- | -------------
At 30th September 2025 | 2 | 118,929 | 2,799,957 | 2,918,888
| ---- | ---------- | ------------- | -------------

D & M Packaging Limited

Statement of Cash Flows

Year ended 30th September 2025

| 2025 | 2024
|  | (restated)
| £ | £

Cash Flows from Operating Activities

Profit for the financial year | 794,355 | 691,223

Adjustments for: |  |
Depreciation of tangible assets | 287,149 | 268,078
Government grant income | – | ( 28,298)
Other interest receivable and similar income | – | ( 111)
Interest payable and similar expenses | 116,307 | 82,011
Loss on disposal of tangible assets | 16,637 | –
Tax on profit | 253,442 | 137,915
Accrued expenses | 75,598 | 20,164

Changes in: |  |
Stocks | ( 170,749) | 350,214
Trade and other debtors | ( 1,156,783) | ( 978,762)
Trade and other creditors | 323,704 | 401,988
| ------------- | ----------
Cash generated from operations | 539,660 | 944,422

Interest paid | ( 116,307) | ( 82,011)
Interest received | – | 111
| ---------- | ----------
Net cash from operating activities | 423,353 | 862,522
| ---------- | ----------

Cash Flows from Investing Activities

Purchase of tangible assets | ( 507,507) | ( 509,281)
Proceeds from sale of tangible assets | 9,000 | –
| ---------- | ----------
Net cash used in investing activities | ( 498,507) | ( 509,281)
| ---------- | ----------

Cash Flows from Financing Activities

Proceeds from borrowings | 642,201 | –
Repayments of borrowings | ( 186,807) | ( 85,507)
Government grant income | – | 28,298
Payments of finance lease liabilities | ( 333,906) | ( 258,445)
| ---------- | ----------
Net cash from/(used in) financing activities | 121,488 | ( 315,654)
| ---------- | ----------

Net Increase in Cash and Cash Equivalents | 46,334 | 37,587
Cash and Cash Equivalents at Beginning of Year | 151,306 | 113,719
| ---------- | ----------
Cash and Cash Equivalents at End of Year | 197,640 | 151,306
| ---------- | ----------

D & M Packaging Limited

Notes to the Financial Statements

Year ended 30th September 2025
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Birchwood Grove, Twemlows Avenue, Higher Heath, Whitchurch, Shropshire, SY13 2EX.
2. Statement of Compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £ .
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | 20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Long leasehold property | - | 20% straight line
| Plant and machinery | - | 15% & 20% Straight Line
| Fixtures and fittings | - | 15% straight line
| Office equipment | - | 33% straight line

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a 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 intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2025 | 2024
|  | (restated)
| £ | £
Sale of goods | 13,703,166 | 11,046,623
| -------------- | --------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other Operating Income

| 2025 | 2024
|  | (restated)
| £ | £
Government grant income | – | 28,298
| ---- | --------

6. Operating Profit
Operating profit or loss is stated after charging/crediting:

| 2025 | 2024
|  | (restated)
| £ | £
Depreciation of tangible assets | 287,149 | 268,078
Loss on disposal of tangible assets | 16,637 | –
Impairment of trade debtors | (4,123) | 71,010
Operating lease rentals | 246,596 | 251,011
Foreign exchange differences | 3,243 | 50,274
Fees payable for the audit of the financial statements | 9,000 | –
| ---------- | ----------

7. Staff Costs
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Production staff | 27 | 24
Administrative staff | 18 | 16
Number of directors | 2 | 2
| ---- | ----
| 47 | 42
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
|  | (restated)
| £ | £
Wages and salaries | 2,301,789 | 1,843,815
Social security costs | 490 | 65
Other pension costs | 45,430 | 37,346
| ------------- | -------------
| 2,347,709 | 1,881,226
| ------------- | -------------

8. Directors' Remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
|  | (restated)
| £ | £
Remuneration | 11,002 | 9,885
| -------- | -------

9. Other Interest Receivable and Similar Income

| 2025 | 2024
|  | (restated)
| £ | £
Interest on cash and cash equivalents | – | 111
| ---- | ----

10. Interest Payable and Similar Expenses

| 2025 | 2024
|  | (restated)
| £ | £
Interest on banks loans and overdrafts | 6,855 | 11,533
Interest on obligations under finance leases and hire purchase contracts | 104,325 | 70,478
Other interest payable and similar charges | 5,127 | –
| ---------- | --------
| 116,307 | 82,011
| ---------- | --------

11. Tax on Profit
Major components of tax expense

| 2025 | 2024
|  | (restated)
| £ | £

Current tax:

UK current tax expense | 16,390 | –

Deferred tax:

Origination and reversal of timing differences | 237,052 | 137,915
| ---------- | ----------
Tax on profit | 253,442 | 137,915
| ---------- | ----------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 24.79 % (2024: 25 %).

| 2025 | 2024
|  | (restated)
| £ | £
Profit on ordinary activities before taxation | 1,047,797 | 829,138
| ------------- | ----------
Profit on ordinary activities by rate of tax | 259,709 | 207,284
Effect of expenses not deductible for tax purposes | ( 11,505) | 1,103
Effect of capital allowances and depreciation | ( 62,896) | ( 59,094)
Utilisation of tax losses | ( 34,784) | ( 66,046)
Research and Development claim | ( 138,149) | ( 83,144)
General provisions adjustment | ( 109) | ( 103)
Deferred tax | 237,052 | 137,915
Loss on disposal of fixed assets | 4,124 | –
| ------------- | ----------
Tax on profit | 253,442 | 137,915
| ------------- | ----------

12. Intangible Assets

| Goodwill
| £
Cost |
At 1st October 2024 (as restated) and 30th September 2025 | 6,221
| -------
Amortisation |
At 1st October 2024 and 30th September 2025 | 6,221
| -------
Carrying amount |
At 30th September 2025 | –
| -------
At 30th September 2024 | –
| -------

13. Tangible Assets

| Land and buildings | Plant and machinery | Fixtures and fittings | Equipment | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1st October 2024 (as restated) | – | 3,378,793 | 8,699 | 66,013 | 3,453,505
Additions | 2,926 | 496,429 | 2,695 | 5,456 | 507,506
Disposals | – | ( 50,000) | – | – | ( 50,000)
| ------- | ------------- | -------- | -------- | -------------
At 30th September 2025 | 2,926 | 3,825,222 | 11,394 | 71,469 | 3,911,011
| ------- | ------------- | -------- | -------- | -------------
Depreciation |  |  |  |  |
At 1st October 2024 | – | 1,039,487 | 3,924 | 44,391 | 1,087,802
Charge for the year | 272 | 275,249 | 1,193 | 10,435 | 287,149
Disposals | – | ( 24,363) | – | – | ( 24,363)
| ------- | ------------- | -------- | -------- | -------------
At 30th September 2025 | 272 | 1,290,373 | 5,117 | 54,826 | 1,350,588
| ------- | ------------- | -------- | -------- | -------------
Carrying amount |  |  |  |  |
At 30th September 2025 | 2,654 | 2,534,849 | 6,277 | 16,643 | 2,560,423
| ------- | ------------- | -------- | -------- | -------------
At 30th September 2024 | – | 2,339,306 | 4,775 | 21,622 | 2,365,703
| ------- | ------------- | -------- | -------- | -------------

14. Stocks

| 2025 | 2024
|  | (restated)
| £ | £
Raw materials and consumables | 1,681,683 | 1,510,934
| ------------- | -------------

15. Debtors

| 2025 | 2024
|  | (restated)
| £ | £
Trade debtors | 2,234,216 | 2,091,804
Amounts owed by group undertakings | 1,121,200 | –
Prepayments and accrued income | 532,287 | 581,721
Other debtors | 89,509 | 146,904
| ------------- | -------------
| 3,977,212 | 2,820,429
| ------------- | -------------

16. Creditors: amounts falling due within one year

| 2025 | 2024
|  | (restated)
| £ | £
Bank loans and overdrafts | 57,898 | 82,495
Trade creditors | 2,083,418 | 1,540,980
Accruals and deferred income | 219,949 | 321,904
Corporation tax | 16,390 | –
Social security and other taxes | 196,212 | 274,923
Obligations under finance leases and hire purchase contracts | 292,141 | 188,658
Director loan accounts | 272,641 | 372,641
Amounts owed to invoice discounters | 1,212,580 | 1,174,108
Other creditors | 85,317 | 86,259
| ------------- | -------------
| 4,436,546 | 4,041,968
| ------------- | -------------

The amount due to invoice discounters is secured against the trade debtors to which it has financed.
The hire purchase creditor is secured against the fixed assets to which they relate.
The bank loan is secured by a fixed and floating charge over the assets and undertaking of the company in favour of Lloyds Bank plc
17. Creditors: amounts falling due after more than one year

| 2025 | 2024
|  | (restated)
| £ | £
Bank loans and overdrafts | – | 62,210
Obligations under finance leases and hire purchase contracts | 460,169 | 255,357
| ---------- | ----------
| 460,169 | 317,567
| ---------- | ----------

The hire purchase creditor is secured against the fixed assets to which they relate.
18. Finance Leases and Hire Purchase Contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| 2025 | 2024
|  | (restated)
| £ | £
Not later than 1 year | 292,141 | 188,658
Later than 1 year and not later than 5 years | 460,169 | 255,357
| ---------- | ----------
| 752,310 | 444,015
| ---------- | ----------

19. Provisions

| Deferred tax (note 20)
| £
At 1st October 2024 (as restated) | 364,304
Additions | 237,051
| ----------
At 30th September 2025 | 601,355
| ----------

20. Deferred Tax
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
|  | (restated)
| £ | £
Included in provisions (note 19) | 601,355 | 364,304
| ---------- | ----------

The deferred tax account consists of the tax effect of timing differences in respect of:

| 2025 | 2024
|  | (restated)
| £ | £
Accelerated capital allowances | 601,355 | 538,729
Unused tax losses | – | ( 174,425)
| ---------- | ----------
| 601,355 | 364,304
| ---------- | ----------

21. Employee Benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 45,430 (2024: £ 37,346 ).
22. Government Grants
The amounts recognised in the financial statements for government grants are as follows:

| 2025 | 2024
|  | (restated)
| £ | £

Recognised in other operating income:

Government grants recognised directly in income | – | 28,298
| ---- | --------

23. Prior Period Errors
During the year it was discovered that the financial statements in respect of the year ended 30th September 2024 included an overstatement of turnover and an understatement of deferred income of £177,553 relating to sales that had been raised but not delivered as at 30th September 2024. The financial statements also included an overstatement of purchases and an understatement of closing stocks of £126,453 relating to these sales. The net impact of the above was an overstatement of profit and loss reserves at 30th September 2024 of £51,100 being the gross margin achieved on the sales. It was also discovered that the financial statements in respect of the year ended 30th September 2024 included an understatement of trade creditors and an understatement of prepayments of £278,453 which related to supplier invoices dated prior to 30th September 2024 in respect of goods and services received related to the year ended 30th September 2025. The above had no impact on the profit and loss reserves at 30th September 2024
24. Called Up Share Capital
Issued, called up and fully paid

| 2025 | 2024
|  |  | (restated)
| No. | £ | No. | £
Ordinary shares of £ 1 each | 2 | 2 | 2 | 2
| ---- | ---- | ---- | ----

25. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
|  | (restated)
| £ | £
Not later than 1 year | 85,250 | 10,429
Later than 1 year and not later than 5 years | 682,000 | –
Later than 5 years | 937,750 | –
| ------------- | --------
| 1,705,000 | 10,429
| ------------- | --------

27. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:

| 2025
|  | Balance brought forward | Amounts repaid | Balance outstanding
|  | £ | £ | £
| Mr D Moorcroft | ( 202,651) | 50,000 | ( 152,651)
| Mr M Peplinski | ( 169,990) | 50,000 | ( 119,990)
|  | ---------- | ---------- | ----------
|  | ( 372,641) | 100,000 | ( 272,641)
|  | ---------- | ---------- | ----------

| 2024
|  | Balance brought forward | Amounts repaid | Balance outstanding
|  | £ | £ | £
| Mr D Moorcroft | ( 202,651) | – | ( 202,651)
| Mr M Peplinski | ( 169,990) | – | ( 169,990)
|  | ---------- | ---- | ----------
|  | ( 372,641) | – | ( 372,641)
|  | ---------- | ---- | ----------

The non-interest bearing loans are repayable on demand.
28. Related Party Transactions
Included within other creditors is £80,477 (2024 - £80,477) owed to Mark Peplinski Technical Services Limited, a company controlled by one of the directors. Consultancy fees of £122,600 (2024 - £98,600) were charged by Mark Peplinski Technical Services Limited during the year. Amounts owed by group undertakings relates to £1,120,000 owed by the parent company D & M Packaging Holdco Limited, which is also controlled by one of the directors.
29. Controlling Party
The company's immediate parent undertaking is D & M Packaging Holdco Limited. The ultimate parent undertaking is also D & M Packaging Holdco Limited (incorporated in England & Wales). Its registered office is 21 Hall Enterprise Park, Weston Road, Haslington, Crewe, Cheshire,CW1 6UA. Copies of the group accounts may be obtained from the company's registered office.