Foremost Packaging Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Foremost Packaging Limited

Balance Sheet

31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	612,824	122,329
Current assets
Stocks		226,697	217,785
Debtors	6	876,306	810,915
Cash at bank and in hand		261,560	211,296
		1,364,563	1,239,996
Creditors: Amounts falling due within one year	7	(785,644)	(649,324)
Net current assets		578,919	590,672
Total assets less current liabilities		1,191,743	713,001
Creditors: Amounts falling due after more than one year	7	(277,790)	(34,761)
Provisions for liabilities		(150,406)	(27,385)
Net assets		763,547	650,855
Capital and reserves
Called up share capital	9	60,000	60,000
Profit and loss account		703,547	590,855
Shareholders' funds		763,547	650,855

Foremost Packaging Limited

Balance Sheet

31 October 2025

For the financial year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 July 2026 and signed on its behalf by:
 

......................................... Mr S Burgin Company secretary and director

Company Registration Number: 02422231

Foremost Packaging Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2025

1	General information

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

The address of its registered office is:
1 Kemmings Close
Paignton
Devon
TQ4 7TW

These financial statements were authorised for issue by the Board on 28 July 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

Basis of preparation

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

The functional and presentational currency is pounds sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities, and is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Foremost Packaging Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class	Depreciation method and rate
Leasehold property	Over the life of the lease
Plant and machinery	10% to 33.3% straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Foremost Packaging Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2024 - 20).

4	Intangible assets

	Goodwill  £
Cost or valuation
At 1 November 2024	65,000
At 31 October 2025	65,000
Amortisation
At 1 November 2024	65,000
At 31 October 2025	65,000
Carrying amount
At 31 October 2025	-
At 31 October 2024	-

Foremost Packaging Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2025

5	Tangible assets

	Land and buildings £	Plant and machinery £	Total £
Cost or valuation
At 1 November 2024	28,200	908,497	936,697
Additions	-	517,478	517,478
At 31 October 2025	28,200	1,425,975	1,454,175
Depreciation
At 1 November 2024	28,200	786,168	814,368
Charge for the year	-	26,983	26,983
At 31 October 2025	28,200	813,151	841,351
Carrying amount
At 31 October 2025	-	612,824	612,824
At 31 October 2024	-	122,329	122,329

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of short leasehold land and buildings.
 

6

Debtors

	Note	2025 £	2024 £
Trade debtors		444,859	572,743
Amounts owed by group undertakings	10	-	47,567
Prepayments		43,008	30,267
Other debtors		388,439	160,338
		876,306	810,915

Foremost Packaging Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	101,680	46,071
Trade creditors		444,423	383,161
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	62,917	-
Taxation and social security		72,798	173,285
Accruals and deferred income		100,861	43,979
Other creditors		2,965	2,828
		785,644	649,324

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	277,790	34,761

Foremost Packaging Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2025

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	275,766	26,667
Hire purchase liabilities	2,024	8,094
	277,790	34,761

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	95,609	40,000
Hire purchase liabilities	6,071	6,071
	101,680	46,071

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	60,000	60,000	60,000	60,000

10	Related party transactions

Summary of transactions with parent

Oyster House Limited (ultimate parent company)
Interest free loans were provided. At the balance sheet date the amount due to Oyster House Limited was £62,917 (2024: £(47,567)).

11	Parent and ultimate parent undertaking

The company's immediate parent is BFP Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Oyster House Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr S Burgin, director.