Acopia Investments Ltd

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 10
Consolidated Profit and Loss Account	11
Consolidated Statement of Comprehensive Income	12
Consolidated Balance Sheet	13
Balance Sheet	14
Consolidated Statement of Changes in Equity	15 to 16
Statement of Changes in Equity	17
Consolidated Statement of Cash Flows	18 to 19
Statement of Cash Flows	20
Notes to the Financial Statements	21 to 42

Company Information

Directors

Mr Timothy Malcolm Lynes

Mr Russell John Lynes

Mr Wayne Anthony Lynes

Registered office

2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

Auditors

Lucraft Hodgson & Dawes LLP Chartered Accountants and Auditors 2/4 Ash Lane Rustington West Sussex BN16 3BZ

Acopia Investments Ltd

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the group is the wholesale of packaging products.

Fair review of the business

During the period under review, turnover of £17.2m (2024: £16.3m) was generated. The profit for the year, after taxation, amounted to £1.12m (2024: £1.98m).

Strong margin improvement and control of costs has contributed to continued pre-tax profit results. We have continued to invest in our team and have added 12 members overall; many in key positions.

At the balance sheet date the group had net assets of £10.2m (2024: £9.8m) and the net current assets of £4.1m (2024: £4.4m). The directors consider these to be adequate to meet the group's requirements for current activities and future growth.

The outlook for the group is positive. The directors plan to continue to develop the corporate activities over the coming year, and will continue to invest strongly in the business and keep the Acopia brand at the forefront of the market.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2025

2024

Gross Profit

%

38.6

40

Profit Before Tax

£m

1.37

2.67

Principal risks and uncertainties

The principal risk factors affecting the business, as set out in the following directors’ report, are kept under constant review and appropriate steps are taken to mitigate those risks.

The directors consider that robust risk management procedures are critical to overall business continuity. These procedures are further developed each year as the business grows.

Approved by the Board on 24 July 2026 and signed on its behalf by:

.........................................
Mr Russell John Lynes
Director

Acopia Investments Ltd

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the for the year ended 31 December 2025.

Directors of the group

The directors who held office during the year were as follows:

Mr Timothy Malcolm Lynes

Mr Russell John Lynes

Mr Wayne Anthony Lynes

Financial instruments

Objectives and policies

The group uses financial instruments other than derivatives comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The main risks arising from the group's financial instruments are interest rate risk and liquidity risk The directors review and agree policies for managing each of these risks and they are summarised below.

Price risk, credit risk, liquidity risk and cash flow risk

The group finances its operations through a mixture of reserves, related party loans and bank finance. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

The increase in the Bank of England base rate during recent years has meant that the overall cost of borrowing has increased significantly. The directors keep borrowing levels under regular review.

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable requirements. The group's policy throughout the period has been to ensure close management of working capital to mitigate such risks.

Global Conflicts:

Russia’s invasion of Ukraine and conflict in the Middle East continues to cause an elevated risk of supply chain disruptions and impacts on commodity prices. Any of these factors, individually or in aggregate, could have a material effect on our earnings, cash flows and financial condition. At present there has been no such impact.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 24 July 2026 and signed on its behalf by:

Acopia Investments Ltd

Directors' Report for the Year Ended 31 December 2025 (continued)

.........................................
Mr Russell John Lynes
Director

Acopia Investments Ltd

Statement of Directors' Responsibilities

The directors are responsible for preparing the Annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;
•	make judgements and accounting estimates that are reasonable and prudent;
•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Acopia Investments Ltd

Independent Auditor's Report to the Members of Acopia Investments Ltd

Opinion

We have audited the financial statements of Acopia Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31/12/2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 31/12/2025 and of the group's profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Acopia Investments Ltd

Independent Auditor's Report to the Members of Acopia Investments Ltd (continued)

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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent company financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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.

Acopia Investments Ltd

Independent Auditor's Report to the Members of Acopia Investments Ltd (continued)

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Acopia Investments Ltd

Independent Auditor's Report to the Members of Acopia Investments Ltd (continued)

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the group were identified through discussions with directors and other management and from our commercial knowledge and experience. Of these laws and regulations, we focused on those that we considered may have a direct material impact on the financial statements or the operations of the company.

Our assessment of the laws and regulations that may materially affect the financial statements or operations of the group included the Companies Act 2006, taxation legislation, employment law, health and safety regulations and environmental regulations. We also considered GDPR, anti-money laundering, FCA rules and the Consumer Credit Act throughout the audit. The extent of the group's compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting correspondence and other documentation. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the duration of the audit.

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquiries of management and directors as to where they have considered there is a susceptibility to fraud, and their knowledge of actual, suspected or alleged fraud;
• Considering the internal controls in place to mitigate the risk of fraud and non-compliance with laws and regulations.

To address the risk of fraud arising through management bias and override of controls we have:
• Performed analytical procedures to identify any unusual or unexpected relationships or balances;
• Tested journal entries to identify unusual transactions;
• Assessed whether judgements and assumptions made in determining the accounting estimates of the group were indicative of potential bias; and
• Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• Agreeing disclosures in these financial statements to underlying supporting documentation;
• Enquiring of management as to actual and potential litigation and claims; and
• Reviewing correspondence with HMRC and the group’s legal advisors.

There are inherent limitations in our audit procedures described above. The further removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identified non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence where present. Material misstatements that arise due to fraud can be more difficult to detect than those arising from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Acopia Investments Ltd

Independent Auditor's Report to the Members of Acopia Investments Ltd (continued)

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.

......................................
Adam Hickie FCA CTA (Senior Statutory Auditor)
For and on behalf of Lucraft Hodgson & Dawes LLP, Statutory Auditor
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

24/07/2026

Acopia Investments Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Turnover	3	17,151,871	16,328,409
Cost of sales		(10,526,009)	(9,753,600)
Gross profit		6,625,862	6,574,809
Administrative expenses		(5,235,353)	(3,914,828)
Other operating income	4	16,209	3,954
Operating profit	6	1,406,718	2,663,935
Other interest receivable and similar income	7	22,766	32,538
Interest payable and similar charges	8	(64,376)	(23,719)
Profit before tax		1,365,108	2,672,754
Taxation	12	(247,736)	(697,344)
Profit for the financial year		1,117,372	1,975,410
Profit/(loss) attributable to:
Owners of the company		1,117,372	1,975,410

Acopia Investments Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Profit for the year		1,117,372	1,975,410
Surplus/deficit on property, plant and equipment revaluation		(38,956)	-
Foreign currency translation gains/losses		3,496	-
Total comprehensive income for the year		1,081,912	1,975,410
Total comprehensive income attributable to:
Owners of the company		1,081,912	1,975,410
		1,081,912	1,975,410

Acopia Investments Ltd

(Registration number: 11136227)
Consolidated Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	13	1,012,535	1,191,256
Tangible assets	14	4,601,150	4,762,794
Investment property		950,000	-
Other financial assets	16	15	15
		6,563,700	5,954,065
Current assets
Stocks	17	2,706,663	3,182,226
Debtors	18	2,754,018	2,960,096
Cash at bank and in hand		1,068,925	918,249
		6,529,606	7,060,571
Creditors: Amounts falling due within one year	20	(2,429,648)	(2,687,067)
Net current assets		4,099,958	4,373,504
Total assets less current liabilities		10,663,658	10,327,569
Provisions for liabilities	21	(456,196)	(514,063)
Net assets		10,207,462	9,813,506
Capital and reserves
Called up share capital	23	750	750
Revaluation reserve		1,348,387	1,387,343
Other reserves		3,496	-
Profit and loss account		8,854,829	8,425,413
Equity attributable to owners of the company		10,207,462	9,813,506
Total equity		10,207,462	9,813,506

Approved and authorised by the Board on 24 July 2026 and signed on its behalf by:

.........................................

Mr Russell John Lynes

Director

Acopia Investments Ltd

(Registration number: 11136227)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Investments	15	2,010,780	2,010,780
Current assets
Debtors	18	80	80
Creditors: Amounts falling due within one year	20	(2,010,110)	(2,010,110)
Net current liabilities		(2,010,030)	(2,010,030)
Net assets		750	750
Capital and reserves
Called up share capital		750	750
Total equity		750	750

The company made a profit after tax for the financial year of £473,000 (2024 - profit of £416,000).

The company has taken advantage of the exemption not to include its profit and loss account as per s408 of Companies Act 2006.

Approved and authorised by the Board on 24 July 2026 and signed on its behalf by:

.........................................

Mr Russell John Lynes

Director

Acopia Investments Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company

	Share capital £	Foreign currency translation reserve £	Revaluation reserve £	Retained earnings £
At 1 January 2025	750	-	1,387,343	8,425,413
Profit for the year	-	-	-	1,117,372
Other comprehensive income	-	3,496	(38,956)	-
Total comprehensive income	-	3,496	(38,956)	1,117,372
Dividends	-	-	-	(688,000)
Decrease in ownership interests in subsidiaries that do not result in a loss of control	-	-	-	44
At 31 December 2025	750	3,496	1,348,387	8,854,829

	Total £	Total equity £
At 1 January 2025	9,813,506	9,813,506
Profit for the year	1,117,372	1,117,372
Other comprehensive income	(35,460)	(35,460)
Total comprehensive income	1,081,912	1,081,912
Dividends	(688,000)	(688,000)
Decrease in ownership interests in subsidiaries that do not result in a loss of control	44	44
At 31 December 2025	10,207,462	10,207,462

	Share capital £	Revaluation reserve £	Retained earnings £	Total £
At 1 January 2024	750	1,387,343	7,019,628	8,407,721
Profit for the year	-	-	1,975,410	1,975,410
Dividends	-	-	(569,625)	(569,625)
At 31 December 2024	750	1,387,343	8,425,413	9,813,506

Acopia Investments Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025 (continued)
Equity attributable to the parent company

	Total equity £
At 1 January 2024	8,407,721
Profit for the year	1,975,410
Dividends	(569,625)
At 31 December 2024	9,813,506

Acopia Investments Ltd

Statement of Changes in Equity for the Year Ended 31 December 2025

	Share capital £	Retained earnings £	Total £
At 1 January 2025	750	-	750
Profit for the year	-	473,000	473,000
Dividends	-	(473,000)	(473,000)
At 31 December 2025	750	-	750

	Share capital £	Retained earnings £	Total £
At 1 January 2024	750	-	750
Profit for the year	-	416,000	416,000
Dividends	-	(416,000)	(416,000)
At 31 December 2024	750	-	750

Acopia Investments Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Profit for the year		1,117,372	1,975,410
Adjustments to cash flows from non-cash items
Depreciation and amortisation	6	374,447	340,408
Changes in fair value of investment property		262,752	-
Loss on disposal of tangible assets	5	7,570	-
Finance income	7	(22,766)	(32,538)
Finance costs	8	25,255	61,140
Income tax expense	12	247,736	697,344
Foreign exchange gains/losses		3,496	-
		2,015,862	3,041,764
Working capital adjustments
Decrease/(increase) in stocks	17	475,563	(372,061)
Decrease/(increase) in trade debtors	18	206,078	(44,080)
Increase/(decrease) in trade creditors	20	278,951	(413,395)
Decrease in deferred income, including government grants		(13,860)	-
Cash generated from operations		2,962,594	2,212,228
Income taxes paid	12	(661,961)	(855,277)
Net cash flow from operating activities		2,300,633	1,356,951
Cash flows from investing activities
Interest received		22,766	32,538
Acquisitions of tangible assets		(35,068)	(89,014)
Acquisition of intangible assets	13	(6,733)	(8,213)
Acquisition of investment properties		(1,212,752)	-
Net cash flows from investing activities		(1,231,787)	(64,689)
Cash flows from financing activities
Interest paid	8	(25,255)	(61,140)
Repayment of bank borrowing		(100,585)	(644,723)
Proceeds from other borrowing draw downs		508,501	-
Repayment of other borrowing		(602,353)	(626,026)
Dividends paid		(688,000)	(569,625)
Net cash flows from financing activities		(907,692)	(1,901,514)
Net increase/(decrease) in cash and cash equivalents		161,154	(609,252)
Cash and cash equivalents at 1 January		907,111	1,516,363

Acopia Investments Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2025 (continued)

	Note	2025 £	2024 £
Cash and cash equivalents at 31 December		1,068,265	907,111

Acopia Investments Ltd

Statement of Cash Flows for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Profit for the year		473,000	416,000
Adjustments to cash flows from non-cash items
Finance income		(473,000)	(416,000)
Net cash flow from operating activities		-	-
Cash flows from investing activities
Interest received		473,000	416,000
Cash flows from financing activities
Dividends paid		(473,000)	(416,000)
Net increase/(decrease) in cash and cash equivalents		-	-
Cash and cash equivalents at 1 January		-	-
Cash and cash equivalents at 31 December		-	-

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 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:
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the Board on 24/07/2026.

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' 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.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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
Plant and machinery	20-25% straight line
Fixtures and fittings	15-20% straight line
Motor vehicles	25% straight line
Computer equipment	20-25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5 yeas straight line
Trademarks	10 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group 's revenue for the year from continuing operations is as follows:

	2025 £	2024 £
Sale of goods	17,086,206	16,240,189
Rendering of services	40,005	49,100
Rental income from investment property	18,000	37,660
Leasing of equipment	7,660	1,460
	17,151,871	16,328,409

The analysis of the group 's turnover for the year by class of business is as follows:

	2025 £	2024 £
Sale of packaging	17,086,206	16,240,189
Consultancy	40,005	49,100
Other income	25,660	39,120
	17,151,871	16,328,409

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

3	Turnover (continued)

The analysis of the group 's turnover for the year by market is as follows:

	2025 £	2024 £
UK	17,021,236	16,328,409
Rest of world	130,635	-
	17,151,871	16,328,409

4	Other operating income

The analysis of the group 's other operating income for the year is as follows:

	2025 £	2024 £
Miscellaneous other operating income	16,209	3,954

5	Other gains and losses

The analysis of the group 's other gains and losses for the year is as follows:

	2025 £
Gain/loss on disposal of property, plant and equipment	(7,570)

6	Operating profit

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	188,993	120,704
Amortisation expense	185,454	219,704
Operating lease expense - plant and machinery	146,771	103,041
Loss on disposal of property, plant and equipment	7,570	-

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

7	Other interest receivable and similar income

	2025 £	2024 £
Interest income on bank deposits	18,081	13,458
Other finance income	4,685	19,080
	22,766	32,538

8	Interest payable and similar expenses

	2025 £	2024 £
Interest on bank overdrafts and borrowings	18,719	9,216
Interest expense on other finance liabilities	6,536	51,924
Foreign exchange gains/losses	39,121	(37,421)
	64,376	23,719

9	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	2024 £
Wages and salaries	2,612,053	2,106,349
Social security costs	288,344	230,108
Other short-term employee benefits	77,464	62,246
Pension costs, defined contribution scheme	37,506	27,060
Redundancy costs	31,672	10,000
Other employee expense	167,005	108,440
	3,214,044	2,544,203

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

9	Staff costs (continued)

The average number of persons employed by the group (including directors ) during the year , analysed by category was as follows:

	2025 No.	2024 No.
Administration and support	17	14
Sales, marketing and distribution	47	37
	64	51

10	Directors' remuneration

The directors remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	54,420	52,125
Contributions paid to money purchase schemes	190	-
	54,610	52,125

11	Auditors' remuneration

	2025 £	2024 £
Audit of these financial statements	6,277	2,500
Audit of the financial statements of subsidiaries of the company pursuant to legislation	17,326	24,900
	23,603	27,400
Other fees to auditors
Taxation compliance services	1,000	1,000
All other tax advisory services	12,900	5,500
All other assurance services	25	-
	13,925	6,500

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

12

Taxation

Tax charged/(credited) in the income statement

	2025 £	2024 £
Current taxation
UK corporation tax	504,270	693,386
UK corporation tax adjustment to prior periods	(159,712)	-
	344,558	693,386
Deferred taxation
Arising from origination and reversal of timing differences	(135,778)	3,958
Arising from changes in tax rates and laws	38,956	-
Total deferred taxation	(96,822)	3,958
Tax expense in the income statement	247,736	697,344

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

	2025 £	2024 £
Profit before tax	1,365,108	2,672,754
Corporation tax at standard rate	341,277	668,189
Effect of expense not deductible in determining taxable profit (tax loss)	6,520	-
Increase (decrease) in UK and foreign current tax from adjustment for prior periods	(159,712)	-
Tax increase (decrease) from effect of capital allowances and depreciation	18,872	29,155
Tax increase (decrease) from effect of unrelieved loss on foreign subsidiaries	40,779	-
Total tax charge	247,736	697,344

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

12	Taxation (continued)

Deferred tax

Group

Deferred tax includes a provision for the tax associated with the fair value adjustment of the group's land and buildings together with a provision for the accelerated capital allowances claimed on the group's plant, machinery, equipment and motor vehicles.

Deferred tax assets and liabilities

2025

Asset
£

Liability
£

Accelerated capital allowances

-

74,889

Unpaid pension contributions

-

(2,468)

Revaluation of property, plant and equipment

-

449,463

Fair value adjustments to investment property

-

(65,688)

-

456,196

2024

Asset
£

Liability
£

Accelerated capital allowances

-

103,556

Revaluation of property, plant and equipment

-

410,507

-

514,063

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

13	Intangible assets

Group

	Goodwill £	Trademarks, patents and licenses £	Total £
Cost or valuation
At 1 January 2025	1,602,637	1,415,131	3,017,768
Additions acquired separately	-	6,733	6,733
At 31 December 2025	1,602,637	1,421,864	3,024,501
Amortisation
At 1 January 2025	1,544,773	281,739	1,826,512
Amortisation charge	41,477	143,977	185,454
At 31 December 2025	1,586,250	425,716	2,011,966
Carrying amount
At 31 December 2025	16,387	996,148	1,012,535
At 31 December 2024	57,864	1,133,392	1,191,256

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

14	Tangible assets (continued)

Revaluation

The fair value of the company's Land and buildings was revalued on 09/04/2024 by an independent valuer.
In preparing the valuation the group’s valuers used the Comparable or Market method of valuation which compares sales of similar properties which we then adjust to reflect the location, physical characteristics, tenure, planning status, condition, and valuation date etc of the subject property.

As there is limited direct or indirect comparable property sales evidence for this type of property the company's valuers have also considered the Investment method of valuation which is commonly used for owner occupied commercial properties. Here the estimated rental value is capitalised at the Years Purchase (the time the investment would take to pay for itself) at an appropriate yield.
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £2,526,723 (2024 - £2,526,723).

Restriction on title and pledged as security

Land and buildings with a carrying amount of £4,325,000 (2024 - £4,325,000) has been pledged as security for the group's bank loan with NatWest Bank..

15	Investments

Company

	2025 £	2024 £
Investments in subsidiaries	2,010,780	2,010,780

Subsidiaries	£
Cost or valuation
At 1 January 2025	2,010,780
Provision
Carrying amount
At 31 December 2025	2,010,780
At 31 December 2024	2,010,780

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

15	Investments (continued)

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

2025

2024

Subsidiary undertakings

Acopia Holdings Ltd
2/4 Ash Lane, Rustington, West Sussex

England & Wales

Ordinary

100%

Acopia Ltd
2/4 Ash Lane, Rustington, West Sussex

England & Wales

Ordinary

100%

Acopia Group Ltd
2/4 Ash Lane, Rustington, West Sussex

England & Wales

Ordinary

100%

Interlink Packaging (UK) Limited
2/4 Ash Lane, Rustington, West Sussex

England & Wales

Ordinary

100%

Acopia Group Corporation
8 The Green, Suite B, Dover, Delaware, 19901

United States of America

Ordinary

100%

Subsidiary undertakings

Acopia Holdings Ltd

The principal activity of Acopia Holdings Ltd is rental of investment property. The profit for the financial period of Acopia Holdings Ltd was £401,256 and the aggregate amount of Capital and reserves at the end of the period was £4,705,693.

Acopia Ltd

The principal activity of Acopia Ltd is investment in shares. The profit for the financial period of Acopia Ltd was £472,939 and the aggregate amount of Capital and reserves at the end of the period was £833,461.

Acopia Group Ltd

The principal activity of Acopia Group Ltd is sale of packaging materials. The profit for the financial period of Acopia Group Ltd was £1,413,344 and the aggregate amount of Capital and reserves at the end of the period was £6,939,521.

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

15	Investments (continued)

Interlink Packaging (UK) Limited

The principal activity of Interlink Packaging (UK) Limited is non trading. The profit for the financial period of Interlink Packaging (UK) Limited was £- and the aggregate amount of Capital and reserves at the end of the period was £544.

Acopia Group Corporation

The principal activity of Acopia Group Corporation is sale of packaging products. The loss for the financial period of Acopia Group Corporation was £163,115 and the aggregate amount of Capital and reserves at the end of the period was £(158,820).

16	Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2025

15

15

At 31 December 2025

15

15

Impairment

Carrying amount

At 31 December 2025

15

15

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

17

Stocks

	Group		Company
	2025 £	2024 £	2025 £
Work in progress	294,590	75,757	-
Other inventories	2,412,073	3,106,469	-
	2,706,663	3,182,226	-

Group

18

Debtors

		Group		Company
Current	Note	2025 £	2024 £	2025 £	2024 £
Trade debtors		2,303,604	2,456,667	-	-
Amounts owed by related parties	27	20,812	22,430	-	-
Other debtors		38,150	216,132	80	80
Prepayments		391,452	264,867	-	-
		2,754,018	2,960,096	80	80

19	Cash and cash equivalents

	Group		Company
	2025 £	2024 £	2025 £
Cash on hand	215	216	-
Cash at bank	463,575	463,579	-
Short-term deposits	605,135	454,454	-
	1,068,925	918,249	-
Bank overdrafts	(660)	(11,138)	-
Cash and cash equivalents in statement of cash flows	1,068,265	907,111	-

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

20

Creditors

		Group		Company
	Note	2025 £	2024 £	2025 £	2024 £
Due within one year
Loans and borrowings	24	629,985	834,486	-	-
Trade creditors		985,604	706,536	-	-
Amounts due to related parties	27	-	-	2,010,110	2,010,110
Social security and other taxes		339,437	382,870	-	-
Outstanding defined contribution pension costs		9,871	10,393	-	-
Other payables		76,070	51,514	-	-
Accrued expenses		301,465	282,789	-	-
Income tax liability	12	87,216	404,619	-	-
Deferred income		-	13,860	-	-
		2,429,648	2,687,067	2,010,110	2,010,110

21	Provisions for liabilities

Group

	Deferred tax £	Total £
At 1 January 2025	514,063	514,063
Increase (decrease) in existing provisions	(57,867)	(57,867)
At 31 December 2025	456,196	456,196

Whilst the current deferred tax provision will reduce in the next year as accelerated capital allowances reduce the group expects that the overall provision will increase as it continues to invest in new plant and equipment.

The timing of outflows in respect of the deferred tax associated with the group's fair value adjustment to its freehold property is uncertain as this will be driven by futre external market forces.

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

22	Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £37,506 (2024 - £27,060).

Contributions totalling £9,871 (2024 - £Nil were payable to the scheme at the end of the year and are included in creditors.

23	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary (A-F) of £0.01 each	75,000	750.00	75,000	750.00

24	Loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £
Current loans and borrowings
Bank borrowings	60,164	160,748	-
Bank overdrafts	660	11,138	-
Other borrowings	569,161	662,600	-
	629,985	834,486	-

Group

Bank borrowings

The group's bank loan is denominated in GBP with a nominal interest rate of 7.7, and the final instalment is due on 07/01/2026. The carrying amount at year end is £60,164 (2024 - £160,749).

The bank loan is secured against the group's freehold property.

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

25	Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Later than one year and not later than five years	242,987	334,883

The amount of non-cancellable operating lease payments recognised as an expense during the year was £ 146,771 (2024 - £103,041) .

26

Dividends

2025

2024

£

Interim dividend of £6.31 (2024 - £5.55) per ordinary share

688,000

569,625

Acopia Investments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

27	Related party transactions

Group

Loans from related parties

2025	Key management £	Total £
At start of period	663,012	663,012
Advanced	508,504	508,504
Repaid	(602,353)	(602,353)
At end of period	569,163	569,163

2024	Key management £	Total £
At start of period	1,289,039	1,289,039
Advanced	410,339	410,339
Repaid	(1,036,366)	(1,036,366)
At end of period	663,012	663,012

Terms of loans from related parties

Loans from directors are unsecured, interest free and repayable on demand.

28	Non adjusting events after the financial period

After the year end the group restructured its operations and disposed of a subsidiary, Acopia Ltd, containing the industrial packaging element of the group's trade and assets to Orkka Holdings Ltd in exchange for a 22% interest in Orkka Holdings Ltd. The group continues to operate the retail packaging element of its trade.

	Land and buildings £	Furniture, fittings and equipment £	Motor vehicles £	Other property, plant and equipment £	Total £
Cost or valuation
At 1 January 2025	4,325,000	480,883	129,620	247,013	5,182,516
Additions	-	21,376	-	13,692	35,068
Disposals	-	-	-	(10,846)	(10,846)
Foreign exchange movements	-	-	-	(158)	(158)
At 31 December 2025	4,325,000	502,259	129,620	249,701	5,206,580
Depreciation
At 1 January 2025	-	234,170	58,163	127,390	419,723
Charge for the year	81,500	50,279	23,462	33,742	188,983
Eliminated on disposal	-	-	-	(3,276)	(3,276)
At 31 December 2025	81,500	284,449	81,625	157,856	605,430

	Land and buildings £	Furniture, fittings and equipment £	Motor vehicles £	Other property, plant and equipment £	Total £
Carrying amount
At 31 December 2025	4,243,500	217,810	47,995	91,845	4,601,150
At 31 December 2024	4,325,000	246,714	71,457	119,623	4,762,794

Directors	Mr Timothy Malcolm Lynes Mr Russell John Lynes Mr Wayne Anthony Lynes

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 January 2025	15	15
At 31 December 2025	15	15
Impairment
Carrying amount
At 31 December 2025	15	15