ACCOUNTS - Final Accounts preparation

Registered number: 03040925

FLUTEPAC LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


FLUTEPAC LIMITED REGISTERED NUMBER:03040925

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£


Current assets
Debtors: amounts falling due within one year	3	586		69,266
		586		69,266
Total assets less current liabilities			586		69,266

Net assets			586		69,266

Capital and reserves
Called up share capital		586	586
Profit and loss account	5	-	68,680
		586	69,266

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2026.

S J Moss

Director

The notes on pages 3 to 8 form part of these financial statements.

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FLUTEPAC LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	586	(220,135)	(219,549)

Profit for the year	-	558,815	558,815
Dividends: Equity capital	-	(270,000)	(270,000)

At 1 January 2025	586	68,680	69,266
Total comprehensive income for the year	-	-	-
Dividends: Equity capital	-	(68,680)	(68,680)
At 31 December 2025	586	-	586

The notes on pages 3 to 8 form part of these financial statements.

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FLUTEPAC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Flutepac Limited is a private company limited by shares incorporated in England and Wales (registered number: 03040925. The registered office is Prince Albert House, 2 Kingsmill Terrace, London, NW8 6BN.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

In the prior year, the Group completed a reorganisation program, which involved Cepac Limited acquiring the trade and assets of Flutepac Limited. Subsequently, as at 31 December 2025, the Company was dormant.

The financial statements have been prepared on a going concern basis, as the Company has the support of its parent company.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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FLUTEPAC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

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FLUTEPAC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:

Depreciation is provided on the following basis:

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

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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FLUTEPAC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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FLUTEPAC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Amounts owed by group undertakings	586	69,266
	586	69,266

4.	Deferred taxation

		2024
		£

	At beginning of year	(123,004)
	Movement in the year	123,004
	At end of year	-

Reserves

Profit and loss account

The profit and loss account consists of profits made by the Company attributable to the shareholders of the Company.

6.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £nil (2024: £3,514). There were no contributions (2024: no contributions) payable to the fund at the balance sheet date.

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FLUTEPAC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2025 was qualified.

The qualification in the audit report was as follows:

Basis for qualified opinion

No physical inventory count was undertaken by the Company at 31 December 2024 or 31 December 2023, and we were therefore unable to observe or verify the existence of inventories at either date. In addition, we were unable to obtain sufficient appropriate audit evidence to verify the valuation of inventories as at 31 December 2024, as the Company was unable to provide adequate supporting documentation to substantiate the cost of inventories. We were therefore unable to determine whether inventories were stated at the lower of cost and net realisable value in accordance with the applicable financial reporting framework.

Since opening and closing inventories affect the determination of the financial performance of the Company, we were unable to determine whether any adjustments might have been necessary in respect of the result for the year reported in the statement of income and retained earnings. We were also unable to determine whether any adjustments to the carrying amount of inventories in the statement of financial position were necessary.

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

The auditors also emphasised the following matter in the audit report:

Emphasis of matter relating to going concern

We draw attention to the going concern accounting policy note to these financial statements, which explains that during the year, the group completed a reorganisation involving Cepac Limited acquiring the remaining minority shareholding in the Company's immediate parent company, Flutepack Bidco Limited. Subsequently, on 31 December 2024, the trade and assets of both Flutepack Bidco Limited and Flutepac Limited were transferred into Cepac Limited.

As a result of this reorganisation, the Directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern, as described in the going concern accounting policy note. Our opinion is not modified in respect of this matter.

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

The audit report was signed on 6 August 2026 by Andrew Irvine (Senior statutory auditor) on behalf of Shorts.

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