Company registration number 11913686 (England and Wales)
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
J Edge
M Edge
P Edge
Company number
11913686
Registered office
New Works Road
Low Moor
Bradford
BD12 0QP
Auditor
Beldenn Ltd
Empire House
11 Mulcture Hall Road
Halifax
West Yorkshire
HX1 1SP
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 25
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The directors aim to present a balanced and comprehensive review of the development and performance of our group during the period and the position at the period end. Our review is consistent with the size and non-complex nature of our group and is written in the context of the risks and uncertainties we face.

The directors are pleased with the performance of the group throughout the period and consider it to be well placed to take advantage of opportunities and potential new markets going forward.

The effects of global conflict, hig h interest and inflation rates as well as political uncertainty were all felt during the financial period, pushing our running costs higher with a reduced stability for future planning. Compared to previous periods though we have seen more stability with material price meaning we could be more structured with our sales and material planning medium term while the increased activity in the construction sector has also benefited the business.

The group has been successful in continuing to develop new products into its range whilst continuing to refine its manufacturing processes and expand its service offering; as a result both sales and margin are improving as a result. The labour market has been challenging with wages rising and quality staff have been a challenge to find and retain in certain skilled areas. This is not something that is just experienced in the manufacturing sector but across most sectors. The group has continued to invest in new plant and machinery during the period.

The group's financial assets and liabilities consist of trade debtors and creditors, cash balances, bank loans and finance leases.

The directors manage the group's exposure to financial risk by researching the credit worthiness of customers and insuring debts as well as by seeking advice from the group's providers of finance and it's other external financial advisers.

Principal risks and uncertainties

The directors are confident that they have put sufficient measures in place to address the risk associated with supply chain demands as materials are constantly being sourced from new avenues and new technology constantly being reviewed to drive further efficiency savings.

However, as we move into 202 6 many of the economic and socio-political issues that affected the past period are still of concern especially with continuing trade tensions between the USA and China which could again change the economic landscape. The effects of numerous unsettling economic events an d volatile exchange rates continues to affect the whole economy; but so far activity levels remain high.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The directors consider the main financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, operating profit margin and return of capital employed.

Turnover achieved in the year to December 2025 was £25,611,516 (Dec 2024: £20,218,866) and overall operating profit was £574,419 (2.2%%) (Dec 2024: £1,548,473 (7.7%)). Profit before tax was £203,339 (Dec 2024: £1,137,929).

The directors are satisfied with the group's performance during the period on ordinary activities.

On behalf of the board

J Edge
Director
13 August 2026
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of the manufacture of polystyrene packaging and insulation products.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £160,500. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Edge
M Edge
P Edge
Auditor

Beldenn Ltd were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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 prepared the group and parent company 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 parent 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 then apply them consistently;

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

- state whether applicable U nited K ingdom 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 group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J Edge
Director
13 August 2026
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Styrene Packaging & Insulation (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 December 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 group's and parent 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 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 directors' r esponsibilities s tatement, 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 group's and parent 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 group or parent 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.

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

Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

- Agreement of the financial statements disclosures to underlying supporting documentation;

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Challenging assumptions, accounting estimates and judgements made by Directors;

- Identifying and testing journal entries to ensure they are appropriate;

- Sample testing of income and expenditure to ensure correct cut-off has been applied.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
- 7 -

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

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Bell (Senior Statutory Auditor)
For and on behalf of Beldenn Ltd, Statutory Auditor
Chartered Accountants
Empire House
11 Mulcture Hall Road
Halifax
West Yorkshire
HX1 1SP
13 August 2026
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Year ended
Period ended
31 December
31 December
2025
2024
Notes
£
£
Turnover
25,611,516
20,218,866
Cost of sales
(19,986,670)
(15,670,626)
Gross profit
5,624,846
4,548,240
Administrative expenses
(5,107,485)
(3,055,904)
Other operating income
57,058
56,137
Operating profit
2
574,419
1,548,473
Interest receivable and similar income
5
17,752
-
0
Interest payable and similar expenses
6
(388,832)
(410,544)
Profit before taxation
203,339
1,137,929
Tax on profit
7
68,206
(36,252)
Profit for the financial year
271,545
1,101,677
Other comprehensive income
Revaluation of tangible fixed assets
5,000
-
0
Total comprehensive income for the year
276,545
1,101,677
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
7,646,938
8,946,081
7,646,938
8,946,081
Current assets
Stocks
13
1,023,707
861,307
Debtors
14
6,479,806
6,158,813
Cash at bank and in hand
249,708
298,057
7,753,221
7,318,177
Creditors: amounts falling due within one year
15
(7,361,868)
(8,438,292)
Net current assets/(liabilities)
391,353
(1,120,115)
Total assets less current liabilities
8,038,291
7,825,966
Creditors: amounts falling due after more than one year
16
(2,609,492)
(2,224,433)
Provisions for liabilities
Deferred tax liability
17
659,980
948,759
(659,980)
(948,759)
Net assets
4,768,819
4,652,774
Capital and reserves
Called up share capital
19
22,051
22,051
Revaluation reserve
5,000
-
0
Other reserves
5,889,633
5,889,633
Profit and loss reserves
(1,147,865)
(1,258,910)
Total equity
4,768,819
4,652,774

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 13 August 2026 and are signed on its behalf by:
13 August 2026
J Edge
Director
Company registration number 11913686 (England and Wales)
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,469,526
-
0
Investments
11
29,402
29,402
4,498,928
29,402
Current assets
Debtors
14
902,729
1,000,000
Cash at bank and in hand
246,484
-
0
1,149,213
1,000,000
Creditors: amounts falling due within one year
15
(824,798)
-
0
Net current assets
324,415
1,000,000
Total assets less current liabilities
4,823,343
1,029,402
Creditors: amounts falling due after more than one year
16
(2,395,436)
-
0
Provisions for liabilities
Deferred tax liability
17
25,632
-
0
(25,632)
-
Net assets
2,402,275
1,029,402
Capital and reserves
Called up share capital
19
22,051
22,051
Profit and loss reserves
2,380,224
1,007,351
Total equity
2,402,275
1,029,402

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,533,373 (2024 - £1,878,193 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 13 August 2026 and are signed on its behalf by:
13 August 2026
J Edge
Director
Company registration number 11913686 (England and Wales)
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
29,402
5,889,633
(1,489,745)
4,429,290
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
1,101,677
1,101,677
Dividends
8
-
-
(435,000)
(435,000)
Own shares acquired
-
-
(443,193)
(443,193)
Redemption of shares
19
(7,351)
-
-
(7,351)
Reduction of shares
19
-
-
7,351
7,351
Transfers
-
-
-
166,875
Other movements
-
-
-
(166,875)
Balance at 31 December 2024
22,051
5,889,633
(1,258,910)
4,652,774
Year ended 31 December 2025:
Profit for the year
-
-
271,545
271,545
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
-
5,000
Total comprehensive income
-
-
271,545
276,545
Dividends
8
-
-
(160,500)
(160,500)
Balance at 31 December 2025
22,051
5,889,633
(1,147,865)
4,768,819
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
29,402
-
29,402
Period ended 31 December 2024:
Profit and total comprehensive income for the period
-
1,878,193
1,878,193
Dividends
8
-
(435,000)
(435,000)
Own shares acquired
-
(443,193)
(443,193)
Redemption of shares
19
(7,351)
-
(7,351)
Reduction of shares
19
-
7,351
7,351
Balance at 31 December 2024
22,051
1,007,351
1,029,402
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,533,373
1,533,373
Dividends
8
-
(160,500)
(160,500)
Balance at 31 December 2025
22,051
2,380,224
2,402,275
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Year ended
Period ended
31 December 2025
31 December 2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,835,731
2,527,385
Interest paid
(388,832)
(410,544)
Income taxes paid
(106,026)
(265,403)
Net cash inflow from operating activities
1,340,873
1,851,438
Investing activities
Purchase of tangible fixed assets
(322,458)
(953,416)
Proceeds from disposal of tangible fixed assets
298,065
135,850
Repayment of loans
(588,980)
239,193
Interest received
17,752
-
0
Net cash used in investing activities
(595,621)
(578,373)
Financing activities
Purchase of treasury shares
-
0
(443,193)
Repayment of borrowings
(795,304)
(553,726)
Repayment of bank loans
508,955
(313,821)
Payment of finance leases obligations
(346,752)
480,286
Dividends paid to equity shareholders
(160,500)
(435,000)
Net cash used in financing activities
(793,601)
(1,265,454)
Net (decrease)/increase in cash and cash equivalents
(48,349)
7,611
Cash and cash equivalents at beginning of year
298,057
290,446
Cash and cash equivalents at end of year
249,708
298,057
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Styrene Packaging & Insulation (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Morley Carr Road, Low Moor, Bradford, West Yorkshire, BD12 0RA.

The group consists of Styrene Packaging & Insulation (Holdings) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Styrene Packaging & Insulation (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised upon the provision of goods.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Straight line over 100 years
Plant and equipment
10% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
10% - 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Fixed asset investments

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

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.11
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(49,530)
(36,137)
Fees payable to the group's auditor for the audit of the group's financial statements
8,000
2,000
Depreciation of tangible fixed assets
711,250
418,040
Impairment of tangible fixed assets
326,393
-
Loss on disposal of tangible fixed assets
290,893
83,279
3
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
164
154
4
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,561,460
3,892,814
916,536
-
0
Social security costs
662,126
386,026
130,721
-
Pension costs
210,939
92,145
86,000
-
0
6,434,525
4,370,985
1,133,257
-
0
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
4
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
771,465
529,336
Company pension contributions to defined contribution schemes
28,000
-
799,465
529,336
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
493,750
321,250
5
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
4,250
-
0
Other interest income
13,502
-
Total income
17,752
-
0
6
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
143,753
148,767
Interest on invoice finance arrangements
199,481
222,102
Interest on finance leases and hire purchase contracts
45,598
31,998
Other interest
-
7,677
Total finance costs
388,832
410,544
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
222,389
118,300
Adjustments in respect of prior periods
(1,816)
-
0
Total current tax
220,573
118,300
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Taxation
2025
2024
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
(288,779)
98,844
Adjustment in respect of prior periods
-
0
(180,892)
Total deferred tax
(288,779)
(82,048)
Total tax (credit)/charge
(68,206)
36,252

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
203,339
1,137,929
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
50,835
284,482
Effects of:
Expenses that are not deductible in determining taxable profit
4,289
812
Adjustments in respect of prior years
(1,816)
-
0
Permanent capital allowances in excess of depreciation
4,874
-
0
Depreciation on assets not qualifying for tax allowances
8,250
8,276
Research and development tax credit
(96,035)
(76,426)
Deferred tax adjustments in respect of prior years
-
0
(180,892)
Deferred tax movement
(38,603)
-
0
Taxation (credit)/charge in the financial statements
(68,206)
36,252
8
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
160,500
435,000
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
9
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Property, plant and equipment
10
326,393
-
Recognised in:
Cost of sales
326,393
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

10
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2025
4,395,000
9,839,239
601,362
2,415,946
17,251,547
Additions
-
0
108,072
22,495
191,891
322,458
Disposals
-
0
(1,520,685)
-
0
(378,896)
(1,899,581)
Revaluation
5,000
-
0
-
0
-
0
5,000
At 31 December 2025
4,400,000
8,426,626
623,857
2,228,941
15,679,424
Depreciation and impairment
At 1 January 2025
113,538
6,902,563
176,568
1,112,797
8,305,466
Depreciation charged in the year
43,987
415,770
66,633
184,860
711,250
Impairment losses
-
0
326,393
-
0
-
0
326,393
Eliminated in respect of disposals
-
0
(1,234,727)
-
0
(75,896)
(1,310,623)
At 31 December 2025
157,525
6,409,999
243,201
1,221,761
8,032,486
Carrying amount
At 31 December 2025
4,242,475
2,016,627
380,656
1,007,180
7,646,938
At 31 December 2024
4,281,462
2,936,676
424,794
1,303,149
8,946,081
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Tangible fixed assets
(Continued)
- 20 -
Company
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 January 2025
-
0
-
0
-
0
Additions
4,400,000
108,072
4,508,072
At 31 December 2025
4,400,000
108,072
4,508,072
Depreciation and impairment
At 1 January 2025
-
0
-
0
-
0
Depreciation charged in the year
33,000
5,546
38,546
At 31 December 2025
33,000
5,546
38,546
Carrying amount
At 31 December 2025
4,367,000
102,526
4,469,526

More information on impairment movements in the year is given in note 9.

Land and buildings with a carrying amount of £4.4m were revalued on 11 August 2025 by Colliers, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Tangible fixed assets
(Continued)
- 21 -

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Group
Cost
3,838,304
3,838,304
Accumulated depreciation
(329,801)
(285,814)
Carrying value
3,508,503
3,552,490
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
29,402
29,402
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
29,402
Carrying amount
At 31 December 2025
29,402
At 31 December 2024
29,402
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Styrene Packaging & Insulation Ltd
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Morley Carr Road, Low Moor, Bradford, BD12 0RA
STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
575,658
446,467
-
-
Work in progress
167,617
167,412
-
-
Finished goods and goods for resale
280,432
247,428
-
0
-
0
1,023,707
861,307
-
-
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,955,876
5,194,003
-
0
-
0
Corporation tax recoverable
138,229
292,806
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
-
0
1,000,000
Amounts owed by connected companies
178,327
-
0
178,327
-
0
Other debtors
724,402
154,372
724,402
-
0
Prepayments and accrued income
482,972
517,632
-
0
-
0
6,479,806
6,158,813
902,729
1,000,000
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans and overdrafts
156,000
324,987
156,000
-
0
Obligations under hire purchase
179,702
233,571
-
0
-
0
Other borrowings
2,553,100
3,348,404
-
0
-
0
Trade creditors
2,897,801
3,229,710
14,932
-
0
Amounts owed to group undertakings
-
0
-
0
326,906
-
0
Corporation tax payable
222,389
262,419
163,449
-
0
Other taxation and social security
385,326
356,471
155,511
-
0
Accruals and deferred income
967,550
682,730
8,000
-
0
7,361,868
8,438,292
824,798
-
0

The bank loans are secured by a debenture creating a fixed and floating charge over the assets of the company. The invoice finance creditor is secured on the book debts of the company. Obligations under hire purchase contracts are secured on the assets to which they relate.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
2,395,436
1,717,494
2,395,436
-
0
Obligations under hire purchase
214,056
506,939
-
0
-
0
2,609,492
2,224,433
2,395,436
-

The bank loans are secured by a debenture creating a fixed and floating charge over the assets of the company. Obligations under hire purchase contracts are secured on the assets to which they relate.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
659,980
948,759
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
25,632
-
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
948,759
-
(Credit)/charge to profit or loss
(288,779)
25,632
Liability at 31 December 2025
659,980
25,632
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
210,939
92,145

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
19
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
40,603
40,603
20,301
20,301
B Ordinary shares of 50p each
160
160
80
80
C Ordinary shares of 50p each
200
200
100
100
D Ordinary shares of 50p each
200
200
100
100
E Ordinary shares of 50p each
2,940
2,940
1,470
1,470
44,103
44,103
22,051
22,051
20
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
84,203
84,203
-
-
Years 2-5
117,606
270,988
-
-
201,809
355,191
-
-
21
Directors' transactions

Dividends totalling £160,500 (2024 - £435,000) were paid in the year in respect of shares held by the company's directors.

STYRENE PACKAGING & INSULATION (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
22
Cash generated from group operations
2025
2024
£
£
Profit after taxation
271,545
1,101,677
Adjustments for:
Taxation (credited)/charged
(68,206)
36,252
Finance costs
388,832
410,544
Investment income
(17,752)
-
0
Loss on disposal of tangible fixed assets
290,893
83,279
Depreciation and impairment of tangible fixed assets
1,037,643
418,040
Movements in working capital:
(Increase)/decrease in stocks
(162,400)
61,041
Decrease in debtors
113,410
757,623
Decrease in creditors
(18,234)
(341,071)
Cash generated from operations
1,835,731
2,527,385
23
Analysis of changes in net debt - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
298,057
(48,349)
249,708
Borrowings excluding overdrafts
(5,390,885)
286,349
(5,104,536)
Obligations under hire purchase
(740,510)
346,752
(393,758)
(5,833,338)
584,752
(5,248,586)
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