Company registration number 01800539 (England and Wales)
STYRENE PACKAGING & INSULATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
STYRENE PACKAGING & INSULATION LIMITED
COMPANY INFORMATION
Directors
J Edge
M Edge
P Edge
Secretary
M Edge
Company number
01800539
Registered office
Morley Carr Road
Low Moor
Bradford
West Yorkshire
BD12 0RA
Auditor
Beldenn Ltd
Empire House
11 Mulcture Hall Road
Halifax
West Yorkshire
HX1 1SP
STYRENE PACKAGING & INSULATION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
STYRENE PACKAGING & INSULATION 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 business during the period and the position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The directors are pleased with the performance of the company 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, high interest and inflation rates as well as political uncertainty were all felt during the financial period, pushing our running costs higher with a reducing stability for future planning. Compared to previous years 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 company 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 company has continued to invest in new plant and machinery during the period.

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

The directors manage the company's exposure to financial risk by researching the credit worthiness of customers and insuring debts as well as by seeking advice from the company'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 2026 many of the economic and socio-political issues that affected the past period are still of concern especially with continued trade tensions between the USA and China which could again change the economic landscape. The effects of numerous unsettling economic events and volatile exchange rates continues to effect the whole economy; but so far activity levels remain high.

STYRENE PACKAGING & INSULATION 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 period was £25,611,516 (December 2024: £20,218,866) and overall operating profit was (£109,457) (December 2024: £1,548,473). Profit before tax was (£389,590)(December 2024: £1,137,929). EBITDA was £2,671,010 (December 2024: £2,049,792).

The directors are satisfied with these results and the company's performance during the period on ordinary activities.

On behalf of the board

J Edge
Director
13 August 2026
STYRENE PACKAGING & INSULATION 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 continued to be that of the manufacturing 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 £1,000,000. The directors do not recommend payment of a final 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
Future developments

The directors are continuing to review the whole product range and price structure on an on-going basis due to the changing economic environment. It is anticipated that turnover levels and margins will continue to improve in the current year due to significant investment in the employment of quality control and technical staff and research into new products.

Auditor

Beldenn Ltd were appointed as auditor to the company 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 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STYRENE PACKAGING & INSULATION 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 company’s auditor 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 company’s auditor is aware of that information.

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

We have audited the financial statements of Styrene Packaging & Insulation Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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 company's affairs as at 31 December 2025 and of its loss 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 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 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:

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

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not 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, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

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.

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

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.

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 LIMITED
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
(5,791,361)
(3,055,904)
Other operating income
57,058
56,137
Operating (loss)/profit
3
(109,457)
1,548,473
Interest receivable and similar income
6
957
-
0
Interest payable and similar expenses
7
(281,090)
(410,544)
(Loss)/profit before taxation
(389,590)
1,137,929
Tax on (loss)/profit
8
257,287
130,623
(Loss)/profit for the financial year
(132,303)
1,268,552

The income statement has been prepared on the basis that all operations are continuing operations.

STYRENE PACKAGING & INSULATION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,301,937
8,946,081
Current assets
Stocks
12
1,023,707
861,307
Debtors
13
5,903,983
6,158,812
Cash at bank and in hand
3,224
298,060
6,930,914
7,318,179
Creditors: amounts falling due within one year
14
(6,863,976)
(9,438,294)
Net current assets/(liabilities)
66,938
(2,120,115)
Total assets less current liabilities
3,368,875
6,825,966
Creditors: amounts falling due after more than one year
15
(214,056)
(2,224,433)
Provisions for liabilities
Deferred tax liability
16
634,348
948,759
(634,348)
(948,759)
Net assets
2,520,471
3,652,774
Capital and reserves
Called up share capital
18
29,402
29,402
Revaluation reserve
-
0
556,696
Profit and loss reserves
2,491,069
3,066,676
Total equity
2,520,471
3,652,774

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

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:
J Edge
Director
Company registration number 01800539 (England and Wales)
STYRENE PACKAGING & INSULATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
29,402
723,571
3,676,317
4,429,290
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
1,268,552
1,268,552
Dividends
9
-
-
(1,878,193)
(1,878,193)
Other movements
-
(166,875)
-
(166,875)
Balance at 31 December 2024
29,402
556,696
3,066,676
3,652,774
Period ended 31 December 2025:
Loss and total comprehensive income
-
-
(132,303)
(132,303)
Dividends
9
-
-
(1,000,000)
(1,000,000)
Transfers
-
-
0
556,696
556,696
Other movements
-
(556,696)
-
(556,696)
Balance at 31 December 2025
29,402
-
0
2,491,069
2,520,471
STYRENE PACKAGING & INSULATION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Year ended
Period ended
31 December 2025
31 December 2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
22
(343,239)
3,527,385
Interest paid
(281,090)
(410,544)
Income taxes paid
(106,026)
(265,403)
Net cash (outflow)/inflow from operating activities
(730,355)
2,851,438
Investing activities
Purchase of tangible fixed assets
(214,386)
(953,416)
Proceeds from disposal of tangible fixed assets
4,698,065
135,850
Repayment of loans
135,422
239,193
Interest received
957
-
0
Net cash generated from/(used in) investing activities
4,620,058
(578,373)
Financing activities
Repayment of borrowings
(795,304)
(553,726)
Repayment of bank loans
(2,042,481)
(313,821)
Payment of finance leases obligations
(346,752)
480,286
Dividends paid
(1,000,000)
(1,878,193)
Net cash used in financing activities
(4,184,537)
(2,265,454)
Net (decrease)/increase in cash and cash equivalents
(294,834)
7,611
Cash and cash equivalents at beginning of year
298,058
290,447
Cash and cash equivalents at end of year
3,224
298,058
Relating to:
Cash at bank and in hand
3,224
298,060
Bank overdrafts included in creditors payable within one year
-
0
(2)
STYRENE PACKAGING & INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Styrene Packaging & Insulation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Morley Carr Road, Low Moor, Bradford, West Yorkshire, BD12 0RA.

1.1
Basis of preparation

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
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has 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.

1.3
Revenue

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.

Revenue is recognised upon the provision of goods.

1.4
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.

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

STYRENE PACKAGING & INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
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.

1.7
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 company’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 when the company has 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.

1.8
Retirement benefits

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

1.9
Leases
As lessee

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.

1.10
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable.

STYRENE PACKAGING & INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.11
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Government grants
(49,530)
(36,137)
Audit fees
24,000
24,000
Depreciation of owned tangible fixed assets
672,704
418,040
Impairment of owned tangible fixed assets
326,393
-
0
Loss on disposal of tangible fixed assets
161,368
83,279
4
Employees

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

2025
2024
Number
Number
160
154

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,644,924
3,892,814
Social security costs
531,405
386,026
Pension costs
124,939
92,145
5,301,268
4,370,985
STYRENE PACKAGING & INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
-
0
529,336
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
957
-
0
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
36,011
148,767
Interest on invoice finance arrangements
199,481
222,102
235,492
370,869
Other finance costs
Interest on finance leases and hire purchase contracts
45,598
31,998
Other interest
-
0
7,677
281,090
410,544
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
58,940
118,300
Adjustments in respect of prior periods
(1,816)
-
0
Total current tax
57,124
118,300
Deferred tax
Origination and reversal of timing differences
(314,411)
98,844
Adjustment in respect of prior periods
-
0
(347,767)
Total deferred tax
(314,411)
(248,923)
Total tax credit
(257,287)
(130,623)
STYRENE PACKAGING & INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 16 -

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

2025
2024
£
£
(Loss)/profit before taxation
(389,590)
1,137,929
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
(97,398)
284,482
Effects of:
Expenses that are not deductible in determining taxable profit
4,072
812
Adjustments in respect of prior years
(1,816)
-
0
Permanent capital allowances in excess of depreciation
(27,507)
-
0
Depreciation on assets not qualifying for tax allowances
-
0
8,276
Research and development tax credit
(96,035)
(76,426)
Deferred tax adjustments in respect of prior years
-
0
(347,767)
Deferred tax movement
(38,603)
-
0
Taxation credit in the financial statements
(257,287)
(130,623)
9
Dividends
2025
2024
£
£
Interim paid
1,000,000
1,878,193
10
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
11
326,393
-
0
Recognised in:
Cost of sales
326,393
-
STYRENE PACKAGING & INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
11
Tangible fixed assets
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
-
0
22,495
191,891
214,386
Disposals
(4,395,000)
(1,520,685)
-
0
(378,896)
(6,294,581)
At 31 December 2025
-
0
8,318,554
623,857
2,228,941
11,171,352
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
10,987
410,224
66,633
184,860
672,704
Impairment losses
-
0
326,393
-
0
-
0
326,393
Eliminated in respect of disposals
(124,525)
(1,234,727)
-
0
(75,896)
(1,435,148)
At 31 December 2025
-
0
6,404,453
243,201
1,221,761
7,869,415
Carrying amount
At 31 December 2025
-
0
1,914,101
380,656
1,007,180
3,301,937
At 31 December 2024
4,281,462
2,936,676
424,794
1,303,149
8,946,081

More information on impairment movements in the year is given in note 10.

12
Stocks
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
1,023,707
861,307
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,955,876
5,194,002
Corporation tax recoverable
138,229
292,806
Amounts owed by group undertakings
326,906
-
0
Other debtors
-
0
154,372
Prepayments and accrued income
482,972
517,632
5,903,983
6,158,812
STYRENE PACKAGING & INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
14
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
-
0
324,989
Obligations under hire purchase
179,702
233,571
Invoice finance
2,553,100
3,348,404
Trade creditors
2,882,869
3,229,710
Amounts owed to group undertakings
-
0
1,000,000
Corporation tax
58,940
262,419
Other taxation and social security
229,815
356,471
Accruals and deferred income
959,550
682,730
6,863,976
9,438,294

The bank loans and the bank overdraft 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.

15
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
-
0
1,717,494
Obligations under hire purchase
214,056
506,939
214,056
2,224,433

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.

16
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
634,348
948,759
2025
Movements in the year:
£
Liability at 1 January 2025
948,759
Credit to profit or loss
(314,411)
Liability at 31 December 2025
634,348
STYRENE PACKAGING & INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
124,939
92,145

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
58,004
58,004
29,002
29,002
A Ordinary shares of £1 each
100
100
100
100
B Ordinary shares of £1 each
100
100
100
100
C Ordinary shares of £1 each
100
100
100
100
D Ordinary shares of £1 each
100
100
100
100
58,404
58,404
29,402
29,402
19
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
84,203
84,203
Years 2-5
117,606
270,988
201,809
355,191
20
Related party transactions

In accordance with the exemptions available to the company, related party disclosures in respect of group transactions are not disclosed on the basis that the details of the subsidiary are included in the group financial statements of the parent company.

21
Ultimate controlling party

The company's parent company is Styrene Packaging & Insulation (Holdings) Limited and its registered office is Morley Carr Road, Low Moor, Bradford, BD12 0RA.

STYRENE PACKAGING & INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
22
Cash (absorbed by)/generated from operations
2025
2024
£
£
(Loss)/profit after taxation
(132,303)
1,268,552
Adjustments for:
Taxation credited
(257,287)
(130,623)
Finance costs
281,090
410,544
Investment income
(957)
-
0
Loss on disposal of tangible fixed assets
161,368
83,279
Depreciation and impairment of tangible fixed assets
999,097
418,040
Movements in working capital:
(Increase)/decrease in stocks
(162,400)
61,041
(Increase)/decrease in debtors
(35,170)
757,623
(Decrease)/increase in creditors
(1,196,677)
658,929
Cash (absorbed by)/generated from operations
(343,239)
3,527,385
23
Analysis of changes in net debt
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
298,060
(294,836)
3,224
Bank overdrafts
(2)
2
-
0
298,058
(294,834)
3,224
Borrowings excluding overdrafts
(5,390,885)
2,837,785
(2,553,100)
Obligations under hire purchase
(740,510)
346,752
(393,758)
(5,833,337)
2,889,703
(2,943,634)
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