REGISTERED NUMBER: 02143820 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Berkshire Labels Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

P H J Roscoe

G Picking

S R Millin

C A Jones

I Declerck

M Denduyver

SECRETARY:

P H J Roscoe

REGISTERED OFFICE:

Swangate

Charnham Park

Hungerford

Berkshire

RG17 0YX

REGISTERED NUMBER:

02143820 (England and Wales)

AUDITORS:

PPS

Statutory Auditors

Chartered Accountants

29 Devizes Road

Swindon

Wiltshire

SN1 4BG

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

REVIEW OF BUSINESS

The year ended 31 December 2025 saw turnover increasing by 39.6% following the combination of the trade of a subsidiary. On a like-for like basis turnover increased by 11.0%. Pre-tax profit increased by 67% but decreased by 30% after excluding one-off investment income.

The company is continually seeking further operational improvements through investment in the training of the workforce and the ongoing process of streamlining production methods in order to provide a competitive service for its customers.

Company Ownership

The company is part of the Asteria Group, the ultimate holding company being Packaging Printco NV which is incorporated in Belgium.

Acquisitions and disposals

During the year the company acquired three companies within the Pro Print Group Holdings Limited group.

Employees

The company actively involves all employees in its general business and performance.

Key Performance Indicators

The key performance indicators are as follows:

2025

2024

Turnover

£21,694,517

£15,537,093

Profit before tax

£5,944,492

£2,569,012

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a number of business risks and uncertainties from manufacturing in a developing and competitive market. The directors manage these risks through providing service and value to customers, managing workflows, a structured investment in equipment and staff and the sensible management of working capital.

At the time of signing this report the company, in common with many businesses around the world, is subject to risks arising from the uncertainties of global trading conditions. The directors have considered the impact upon its business from these uncertainties..Forecasts and budgets have been reviewed and the directors are confident that the company has sufficient cash-flow resources to manage any short-term changes to the business. The directors also consider that the management procedures that are in place will enable the company to adapt appropriately to any longer-term changes in circumstances whilst remaining profitable.

ON BEHALF OF THE BOARD:

M Denduyver - Director

27 March 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of adhesive label printers.

DIVIDENDS

An interim dividend of 3000 per share on the Ordinary A £1 shares was paid on 30 April 2025. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2025 will be £ 3,000,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

P H J Roscoe

G Picking

S R Millin

C A Jones

I Declerck

M Denduyver

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M Denduyver - Director

27 March 2026

Opinion

We have audited the financial statements of Berkshire Labels Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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 industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias through judgements and assumptions in significant accounting estimates. Audit procedures performed included:

- Discussions with management in relation to any known or suspected instances of non-compliance with laws and regulations and fraud;

- An evaluation and review of the key processes and controls and carrying out transaction testing on a sample basis, including a review and testing of manual journals and key estimates made by management; and

- Challenging assumptions and judgements made by management in their significant accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Ian Willoughby (Senior Statutory Auditor)

for and on behalf of PPS

Statutory Auditors

Chartered Accountants

29 Devizes Road

Swindon

Wiltshire

SN1 4BG

27 March 2026

TURNOVER

21,694,517

15,537,093

Cost of sales

12,176,813

8,816,298

GROSS PROFIT

9,517,704

6,720,795

Administrative expenses

6,373,989

4,088,614

OPERATING PROFIT

4

3,143,715

2,632,181

Income from shares in group undertakings

3,441,089

1,551,029

Interest receivable and similar income

3,128

23,900

3,444,217

1,574,929

6,587,932

4,207,110

Amounts written off investments

5

-

1,551,029

6,587,932

2,656,081

Interest payable and similar expenses

6

643,440

87,069

PROFIT BEFORE TAXATION

5,944,492

2,569,012

Tax on profit

7

815,495

612,917

PROFIT FOR THE FINANCIAL YEAR

5,128,997

1,956,095

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,128,997

1,956,095

FIXED ASSETS

Intangible assets

9

2,594,736

2,952,816

Tangible assets

10

3,547,800

3,420,598

Investments

11

27,966,967

2,361,165

34,109,503

8,734,579

CURRENT ASSETS

Stocks

12

807,415

710,631

Debtors

13

5,672,242

4,789,158

Cash at bank and in hand

647,056

543,736

7,126,713

6,043,525

CREDITORS

Amounts falling due within one year

14

6,640,272

6,502,106

NET CURRENT ASSETS/(LIABILITIES)

486,441

(458,581

)

TOTAL ASSETS LESS CURRENT LIABILITIES

34,595,944

8,275,998

CREDITORS

Amounts falling due after more than one year

15

(25,329,588

)

(1,158,055

)

PROVISIONS FOR LIABILITIES

18

(683,265

)

(663,849

)

NET ASSETS

8,583,091

6,454,094

CAPITAL AND RESERVES

Called up share capital

19

1,030

1,030

Retained earnings

20

8,582,061

6,453,064

SHAREHOLDERS' FUNDS

8,583,091

6,454,094

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2026 and were signed on its behalf by:

M Denduyver - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1,030

9,000,494

9,001,524

Changes in equity

Dividends

-

(4,000,000

)

(4,000,000

)

Total comprehensive income

-

1,956,095

1,956,095

Impairment of goodwill arising

when hiving up the trade of a

subsidiary company

-

(503,525

)

(503,525

)

Balance at 31 December 2024

1,030

6,453,064

6,454,094

Changes in equity

Dividends

-

(3,000,000

)

(3,000,000

)

Total comprehensive income

-

5,128,997

5,128,997

Balance at 31 December 2025

1,030

8,582,061

8,583,091

Cash flows from operating activities

Cash generated from operations

1

4,906,533

3,200,562

Interest paid

(558,864

)

(93,789

)

Interest element of hire purchase payments paid

(84,576

)

6,720

Tax paid

(850,000

)

(1,921,020

)

Net cash from operating activities

3,413,093

1,192,473

Cash flows from investing activities

Purchase of intangible fixed assets

-

(3,356,835

)

Purchase of tangible fixed assets

(854,088

)

(988,356

)

Purchase of fixed asset investments

(25,605,802

)

(1,551,029

)

Sale of tangible fixed assets

3,500

-

Sale of fixed asset investments

-

1,170,000

Amount w/o investments

-

1,551,029

Investment eliminated on reorganisation

-

3,356,835

Provision acquired on reorganisation

-

31,984

Interest received

3,128

23,900

Dividends received

3,441,089

1,551,029

Net cash from investing activities

(23,012,173

)

1,788,557

Cash flows from financing activities

Loan received in year

23,054,365

-

Hire purchase repayments in year

(351,965

)

691,930

Equity dividends paid

(3,000,000

)

(4,000,000

)

Net cash from financing activities

19,702,400

(3,308,070

)

Increase/(decrease) in cash and cash equivalents

103,320

(327,040

)

Cash and cash equivalents at beginning of year

2

543,736

870,776

Cash and cash equivalents at end of year

2

647,056

543,736

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit before taxation

5,944,492

2,569,012

Depreciation charges

1,084,966

653,536

Profit on disposal of fixed assets

(3,500

)

-

Finance costs

643,440

87,069

Finance income

(3,444,217

)

(1,574,929

)

4,225,181

1,734,688

Increase in stocks

(96,784

)

(169,181

)

Increase in trade and other debtors

(1,070,793

)

(1,365,353

)

Increase in trade and other creditors

1,848,929

3,000,408

Cash generated from operations

4,906,533

3,200,562

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

647,056

543,736

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

543,736

870,776

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

543,736

103,320

647,056

543,736

103,320

647,056

Debt

Finance leases

(1,510,021

)

351,965

(1,158,056

)

(1,510,021

)

351,965

(1,158,056

)

Total

(966,285

)

455,285

(511,000

)

1.	STATUTORY INFORMATION

Berkshire Labels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention and are presented in £ sterling which is the functional currency of the company.

Preparation of consolidated financial statements

The financial statements contain information about Berkshire Labels Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Packaging Printco NV, Belgium.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, rebates and value added tax. Revenue from the sales of goods is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on despatch of the goods.

Goodwill

Goodwill arose during 2024 upon the hive up of the trade of Compliance Labelling Systems Limited. The company was acquired in June 2023 and goodwill is being written off on a straight line basis over 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investments in subsidiaries are stated at original cost less the amount of goodwill recognised on the hive up of the trade of the subsidiary company.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

3,790,046

2,932,971

Social security costs

450,062

294,095

Other pension costs

104,546

66,294

4,344,654

3,293,360

The average number of employees during the year was as follows:

31.12.25

31.12.24

Administration & sales

24

18

Production

71

55

95

73

31.12.25

31.12.24

£

£

Directors' remuneration

464,399

448,911

Directors' pension contributions to money purchase schemes

36,022

7,442

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

31.12.25

31.12.24

£

£

Emoluments etc

171,415

156,293

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Hire of plant and machinery

24,609

20,758

Other operating leases

347,086

205,226

Depreciation - owned assets

514,869

323,688

Depreciation - assets on hire purchase contracts

212,017

307,452

Profit on disposal of fixed assets

(3,500

)

-

Goodwill amortisation

335,684

-

Computer software amortisation

22,396

22,397

Auditors' remuneration

16,800

14,000

5.

AMOUNTS WRITTEN OFF INVESTMENTS

31.12.25

31.12.24

£

£

Amounts w/o invs

-

1,551,029

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Interest on late tax payment

-

3,187

Factoring interest

59,367

-

Other interest

499,497

90,602

Hire purchase

84,576

(6,720

)

643,440

87,069

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

796,079

560,384

Deferred tax

19,416

52,533

Tax on profit

815,495

612,917

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit before tax

5,944,492

2,569,012

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,486,123

642,253

Effects of:

Expenses not deductible for tax purposes

104,867

1,140

Income not taxable for tax purposes

(860,272

)

-

Capital allowances in excess of depreciation

-

(30,476

)

Depreciation in excess of capital allowances

84,777

-

deferred tax liability

Total tax charge

815,495

612,917

8.

DIVIDENDS

31.12.25

31.12.24

£

£

Ordinary A shares of £1 each

Interim dividend

3,000,000

4,000,000