REGISTERED NUMBER: 07050358 (England and Wales)

Audited Financial Statements

for the Year Ended 31 December 2025

for

Proflex Packaging Co Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R A Sangster

S E Watters

REGISTERED OFFICE:

Wallace House

23 Falcon Court

Preston Farm Industrial Estate

Stockton-on-Tees

TS18 3TX

REGISTERED NUMBER:

07050358 (England and Wales)

AUDITORS:

S&W Audit

17 Queens Lane

Newcastle Upon Tyne

NE1 1RN

CURRENT ASSETS

Stocks

-

240,532

Debtors

6

1,806,277

1,319,872

Cash at bank

73,663

613,111

1,879,940

2,173,515

CREDITORS

Amounts falling due within one year

7

(80,170

)

(151,342

)

NET CURRENT ASSETS

1,799,770

2,022,173

TOTAL ASSETS LESS CURRENT LIABILITIES

1,799,770

2,022,173

PROVISIONS FOR LIABILITIES

9

-

(284,113

)

NET ASSETS

1,799,770

1,738,060

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Profit and loss account

1,749,770

1,688,060

SHAREHOLDERS' FUNDS

1,799,770

1,738,060

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2026 and were signed on its behalf by:

S E Watters - Director

1.	STATUTORY INFORMATION

Proflex Packaging Co Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

As explained below, the company ceased operations in March 2025 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company's assets down to a minimum recoverable amount and making provisions for onerous expenses.

Going concern

On 4 November 2024 the company announced that business operations would be terminated and operations ceased on 31 March 2025.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the manufacture of large, multi-layer disposable plastic tanks for specialised shipping stated net of discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the company and is at the point of goods being shipped to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

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.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less cost to complete and sell. Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to their present location and condition.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation

(i) Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(ii) Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events that resulted in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the reporting date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured at the tax rates that are expected to apply in the years in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax is measured on a non-discounted basis.

Foreign currencies

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate ruling at the date of the transaction.

Balances at the year-end denominated in a foreign currency are translated at the rate of exchange ruling at the balance sheet date.

Employee benefits, 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.

Short term employee benefits are recognised as an expense in the period in which they are incurred.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with

banks, other short-term liquid investments with original maturities of three months or less, and bank

overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently they are measured at amortised cost using the effective interest rate method, less impairment.

If an arrangement constitutes a finance transaction it is measured at present value.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss

on a straight line basis over the term of the relevant lease except where another more systematic basis is

more representative of the time pattern in which economic benefits from the leases asset are consumed.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is

reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are

met. Where a grant does not specify performance conditions it is recognised in income when the proceeds

are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a

liability.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 15 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

and 31 December 2025

266,393

DEPRECIATION

At 1 January 2025

and 31 December 2025

266,393

NET BOOK VALUE

At 31 December 2025

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

897

Amounts owed by group undertakings

1,801,881

1,160,179

Other debtors

4,396

158,796

1,806,277

1,319,872

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

3,240

56,397

Amounts owed to group undertakings

56,130

58,390

Other taxation and social security

-

7,030

Other creditors

20,800

29,525

80,170

151,342

8.	LEASING AGREEMENTS

Lessee

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

2025

2024

£

£

-

1,406

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Other provisions

-

284,113

Provisions

for

closure

£

Balance at 1 January 2025

284,113

Credit to Profit and Loss Account during year

(284,113

)

Balance at 31 December 2025

-

In the prior year, a provision was made for dilapidations and redundancy costs. These have been fully utilised in the year and no further obligations exists at the balance sheet date.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Easton FCA Senior Statutory Auditor

for and on behalf of S&W Audit

11.	POST BALANCE SHEET EVENTS

The company ceased trading during the year and the directors intend to liquidate the company.

12.	PARENT COMPANY

The immediate parent company is Hillebrand Gori Group GMBH, a company incorporated in Germany.

Hillebrand Gori Group GMBH prepares group financial statements and copies can be obtained from the company's registered office.

The ultimate parent company of the group is DHL Group, Deutsche Post AG, Headquarters, 53250 Bonn, Germany.