REGISTERED NUMBER: 04308433 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

HYDROPAC LIMITED

Page

Company Information

1

Report of the Directors

2

to

3

Report of the Independent Auditors

4

to

7

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

to

19

DIRECTORS:

Mr H Baars

Mr A Grau

Mr G D N Tarratt

Mr R J H Marsh

SECRETARY:

L M Brinkworth-Bell

REGISTERED OFFICE:

York House

45 Seymour Street

London

W1H 7JT

REGISTERED NUMBER:

04308433 (England and Wales)

AUDITORS:

Seymour Taylor Limited, Statutory Auditor

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

The directors present their report with the financial statements of the company for the year ended

31 December 2025.

DIVIDENDS

No interim dividend was paid during the year (2024: £nil). The directors do not recommend the payment of a final dividend (2024: £nil).

FUTURE DEVELOPMENTS

The company continues to develop its temperature-controlled packaging solutions, with 2025 seeing the business bring on new customers. Investment in machinery and technology continues to drive operational excellence and improve the customer experience. This ensures the business has a sound basis for its continued growth in the market now and in the future.

DIRECTORS

The directors who held office during the year and, unless otherwise stated, up to the date of signing of the financial statements were as follows:

H Baars

A Grau

R J H Marsh

G D N Tarratt

POLITICAL DONATIONS AND EXPENDITURE

The Company made no political donations during the year (2024: £nil).

DIRECTORS' INDEMNITIES

Indemnities were in force throughout 2025 and remain in force as at the date of this report, under which Bunzl plc, the ultimate holding company of the Company, has agreed to indemnify the Company's directors and the Company Secretary, to the extent permitted by law and Bunzl plc's Articles of Association, in respect of all losses arising out of or in connection with the execution of their powers, duties and responsibilities as a director or officer of the Company.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing 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). 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;

- state whether applicable accounting standards have been followed, subject to any material departures

disclosed and explained in the financial statements;

- 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

As at the date of approval of this Directors' report, each of the directors of the Company confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and

- each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

AUDITORS

The auditors, Seymour Taylor Limited, Statutory Auditor, will be re-appointed in accordance with section 487(2) of the Companies Act 2006.

DISCLOSURE IN THE STRATEGIC REPORT

Under section 414B(b) of the Companies Act 2006, the Company is entitled to the small companies' exemption in relation to the Strategic Report for the financial year ended 31 December 2025.

ON BEHALF OF THE BOARD:

Mr H Baars - Director

7 September 2026

Opinion

We have audited the financial statements of Hydropac Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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 Directors' Responsibilities Statement set out on page two, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities we considered the

- the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having made enquiries of management about their policies and procedures relating to:

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate.

Audit response to risks identified

As a result of performing the above our procedures to respond to the risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management and external legal advisors about actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

Joanne Kingsnorth FCA (Senior Statutory Auditor)

for and on behalf of Seymour Taylor Limited, Statutory Auditor

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

7 September 2026

TURNOVER

4

5,915,647

3,884,206

Cost of sales

3,979,009

2,571,024

GROSS PROFIT

1,936,638

1,313,182

Administrative expenses

1,550,078

1,735,270

OPERATING PROFIT/(LOSS)

6

386,560

(422,088

)

Interest receivable and similar income

126,777

128,123

PROFIT/(LOSS) BEFORE TAXATION

513,337

(293,965

)

Tax on profit/(loss)

7

103,682

(79,124

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

409,655

(214,841

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

409,655

(214,841

)

FIXED ASSETS

Tangible assets

8

460,610

520,028

CURRENT ASSETS

Stocks

9

379,497

263,088

Debtors

10

761,229

773,319

Cash at bank

3,446,142

2,985,565

4,586,868

4,021,972

CREDITORS

Amounts falling due within one year

11

2,180,286

2,071,810

NET CURRENT ASSETS

2,406,582

1,950,162

TOTAL ASSETS LESS CURRENT LIABILITIES

2,867,192

2,470,190

PROVISIONS FOR LIABILITIES

13

107,102

119,755

NET ASSETS

2,760,090

2,350,435

CAPITAL AND RESERVES

Called up share capital

14

180

180

Capital redemption reserve

15

20

20

Retained earnings

15

2,759,890

2,350,235

SHAREHOLDERS' FUNDS

2,760,090

2,350,435

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2026 and were signed on its behalf by:

Mr H Baars - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

180

2,565,076

20

2,565,276

Changes in equity

Deficit for the year

-

(214,841

)

-

(214,841

)

Total comprehensive income

-

(214,841

)

-

(214,841

)

Balance at 31 December 2024

180

2,350,235

20

2,350,435

Changes in equity

Profit for the year

-

409,655

-

409,655

Total comprehensive income

-

409,655

-

409,655

Balance at 31 December 2025

180

2,759,890

20

2,760,090

1.	GENERAL INFORMATION

Hydropac Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is York House, 45 Seymour Street, London, W1H 7JT. The principal place of business is Blenheim Road, Unit 2 M40 Industrial Centre, High Wycombe, Bucks, HP12 3RS. The registered number is 04308433.

The principal activity of the company is that of manufacturing and distributing ice pack, gel packs and temperature controlled shipping systems.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these accounts have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

The directors have assessed expected future cashflows, giving due consideration to all relevant factors affecting the company. The directors have considered the potential impact on the company as well as its capital resources and believe that the company has adequate resources in place to continue in operation for at least twelve months from the date of approval of the financial statements. Consequently, the company continues to adopt the going concern basis in preparing these financial statements.

Reduced disclosure exemption

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

Hydropac Limited is a wholly owned subsidiary of Bunzl Holding GTL Limited, a wholly owned subsidiary of Bunzl plc being the ultimate parent undertaking, and the results of Hydropac Limited are included in the consolidated financial statements of Bunzl plc which are available from York House, 45 Seymour Street, London, W1H 7JT.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and services. Turnover from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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:

Leasehold improvements Over the lease term

Plant and machinery 20% - 25% straight line

Machinery under development Nil - until completed and recognised as plant and machinery

Fixtures, fittings tools and equipment 25% - 33% straight line

Computer equipment 25% - 33% straight line

Depreciation methods, useful lives and residual values are reviewed if there is any indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the statement of financial position. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the statement of financial position date. Deferred tax balances are not discounted.

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

Foreign currencies

Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities at the period end denominated in a foreign currency are translated into Sterling at the rate of exchange ruling at the statement of financial position date. Exchange differences are taken into account when arriving at the operating profit.

Hire purchase and leasing commitments

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

Assets acquired and held under finance lease or hire purchase contracts are capitalised in the statement of financial position. Those held under finance leases are depreciated over the shorter of the lease term and the estimated useful life of the asset. Those held under hire purchase contracts are depreciated over the estimated useful life of the asset.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligation, exclusive of finances charges allocated to future periods, is recognised as a liability with the finance element charged to the income statement over the relevant period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits 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 for the benefit of its employees. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the statement of financial position date as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are recognised as a liability in the statement of financial position and the relevant amount included as an expense in the income statement.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision or contingency is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the profit or loss account in the period it arises.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on the management's best judgment at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.

The areas for which significant estimation has been applied are considered to be as follows:

Depreciation of tangible fixed assets

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

Management reassess the depreciation methods, useful lives and residual values where there is an indication of a significant change in pattern by which the company expects to consume an asset's future economic benefit.

Stock provisioning

Stocks are carried at the lower of cost and net realisable value. Management review stock for evidence of impairment and make due allowance in respect of items identified as being obsolete or slow moving items or impaired.

Bad debt provision

Management make provision against any debtor which is deemed to be potentially irrecoverable. This provision is reviewed on an annual basis and assessed for reasonableness.

4.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

5,865,453

3,784,541

Europe

43,171

99,665

Rest of World

7,023

-

5,915,647

3,884,206

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,181,567

918,045

Social security costs

148,905

98,268

Other pension costs

27,837

22,438

1,358,309

1,038,751

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

2025

2024

Administration

10

9

Production

12

13

Sales

2

1

24

23

During the year, key management personnel compensation of £101,167 was paid (2024 - £101,167).

The directors are paid by other entities within the group for their services which do not relate to their roles as directors of this company and as such no amounts are charged to the company.

2025

2024

£

£

Directors' remuneration

-

-

6.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

2025

2024

£

£

Hire of plant and machinery

10,080

15,197

Other operating leases

103,117

90,634

Depreciation - owned assets

164,134

158,101

Research and development expenditure

-

5,753

Auditors' remuneration

27,250

21,150

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

125,171

(96,791

)

Over/under provision in prior year

(8,836

)

-

Total current tax

116,335

(96,791

)

Deferred tax

(12,653

)

17,667

Tax on profit/(loss)

103,682

(79,124

)

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

Reconciliation of total tax charge/(credit) 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:

2025

2024

£

£

Profit/(loss) before tax

513,337

(293,965

)

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

128,334

(73,491

)

Effects of:

Depreciation in excess of capital allowances

14,106

9,032

Adjustments to tax charge in respect of previous periods

(8,836

)

(14,665

)

Other differences

(29,922

)

-

Total tax charge/(credit)

103,682

(79,124

)

The Bunzl plc Group, of which Hydropac Limited is a subsidiary company, has an agreement with the group undertakings that any losses surrendered by those undertakings will be charged at the prevailing tax rate.

8.	TANGIBLE FIXED ASSETS

Machinery

Freehold

under

Plant and

property

development

machinery

£

£

£

COST

At 1 January 2025

126,602

2,963

740,590

Additions

-

427

10,476

At 31 December 2025

126,602

3,390

751,066

DEPRECIATION

At 1 January 2025

50,640

-

362,174

Charge for year

12,661

-

137,344

At 31 December 2025

63,301

-

499,518

NET BOOK VALUE

At 31 December 2025

63,301

3,390

251,548

At 31 December 2024

75,962

2,963

378,416

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2025

69,433

73,368

1,012,956

Additions

1,915

91,898

104,716

At 31 December 2025

71,348

165,266

1,117,672

DEPRECIATION

At 1 January 2025

65,545

14,569

492,928

Charge for year

1,881

12,248

164,134

At 31 December 2025

67,426

26,817

657,062

NET BOOK VALUE

At 31 December 2025

3,922

138,449

460,610

At 31 December 2024

3,888

58,799

520,028

9.

STOCKS

2025

2024

£

£

Raw materials

165,862

177,515

Finished goods

213,635

85,573

379,497

263,088

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

616,095

577,326

Other debtors

210

4,316

Rent deposit

54,405

54,405

Corporation tax

-

70,186

Prepayments and accrued income

90,519

67,086

761,229

773,319

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

456,309

346,888

Amounts owed to group undertakings

1,269,254

1,527,198

Corporation tax

125,171

-

Social security and other taxes

34,818

24,292

Pension

6,175

4,963

VAT

112,526

63,157

Other creditors

1,515

19,049

Accruals and deferred income

174,518

86,263

2,180,286

2,071,810

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

140,377

83,226

Between one and five years

505,228

6,664

645,605

89,890

13.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

107,102

119,755

Deferred

tax

£

Balance at 1 January 2025

119,755

Credit to Statement of Comprehensive Income during year

(12,653

)

Balance at 31 December 2025

107,102