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

The company’s principal activities during the year continued to be acting as an agent for the sales of specialist machines for the carton and corrugated industry. The company continued to offer service contracts and supply of spare parts in relation to these machines throughout the year. At the balance sheet date, the net current assets of the company totalled £9,732,000 (2024: £9,028,000).

The key financial and other performance indicators during the year were as follows:

Turnover rose by 5% over the year, driven by greater demand for parts and service. Turnover for this company in the next financial year is expected to be slightly higher than that achieved this year.

The company’s total operating profit declined due to the investment in hiring new employees.

The total average monthly number of employees increased by 5% during the year.

The principal risks and uncertainties facing the company are grouped below.

Competitive risks

In the UK the company is the current market leader for spare parts. On the service side there is little competition from small maintenance companies. To maintain competition, advantage the company considers selling more maintenance interventions with lower rates to be the only supplier serving customers.

Financial instrument risks

The principal financial risks affecting the company relate to foreign exchange movements. The company's accounting policy on foreign exchange is set out in note 1.15 to the financial statements.

Exposure to credit, liquidity and cash flow risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. The company adopts standard payment terms for customers and individual exposures are monitored, with customers subject to credit limits to ensure that the company's exposure to bad debts is minimised. Details of the company's debtors are shown in note 13 to the financial statements.

Liquidity risk is the risk that an entity will encounter difficulty in meeting its obligations associated with financial liabilities. The group aims to mitigate liquidity risk by managing cash generation by its operations, applying cash collection targets throughout the company.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on a variable rate debt. The company manages this risk mainly by Group support via intercompany loans, that can be issued when needed.

The Group is reorganising its Go-To-Market operations, Business Unit Printing & Converting operations and Business Unit Services & Performance operations. With this organisational change the Group will accelerate its transformation into a more customer-centric, industry-focused, leading solutions provider, while supporting development and innovation in Product technology.

By order of the board

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

The profit for the financial year amounted to £623,000 (2024 – profit of £749,000). The directors do not recommend a final dividend (2024 – £nil).

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

The company has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third-party indemnity provision remains in force during the year and as at the date of approving the directors’ report.

Information on financial instruments risk management is presented within the Strategic Report.

Information on future developments is presented within the Strategic Report.

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.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approving these financial statements. Further the directors have received a letter of support confirming that the parent company will continue to support the company for a period of not less than 12 months from the date of approval of these financial statements, as a result, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approving these financial statements. Thus, they continue to adopt the going concern basis in preparing the financial statements.

As part of this assessment the cash flow forecast was considered, which was prepared for a period of at least 12 months from the date of approval of these financial statements. This cash flow forecast shows that the company has sufficient resources to meet its liabilities as they fall due in the foreseeable future. The Company would also have access to finance through the parent company should this be required. 

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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

We have audited the financial statements of Bobst UK & Ireland Ltd (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including material 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 Auditor 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 ethical responsibilities in accordance with those 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' report 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.

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 directors' report.

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.

As explained more fully in the directors' responsibilities statement, 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.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

• Enquiry of management around actual and potential litigation and claims;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Reviewing legal and professional expenditure to identify any evidence of ongoing litigation or enquiries; and

• Addressing risk of fraud in occurrence of revenue recognition through testing revenue transactions back to supporting evidence.

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 FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the 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.

All activities derive from continuing operations.

There is no other comprehensive income or expense in the current year or preceding year other than that reported above.

Bobst UK & Ireland Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ravensbank House, Ravensbank Drive, Moons Moat North Industrial Estate, Redditch, B98 9NA.

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 amounts in these financial statements are rounded to the nearest £'000, unless otherwise stated.

The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions available under FRS 102:

• The requirements of section 7, statement of cash flows.

• Related party transactions including management personnel compensation, as required by FRS102 paragraph 33.7.

• The requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).

• The requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

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

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approving these financial statements. Further the directors have received a letter of support confirming that the parent company will continue to support the company for a period of not less than 12 months from the date of approval of these financial statements, as a result, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approving these financial statements. Thus they continue to adopt the going concern basis in preparing the financial statements.true

As part of this assessment the cash flow forecast was considered which was prepared for a period of at least 12 months from the date of approval of these financial statements. This cash flow forecast shows that the company has sufficient resources to meet its liabilities as they fall due in the foreseeable future. The Company would also have access to finance through the parent company should this be required.

Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

Sale of machine spare parts and service contracts

Turnover represents the amounts invoiced and billable to customers, excluding value added tax, of goods sold and services provided. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, and can be reliably measured.

Turnover from services is recognised when the services were actually provided. When a transaction combines the supply of goods with the provision of a significant service, turnover from the services provided is recognised based on the stage of completion.

Commission income from machine sales

Turnover represents the net commission receivable from Bobst production sites. The Company acts as agent and obtains relevant reports with commissions earned each month after sale of machines and then the Company issues relevant invoices and makes the posting of revenue entry in the appropriate period which commissions relate to.

Other income relates to recharges of costs incurred on behalf of other Bobst SA Group entities, recognised on invoice, and true-ups between entities within the Bobst SA Group to achieve various EBIT margins.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

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:

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less the estimated cost of disposal. Cost comprises the cost of direct materials and labour, plus attributable overheads.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

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 leased asset are consumed.

Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. The company’s functional and presentation currency is the pound sterling.

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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company makes an estimate of the recoverable value of trade and other debtors which is considered to be critical, primarily due to the gross value of debtors. There is no history of significant bad debt write-offs, however there remains uncertainty related to the recovery of certain amounts, for example those that are significantly overdue. When assessing impairment of trade and other debtors, management also considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. For details of total debtors and impairment provision balances, please refer to note 14.

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

Their aggregate remuneration comprised:

The company operates a defined contribution pension scheme for the benefit of employees and directors. The pension costs for the year represent contributions payable to the scheme and amounted to £347,000 (2024: £257,000). There were £nil unpaid contributions as at the balance sheet date (2024: £nil).

No director received any remuneration from the company during the year (2024 - £nil). The directors of the company are remunerated by the ultimate parent company and the details of their remuneration are disclosed within the financial statements of Bobst Group SA. Their remuneration in respect of services to the company are considered to comprise an insignificant proportion of their total remuneration, no amounts are recharged to the company in this respect and none of the directors received any specific remuneration in respect of Bobst UK & Ireland Ltd.

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

Factors impacting future tax charges

Legislation was enacted with effect from the accounting period ended 31 December 2024 to implement the Pillar Two Model Rules published by the OECD. Bobst UK & Ireland Ltd is within the scope of Pillar Two, however the company does not have a material exposure to top-up tax. Tax chargeable under Pillar Two is £nil in the period (2024: £nil).

The company has an £11,000 liability which has not been recognised. In the prior year, there was an unrecognised liability of £20,000.

The difference between the above values and the replacement cost of stocks is not material. Inventories are stated after provisions for impairment of £nil (2024: £nil).

Amounts owed by group undertakings are unsecured, interest free and repayable on demand. The directors consider the fair value of trade and other debtors to be equal to the book value given their short-term nature.

An impairment provision of £59,059 (2024: £48,533) was recognised against trade debtors.

Terms and conditions of the above financial liabilities:

• Trade creditors are non-interest bearing and are normally settled on 45 day terms

• Amounts owed to group undertakings are unsecured, interest free and repayable on demand

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

The company is party to a bank cross guarantee covering amounts due by other group companies. The net amount due under these guarantees as at 31 December 2025 was £nil (2024: £nil). The company also has a bank guarantee covering the amount of £750,000 in favour of HMRC.

There is a contingent liability for guarantees in respect of machines sold and installed. These guarantees are largely covered by guarantees received from machine suppliers.

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:

The company's immediate parent undertaking is Bobst UK Holdings Ltd. The company's ultimate parent undertaking is Bobst Group SA which is incorporated in Switzerland. This is the smallest and largest group into which the results of the company are consolidated. Copies of the financial statements of Bobst Group SA are available from the Bobst website under http://investors.bobst.com/en/publications and from its registered office: Bobst Group SA, P.O.Box, CH-1001 Lausanne, Switzerland.

The company has taken advantage of the exemption in FRS 102 from providing details of transactions with other wholly owned members of the Bobst UK Holdings Ltd and the Bobst Group SA groups.