The directors present their strategic report for Workwear Express Limited (the "company") for the year ended 31 December 2025.

The primary function of the company is to deliver customised apparel solutions to various businesses across the United Kingdom.

Financially, the company reported a successful year, with annual turnover reaching £45,547,133, compared to £45,023,073 for the previous year ended 31 December 2024. Operating profits also saw a notable increase to £6,730,103, up from £6,287,792 in the comparative year. Profits before tax similarly grew, recorded at £7,013,321 for the year, versus £6,555,809 in the previous year.

As of 31 December 2025, the company's financial health remains robust, with net assets valued at £2,658,212, down from £2,816,105 the previous year.

The business remains proactive in maintaining its competitive edge by continuously investing in several key areas. These investments focus on enhancing technological capabilities, expanding the digital and physical infrastructure, and strengthening the workforce.

This success is largely thanks to our dedicated colleagues who work tirelessly each day. Their commitment, expertise, and unwavering work ethic are the bedrock of our achievements. It is their passion and professionalism that drive us forward, ensuring we consistently deliver exceptional products and services to our valued clients. We extend our heartfelt gratitude to every team member for their invaluable contribution and steadfast dedication.

The management of the business and the execution of the company's strategy are subject to a number of risks. The board reviews these risks and puts in place policies to mitigate them.

The key business and financial risks are:

Liquidity risk

The directors regularly monitor the financial information to ensure that any risks in this area are considered on a timely basis.

Credit risk

The company monitors credit risk and considers that its current policy of strict credit checks meets its objectives of managing its exposure.

Price risk

There is no significant exposure to changes in the carrying value of financial liabilities.

Employees

The company recognises its performance depends largely on its key employees. Employees are remunerated with competitive packages and conditions as well as specific employee incentive schemes.

The directors monitor and manage the performance of the company, assisted by the production of detailed monthly management reports containing accounts and a number of key financial and non-financial performance measures including; turnover, profit margins, working capital levels, cash flows and costs of customer acquisition.

• Turnover has increased by 1% to £45,547,133 (2024: £45,023,073)

• Gross profit margin has decreased slightly to 40.7% (2024: 41.0%)

The key performance indicators of Bunzl plc and its subsidiary undertakings (together the "group"), which includes the company, are described in the Bunzl Annual Report 2025 on pages 36 to 38.

The company remains committed to its established and successful strategy, focused primarily on organic growth. This strategy entails expanding and nurturing relationships with existing customers while actively pursuing opportunities to onboard new customers. The company continues to focus on enhancing operational efficiency through new technologies and ensuring streamlined processes to maximise productivity across its operations.

Looking ahead, the company's prospects are of sustainable and profitable growth, under the guidance of an experienced and forward-thinking leadership team. Our robust working capital position underscores our resilience, equipping us to navigate potential economic challenges with confidence.

The board of directors of the company have acted in a way which is most likely to promote the success of the company for the benefit of its stakeholders.

The directors consider the impact on interests of other stakeholders in the company whilst discharging these duties.

Employees

The directors are committed to promoting an engaged and healthy workforce comprising, recognising the importance of both physical and mental wellbeing. We engage with our team through the works council, safety leaders and an open door policy promoting strong communication channels throughout the business.

The directors encourage progression through the business and achieve this through appropriate training and development including apprenticeships.

We dedicate appropriate resource to our Health and Safety standards and consistently work to raise the profile of health and safety in the business. Proactive safety initiatives and extensive training facilitates this. Our strategy is to continue to develop our safety culture to raise standards to the highest level.

Customers

The team works tirelessly to enjoy trusting, effective and uncomplicated long term relationships with our valued customers. We seek to identify opportunities that are mutually beneficial and ensure the sustainability of our strategic partners.

Suppliers

The directors seek to ensure our suppliers align with our values. The directors commit to honouring our agreements. In line with our values, we look to maximise opportunities for suppliers to ensure their continued success and sustainability. The directors value the loyalty and commitment of our strategic suppliers.

Environment

The company recognises the importance of its environmental responsibilities and has measures in place to monitor and control its impact on the local environment and its compliance with any applicable regulatory environmental standards.

Standards and conduct

The company has a strong business vision driven by our core values of: holding people at the heart, honesty and integrity, a commitment to excellence and collaboration.

On behalf of the board

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

The results for the year are set out on page 9.

An interim dividend of £5,400,000 was paid during the year (2024: £5,400,000). The directors do not recommend payment of a final dividend (2024: £nil).

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

Indemnities were in force throughout the year 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.

The company made no political donations in the year (2024: £nil).

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Understanding the views of the Company’s stakeholders is a key priority for the Board and the Group as a whole. It helps to focus the Company’s resources, engagement and reporting activities by addressing those issues that matter most to the business and to its wider stakeholders. Fostering strong business relationships is an intrinsic part of the Company’s strategy and a key consideration in all decision making. More information about Bunzl's engagement with the Group’s suppliers, customers and wider stakeholder groups can be found in the Bunzl plc 2025 Annual Report on pages 60 to 63.

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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;

• state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

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 steps that they ought to have taken as a director 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.

Each of the directors, whose names are listed in the directors' report, confirms that, to the best of their knowledge:

• the company financial statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 102, give a true and fair view of the assets, liabilities, financial position and profit of the company; and

• the strategic report includes a fair review of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties that it faces.

We have audited the financial statements of Workwear Express Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Workwear Express Limited is a private company limited by shares incorporated in England and Wales under number 03743499. The registered office is at York House, 45 Seymour Street, London, W1H 7JT.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Board has concluded that the going concern assumption is appropriate in preparing these financial statements. true

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

Costs associated with the development of the company website and licences are capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. These assets 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, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost 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).

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is calculated using the average cost method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 and loans, 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.

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

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, if considered material to the financial statements.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the Year are included in profit or loss.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

In assessing whether there have been any indicators of impairment to assets, the directors have considered both external and internal source of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the year.

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 depreciates tangible and intangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as the expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. The carrying amount of tangible fixed assets at the reporting date was £1,084,743 (2024: £1,253,313) and the carrying amount of intangible assets at the reporting date was £753,229 (2024: £618,744).

The company regularly reviews its stock to ensure it is carried at the lower of cost or net realisable value.  The management constantly reviews slow moving and obsolete items arising from changes in the product mix demanded by customers, with provision made for specific items identified as being impaired. The total stock provision included in the balance sheet at the reporting date was £304,180 (2024: £223,106).

The company establishes a provision for trade debtors that are estimated to not be recoverable. When assessing recoverability the directors consider factors such as the aging of trade debts, past experience of recoverability, and the credit profile of individual or groups of customers. The carrying value of this provision at year end was £91,819 (2024: £91,183).

An analysis of the company's turnover is as follows:

The company successfully exports to both the EU and worldwide but has chosen not to disclose this amount on the basis of materiality.

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

Their aggregate remuneration comprised:

The directors received no fees or other remuneration from the company during the year. They were employed by another member of the Group and were remunerated by it in respect of their services to the Group as a whole. It is not considered practical or possible to accurately apportion these costs to each Group entity of which the directors are officers. Their emoluments are dealt with in the consolidated financial statements of Bunzl plc.

The main rate of corporation tax increased to 25% from 1 April 2023 under the Finance Bill 2021. Deferred tax has been provided at the rates expected to be in place when the timing differences reverse.

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:

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon:

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

The Company has three classes of ordinary shares.

Ordinary shares carry voting rights and are entitled to participate in dividends.

Ordinary 'A' shares carry no voting rights and are entitled to participate in dividends.

Ordinary 'B' shares carry no voting rights and are not entitled to participate in dividends.

Assets are secured by an unlimited inter-company guarantee from Bunzl plc.

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 parent company is Bunzl Holding WWE Limited, a company incorporated in England and Wales.

The Company's ultimate parent company is Bunzl plc, a company incorporated in England and Wales. The registered office address is York House, 45 Seymour Street, London, W1H 7JT.

Bunzl plc is listed on the London Stock Exchange and therefore the directors do not consider there to be any single ultimate controlling party.

During the year the Company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date: