REGISTERED NUMBER: 04222223 (England and Wales)

Report of the Directors and

Unaudited

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Tinware Direct Limited

Page

Company Information

1

Report of the Directors

2

Consolidated Income Statement

3

Consolidated Other Comprehensive Income

4

Consolidated Statement of Financial Position

5

Company Statement of Financial Position

7

Consolidated Statement of Changes in Equity

9

Company Statement of Changes in Equity

10

Notes to the Consolidated Financial Statements

11

DIRECTORS:

Mrs J Economides

G Q Grumbridge

D M Lewsley FCA

SECRETARY:

G Q Grumbridge

REGISTERED OFFICE:

The Granary

Crowhill Farm

Ravensden Road

Wilden

Bedfordshire

MK44 2QS

REGISTERED NUMBER:

04222223 (England and Wales)

ACCOUNTANTS:

GREGORY WILDMAN

The Granary

Crowhill Farm

Ravensden Road

Wilden

Bedfordshire

MK44 2QS

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

DIRECTORS

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

Mrs J Economides

G Q Grumbridge

D M Lewsley FCA

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs J Economides - Director

18 September 2026

TURNOVER

7,051,548

9,679,255

Cost of sales

4,064,322

5,841,253

GROSS PROFIT

2,987,226

3,838,002

Administrative expenses

2,238,100

3,073,405

OPERATING PROFIT

749,126

764,597

Interest receivable and similar income

2,318

-

751,444

764,597

Interest payable and similar expenses

22,034

42,688

PROFIT BEFORE TAXATION

729,410

721,909

Tax on profit

4

181,968

188,580

PROFIT FOR THE FINANCIAL YEAR

547,442

533,329

Profit attributable to:

Owners of the parent

547,442

533,329

PROFIT FOR THE YEAR

547,442

533,329

OTHER COMPREHENSIVE INCOME

Currency translation

(10,215

)

(293

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(10,215

)

(293

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

537,227

533,036

Total comprehensive income attributable to:

Owners of the parent

537,227

533,036

FIXED ASSETS

Intangible assets

6

-

-

Tangible assets

7

144,163

105,303

Investments

8

-

-

144,163

105,303

CURRENT ASSETS

Stocks

9

1,114,331

1,157,124

Debtors

10

286,878

259,113

Cash at bank

1,057,017

834,868

2,458,226

2,251,105

CREDITORS

Amounts falling due within one year

11

1,324,766

1,089,459

NET CURRENT ASSETS

1,133,460

1,161,646

TOTAL ASSETS LESS CURRENT LIABILITIES

1,277,623

1,266,949

PROVISIONS FOR LIABILITIES

27,071

21,764

NET ASSETS

1,250,552

1,245,185

CAPITAL AND RESERVES

Called up share capital

14

1,965

1,965

Currency translation

(10,508

)

(293

)

Retained earnings

1,259,095

1,243,513

SHAREHOLDERS' FUNDS

1,250,552

1,245,185

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2026 and were signed on its behalf by:

Mrs J Economides - Director

FIXED ASSETS

Intangible assets

6

-

-

Tangible assets

7

131,721

89,410

Investments

8

11

21

131,732

89,431

CURRENT ASSETS

Stocks

9

891,227

956,417

Debtors

10

513,535

612,637

Cash at bank

937,406

620,046

2,342,168

2,189,100

CREDITORS

Amounts falling due within one year

11

1,146,683

993,704

NET CURRENT ASSETS

1,195,485

1,195,396

TOTAL ASSETS LESS CURRENT LIABILITIES

1,327,217

1,284,827

PROVISIONS FOR LIABILITIES

28,168

22,353

NET ASSETS

1,299,049

1,262,474

CAPITAL AND RESERVES

Called up share capital

14

1,965

1,965

Currency translation

929

-

Retained earnings

1,296,155

1,260,509

SHAREHOLDERS' FUNDS

1,299,049

1,262,474

Company's profit for the financial year

567,506

550,325

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2026 and were signed on its behalf by:

Mrs J Economides - Director

Called up

share

Retained

Currency

Total

capital

earnings

translation

equity

£

£

£

£

Balance at 1 July 2023

1,965

1,224,004

-

1,225,969

Changes in equity

Dividends

-

(513,820

)

-

(513,820

)

Total comprehensive income

-

533,329

(293

)

533,036

Balance at 31 December 2024

1,965

1,243,513

(293

)

1,245,185

Changes in equity

Dividends

-

(531,860

)

-

(531,860

)

Total comprehensive income

-

547,442

(10,215

)

537,227

Balance at 31 December 2025

1,965

1,259,095

(10,508

)

1,250,552

Called up

share

Retained

Currency

Total

capital

earnings

translation

equity

£

£

£

£

Balance at 1 July 2023

1,965

1,224,004

-

1,225,969

Changes in equity

Dividends

-

(513,820

)

-

(513,820

)

Total comprehensive income

-

550,325

-

550,325

Balance at 31 December 2024

1,965

1,260,509

-

1,262,474

Changes in equity

Dividends

-

(531,860

)

-

(531,860

)

Total comprehensive income

-

567,506

929

568,435

Balance at 31 December 2025

1,965

1,296,155

929

1,299,049

1.	STATUTORY INFORMATION

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

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

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue 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 dispatch of goods, 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 measure reliably.

Intangible assets

Patent costs of a product are capitalised and amortised in line with the expected sales life of that product, subject to a maximum amortisation period of four years.

Tangible fixed assets

Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows:

Short leasehold - over the life of the lease

Plant and machinery -15% reducing balance and 10% cost

Fixtures and fittings -15% reducing balance

Computer equipment - 25% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Foreign currencies

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2024 - 26 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 29 (2024 - 26 ) .

4.

TAXATION

Analysis of the tax charge

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

Period

1.7.23

Year Ended

to

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

176,611

194,903

Deferred tax

5,357

(6,323

)

Tax on profit

181,968

188,580

Tax effects relating to effects of other comprehensive income

31.12.25

Gross

Tax

Net

£

£

£

Currency translation

(10,215

)

-

(10,215

)

1.7.23 to 31.12.24

Gross

Tax

Net

£

£

£

Currency translation

(293

)

-

(293

)

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	INTANGIBLE FIXED ASSETS

Group

Patents

and

licences

£

COST

At 1 January 2025

and 31 December 2025

42,956

AMORTISATION

At 1 January 2025

and 31 December 2025

42,956

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

Company

Patents

and

licences

£

COST

At 1 January 2025

and 31 December 2025

42,956

AMORTISATION

At 1 January 2025

and 31 December 2025

42,956

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

7.	TANGIBLE FIXED ASSETS

Group

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

98,002

74,908

41,362

166,573

380,845

Additions

22,059

9,122

19,468

37,580

88,229

At 31 December 2025

120,061

84,030

60,830

204,153

469,074

DEPRECIATION

At 1 January 2025

69,520

47,569

32,617

125,836

275,542

Charge for year

11,406

8,068

2,101

27,794

49,369

At 31 December 2025

80,926

55,637

34,718

153,630

324,911

NET BOOK VALUE

At 31 December 2025

39,135

28,393

26,112

50,523

144,163

At 31 December 2024

28,482

27,339

8,745

40,737

105,303

Company

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

98,002

64,723

40,245

158,267

361,237

Additions

22,059

9,122

19,468

37,580

88,229

At 31 December 2025

120,061

73,845

59,713

195,847

449,466

DEPRECIATION

At 1 January 2025

69,520

46,208

32,456

123,643

271,827

Charge for year

11,406

6,851

2,101

25,560

45,918

At 31 December 2025

80,926

53,059

34,557

149,203

317,745

NET BOOK VALUE

At 31 December 2025

39,135

20,786

25,156

46,644

131,721

At 31 December 2024

28,482

18,515

7,789

34,624

89,410

8.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2025

21

Disposals

(10

)

At 31 December 2025

11

NET BOOK VALUE

At 31 December 2025

11

At 31 December 2024

21

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Tinware Direct Holding B.V

Registered office: The Granary, Crowhill Farm, Ravensden Road, Wilden, Bedfordshire, MK44 2QS

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

100.00

Tinware Direct B.V

Registered office: The Granary, Crowhill Farm, Ravensden Road, Wilden, Bedfordshire, MK44 2QS

Nature of business: Suppliers of decorative and plain tinware.

%

Class of shares:

holding

Ordinary

100.00

Mill Barn Packaging Limited

Registered office: The Granary, Crowhill Farm, Ravensden Road, Wilden, Bedfordshire, MK44 2QS

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

9.

STOCKS

Group

Company

31.12.25

31.12.24

31.12.25

31.12.24

£

£

£

£

Stocks

1,111,397

1,103,216

888,293

902,509

Work-in-progress

2,934

53,908

2,934

53,908

1,114,331

1,157,124

891,227

956,417