REGISTERED NUMBER: 03562515 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

WRAPID MANUFACTURING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

W.P. Birkinhead

J. Clark

C. Hudson

S.P. York

SECRETARY:

S.P. York

REGISTERED OFFICE:

250 Thornton Road

Bradford

West Yorkshire

BD1 2LB

REGISTERED NUMBER:

03562515 (England and Wales)

AUDITORS:

Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

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

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The company's activities are organised into the following areas:

- Converting and distribution of film.

- Packaging and fulfilment.

PRINCIPAL RISKS AND UNCERTAINTIES

The major risks are:

- Losing customers to a competitor. We are addressing this by regularly monitoring our service levels, listening to customers requests, and ensuring that our prices are competitive. This includes holding a high level of stock to enable a quick turnaround of orders to meet our customers needs.

- Cashflow is monitored on a daily basis and we utilise a confidential invoice discounting facility. We have put in place strong credit control procedures to mitigate the finance costs to the company.

FINANCIAL KEY PERFORMANCE INDICATORS

We consider that our financial key performance indicators are those that communicate the financial performance of the company as a whole, these being turnover, gross margin and return on capital employed.

The turnover of the company by activity was as follows:

2025

2024

£'000

£'000

Converting and distribution of film

9,506

8,959

Packaging and fulfilment

12,123

12,173

21,629

21,132

Overall turnover has increased against 2024. Operating profit has risen to £1,304,708 (6.0%) from £905,885 (4.3%) resulting in a profit before tax of £1,243,127 (2024: £798,532).

Return on capital employed has increased to 29.7% (2024: 23.4%). Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities, less cash, plus overdrafts and other short term borrowings.

FUTURE DEVELOPMENTS

Our Greetings Card business continues to thrive, incorporating as it does our card wrap, print finishing and envelope production operations, with the promise of further growth opportunities in this sector. Our Converting Business also promises to continue to make an important contribution to the overall performance of the company.

ON BEHALF OF THE BOARD:

S.P. York - Director

25 September 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

Future developments have been detailed in the strategic report in accordance with s414C(11) CA 2006.

DIRECTORS

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

W.P. Birkinhead

J. Clark

C. Hudson

S.P. York

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, 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;

-	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

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S.P. York - Director

25 September 2026

Opinion

We have audited the financial statements of Wrapid Manufacturing Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 Strategic Report or 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 Statement of Directors' Responsibilities set out on page four, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-

Enquiry of management, those charged with governance around actual and potential litigation and claims;

-

Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;

-

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

-

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.

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 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.

Geoffrey Cox BA FCA (Senior Statutory Auditor)

for and on behalf of Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

25 September 2026

TURNOVER

4

21,628,959

21,132,278

Cost of sales

15,607,149

15,719,803

GROSS PROFIT

6,021,810

5,412,475

Distribution costs

487,917

422,734

Administrative expenses

4,229,185

4,083,856

4,717,102

4,506,590

OPERATING PROFIT

6

1,304,708

905,885

Interest receivable and similar income

13,642

4,584

1,318,350

910,469

Interest payable and similar expenses

7

75,223

111,937

PROFIT BEFORE TAXATION

1,243,127

798,532

Tax on profit

8

302,680

192,517

PROFIT FOR THE FINANCIAL YEAR

940,447

606,015

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

940,447

606,015

FIXED ASSETS

Tangible assets

9

735,929

814,506

CURRENT ASSETS

Stocks

10

1,618,053

1,354,226

Debtors

11

6,002,359

4,812,362

Cash at bank and in hand

677,365

407,949

8,297,777

6,574,537

CREDITORS

Amounts falling due within one year

12

5,149,759

4,422,543

NET CURRENT ASSETS

3,148,018

2,151,994

TOTAL ASSETS LESS CURRENT LIABILITIES

3,883,947

2,966,500

PROVISIONS FOR LIABILITIES

16

148,000

171,000

NET ASSETS

3,735,947

2,795,500

CAPITAL AND RESERVES

Called up share capital

17

2

2

Retained earnings

18

3,735,945

2,795,498

SHAREHOLDERS' FUNDS

3,735,947

2,795,500

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2026 and were signed on its behalf by:

S.P. York - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

2

2,189,483

2,189,485

Changes in equity

Total comprehensive income

-

606,015

606,015

Balance at 31 December 2024

2

2,795,498

2,795,500

Changes in equity

Total comprehensive income

-

940,447

940,447

Balance at 31 December 2025

2

3,735,945

3,735,947

1.	STATUTORY INFORMATION

Wrapid Manufacturing 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 Company Information page.

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, typically on dispatch of the goods.

Tangible fixed assets

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charge to the Statement of Comprehensive Income in the period in which they are incurred.

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

Improvements to property

- Straight line over remainder of lease

Plant and machinery

- 20% straight line and 10% straight line

Fixtures and fittings

- 20% straight line and 10% straight line

Any gains and losses on the disposal of tangible fixed assets are recognised in the Statement of Comprehensive Income in the year that the disposal takes place.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of raw materials includes all costs in bringing the product to its current location and condition, whilst the cost of finished goods includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Stocks are maintained on a first in, first out basis.

As stocks are sold, the carrying amount of those stocks is recognised as an expense in the year in which the related revenue is recognised.

At each reporting date, stocks are assessed for impairment and due allowances are made for obsolete and slow-moving items to reduce the carrying amount of these goods to their estimated selling price less costs to complete and sell. The amount of any write-down is recognised as an expense in the year that the write-down occurs. The reversal of any previous write-down is recognised as a reduction in the amount of stock expensed in the year that the reversal occurs.

Financial instruments

Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Comprehensive Income in other administrative expenses.

Other financial assets and liabilities, such as loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises of current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the Statement of Comprehensive Income over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Statement of Comprehensive Income 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 its employees. Contributions payable to the pension scheme are charged to the Statement of Comprehensive Income in the period to which they relate. A defined contribution plan is a pension scheme under which the company pays fixed contributions into an independently administered fund and has no further obligations once the contributions have been paid.

4.

TURNOVER

The turnover and profit 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

20,200,368

20,024,892

Europe

1,428,591

1,107,386

21,628,959

21,132,278

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,684,220

3,653,990

Social security costs

449,994

358,441

Other pension costs

155,533

151,859

4,289,747

4,164,290

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

2025

2024

Sales

12

13

Production

75

79

Administration

10

10

97

102

2025

2024

£

£

Directors' remuneration

317,511

257,895

Directors' pension contributions to money purchase schemes

69,480

69,480

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

134,053

108,634

Pension contributions to money purchase schemes

29,484

29,484

Key management are considered to be the directors of the company and their compensation paid or payable is shown above.

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

43,324

47,777

Depreciation - owned assets

145,776

160,698

Depreciation - assets on hire purchase contracts

24,000

29,830

Auditors' remuneration

9,600

9,075

Foreign exchange differences

(7,300

)

2,275

Operating leases - land and buildings

255,174

236,100

Operating leases - other

107,953

85,466

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

54,274

77,848

Other loan interest

16,900

16,948

HP interest

4,049

17,141

75,223

111,937

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

325,680

222,736

Prior year adjustment

-

(219

)

Total current tax

325,680

222,517

Deferred tax

(23,000

)

(30,000

)

Tax on profit

302,680

192,517

Reconciliation of total tax charge 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 before tax

1,243,127

798,532

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

310,782

199,633

Effects of:

Expenses not deductible for tax purposes

2,179

2,168

Adjustments to tax charge in respect of previous periods

-

(219

)

Group relief utilised

(9,793

)

(9,618

)

Deferred tax rounding

(488

)

553

Total tax charge

302,680

192,517

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2025

1,002,603

6,566,740

788,671

12,220

8,370,234

Additions

24,892

41,353

24,954

-

91,199

At 31 December 2025

1,027,495

6,608,093

813,625

12,220

8,461,433

DEPRECIATION

At 1 January 2025

996,064

5,822,479

724,965

12,220

7,555,728

Charge for year

3,073

147,549

19,154

-

169,776

At 31 December 2025

999,137

5,970,028

744,119

12,220

7,725,504

NET BOOK VALUE

At 31 December 2025

28,358

638,065

69,506

-

735,929

At 31 December 2024

6,539

744,261

63,706

-

814,506

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2025

240,000

Transfer to ownership

(240,000

)

At 31 December 2025

-

DEPRECIATION

At 1 January 2025

52,000

Charge for year

24,000

Transfer to ownership

(76,000

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

188,000

10.

STOCKS

2025

2024

£

£

Raw materials

1,475,078

1,238,394

Finished goods

142,975

115,832

1,618,053

1,354,226

Stocks are stated after a slow-moving and obsolete stock allowance of £23,083 (2024: £107,897).

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,767,626

2,270,534

Amounts owed by group undertakings

2,971,250

2,347,368

Prepayments and accrued income

263,483

194,460

6,002,359

4,812,362

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans (see note 13)

310,143

310,143

Hire purchase contracts (see note 14)

-

25,000

Trade creditors

2,889,049

2,110,364

Amounts owed to group undertakings

299,465

299,465

Corporation tax

157,379

26,998

Social security and other taxes

410,297

432,710

Other creditors

39,549

39,511

Confidential invoice discounting

877,994

977,266

Accrued expenses

165,883

201,086

5,149,759

4,422,543

13.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Other loans

310,143

310,143

Other loans, totalling £310,143, are repayable on demand and bear interest at 5.5%.

14.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

-

25,000