REGISTERED NUMBER: 09443627 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

WRAPID INVESTMENTS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

N. Dillon

S.P. York

J.R. Clark

C. Hudson

REGISTERED OFFICE:

250 Thornton Road

Bradford

West Yorkshire

BD1 2LB

REGISTERED NUMBER:

09443627 (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 of the company and the group 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 Group'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. 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 group.

FINANCIAL KEY PERFORMANCE INDICATORS

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

The turnover of the group 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 £1,110,392 (5.1%) from £206,902 (1.0%) resulting in a profit before tax of £1,035,412 (2024: £85,877). The primary reason for this improvement, is the goodwill amortisation charge arising from the group reorganisation in 2015, has now ended with the goodwill being full amortised in early 2025.

Return on capital employed has increased to 80.7% (2024: 50.9%). Return on capital employed is calculated as profit before interest, goodwill amortisation and tax divided by capital employed, which constitutes tangible assets and net 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 and the group for the year ended 31 December 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 was £280,210 (2024: £280,210).

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.

N. Dillon

S.P. York

J.R. Clark

C. Hudson

GOING CONCERN

The consolidated balance sheet at 31 December 2025 is showing negative assets. The primary reason for this has been the annual goodwill amortisation charge following the group reorganisation in 2015. This amortisation cost has now ended with the goodwill being full amortised in early 2025.

The key for management is to generate sufficient operating cashflow to be able to repay the group loans as they fall due. The directors have carefully assessed the cashflow for the coming 12 months from the date of this report and have a reasonable expectation, based on their assumptions, that the group has adequate financial resources. As a result the going concern assumption continues to be adopted in the preparation of the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group'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 Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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 and 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

4,423,501

4,782,839

4,911,418

5,205,573

OPERATING PROFIT

6

1,110,392

206,902

Interest receivable and similar income

13,642

4,584

1,124,034

211,486

Interest payable and similar expenses

7

88,622

125,609

PROFIT BEFORE TAXATION

1,035,412

85,877

Tax on profit

8

302,680

192,517

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

732,732

(106,640

)

OTHER COMPREHENSIVE INCOME

Revaluation of other loans

(22,427

)

(35,191

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(22,427

)

(35,191

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

710,305

(141,831

)

Profit/(loss) attributable to:

Owners of the parent

732,732

(106,640

)

Total comprehensive income attributable to:

Owners of the parent

710,305

(141,831

)

FIXED ASSETS

Intangible assets

11

-

168,542

Tangible assets

12

735,929

814,506

Investments

13

-

-

735,929

983,048

CURRENT ASSETS

Stocks

14

1,618,053

1,354,226

Debtors

15

3,031,109

2,464,994

Cash at bank and in hand

683,423

414,007

5,332,585

4,233,227

CREDITORS

Amounts falling due within one year

16

5,664,710

4,544,629

NET CURRENT LIABILITIES

(332,125

)

(311,402

)

TOTAL ASSETS LESS CURRENT LIABILITIES

403,804

671,646

CREDITORS

Amounts falling due after more than one year

17

(1,552,498

)

(2,227,435

)

PROVISIONS FOR LIABILITIES

21

(148,000

)

(171,000

)

NET LIABILITIES

(1,296,694

)

(1,726,789

)

CAPITAL AND RESERVES

Called up share capital

22

8,006

8,006

Capital contribution reserve

23

11,565

33,992

Retained earnings

23

(1,316,265

)

(1,768,787

)

SHAREHOLDERS' FUNDS

(1,296,694

)

(1,726,789

)

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

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

5,089,320

5,089,320

5,089,320

5,089,320

CURRENT ASSETS

Debtors

15

284,294

284,294

Cash at bank

5,000

5,000

289,294

289,294

CREDITORS

Amounts falling due within one year

16

3,500,679

2,483,932

NET CURRENT LIABILITIES

(3,211,385

)

(2,194,638

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,877,935

2,894,682

CREDITORS

Amounts falling due after more than one year

17

1,552,498

2,227,435

NET ASSETS

325,437

667,247

CAPITAL AND RESERVES

Called up share capital

22

8,006

8,006

Capital contribution reserve

23

11,565

33,992

Retained earnings

23

305,866

625,249

SHAREHOLDERS' FUNDS

325,437

667,247

Company's loss for the financial year

(39,173

)

(38,472

)

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

Capital

share

Retained

contribution

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

8,006

(1,381,937

)

69,183

(1,304,748

)

Changes in equity

Dividends

-

(280,210

)

-

(280,210

)

Total comprehensive income

-

(106,640

)

(35,191

)

(141,831

)

Balance at 31 December 2024

8,006

(1,768,787

)

33,992

(1,726,789

)

Changes in equity

Dividends

-

(280,210

)

-

(280,210

)

Total comprehensive income

-

732,732

(22,427

)

710,305

Balance at 31 December 2025

8,006

(1,316,265

)

11,565

(1,296,694

)

Called up

Capital

share

Retained

contribution

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

8,006

943,931

69,183

1,021,120

Changes in equity

Dividends

-

(280,210

)

-

(280,210

)

Total comprehensive income

-

(38,472

)

(35,191

)

(73,663

)

Balance at 31 December 2024

8,006

625,249

33,992

667,247

Changes in equity

Dividends

-

(280,210

)

-

(280,210

)

Total comprehensive income

-

(39,173

)

(22,427

)

(61,600

)

Balance at 31 December 2025

8,006

305,866

11,565

325,437

Cash flows from operating activities

Cash generated from operations

1

1,339,922

2,022,903

Interest paid

(88,622

)

(125,605

)

Tax paid

(195,299

)

(205,332

)

Net cash from operating activities

1,056,001

1,691,966

Cash flows from investing activities

Purchase of tangible fixed assets

(91,199

)

(43,749

)

Interest received

13,642

-

Net cash from investing activities

(77,557

)

(43,749

)

Cash flows from financing activities

Confidential invoice discounting

(99,272

)

(909,094

)

HP capital repayments in year

(25,000

)

(123,740

)

Amount introduced by directors

121,172

75,718

Amount withdrawn by directors

(75,718

)

(101,665

)

Other loan capital repayments

(350,000

)

(357,500

)

Equity dividends paid

(280,210

)

(280,210

)

Net cash from financing activities

(709,028

)

(1,696,491

)

Increase/(decrease) in cash and cash equivalents

269,416

(48,274

)

Cash and cash equivalents at beginning of year

2

414,007

462,281

Cash and cash equivalents at end of year

2

683,423

414,007

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,035,412

85,877

Depreciation charges

338,318

864,710

Finance costs

88,622

125,609

Finance income

(13,642

)

(4,584

)

1,448,710

1,071,612

(Increase)/decrease in stocks

(263,827

)

1,021,979

(Increase)/decrease in trade and other debtors

(566,115

)

1,864,258

Increase/(decrease) in trade and other creditors

721,154

(1,934,946

)

Cash generated from operations

1,339,922

2,022,903

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

683,423

414,007

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

414,007

462,281

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.1.25

Cash flow

changes

At 31.12.25

£

£

£

£

Net cash

Cash at bank

and in hand

414,007

269,416

683,423

414,007

269,416

683,423

Debt

Finance leases

(25,000

)

25,000

-

-

Debts falling due

within 1 year

(637,716

)

327,573

(674,937

)

(985,080

)

Debts falling due

after 1 year

(2,227,435

)

-

674,937

(1,552,498

)

(2,890,151

)

352,573

-

(2,537,578

)

Total

(2,476,144

)

621,989

-

(1,854,155

)

1.	STATUTORY INFORMATION

Wrapid Investments 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 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 and going concern

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

The consolidated balance sheet at 31 December 2025 is showing negative assets. The primary reason for this has been the annual goodwill amortisation charge following the group reorganisation in 2015. This amortisation cost has now ended with the goodwill being full amortised in early 2025.

The key for management is to generate sufficient operating cashflow to be able to repay the group loans as they fall due. The directors have carefully assessed the cashflow for the coming 12 months from the date of this report and have a reasonable expectation, based on their assumptions, that the group has adequate financial resources. As a result the going concern assumption continues to be adopted in the preparation of the financial statements.

Basis of consolidation

The consolidated financial statements incorporate the accounts of the company and all of its subsidiaries.

Turnover and profits arising on trading between group companies are excluded.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

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 incudes 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 current and deferred tax. Tax is recognised in the Consolidated 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.