REGISTERED NUMBER: 16198826 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Period

21 January 2025 to 31 December 2025

for

Hybrid Packaging Solutions Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr M J R Bowes

Mr P J R Bowes

REGISTERED OFFICE:

APS Packaging Ltd

Chubb Road

Bideford

Devon

EX39 4HE

REGISTERED NUMBER:

16198826 (England and Wales)

AUDITORS:

Sumer Auditco Ltd

Statutory Auditors

69 High Street

Bideford

Devon

EX39 2AT

The directors present their strategic report of the company and the group for the period 21 January 2025 to 31 December 2025.

REVIEW OF BUSINESS

Hybrid Packaging Solutions Ltd was incorporated on 21 January 2025 to act as the holding company of APS Packaging Ltd (formerly Advanced Pallet Systems Ltd), and acquired the entire issued share capital of that company on 25 November 2025. The company does not trade in its own right.

APS Packaging Ltd designs and manufactures timber pallets, crates, export cases and protective packaging to customer specification, and distributes a complementary range of packaging materials and consumables. It operates from a single site in Bideford, Devon, and its management systems are independently certified to ISO 9001, ISO 14001 and ISO 45001.

The consolidated financial statements include the results of APS Packaging Ltd only from the date of acquisition, a period of just over five weeks, and are therefore not representative of a full year of trading. Group turnover for that period was £1,383,236. The directors are satisfied with the performance of the subsidiary since acquisition, which was in line with their expectations.

At 31 December 2025 the group had net assets of £75,454, cash at bank and in short term investments of £4,861,527 and no bank borrowings. The consolidated balance sheet shows net current liabilities because the deferred consideration arising on the acquisition is presented within creditors falling due within one year. The deferred consideration is being settled from the cash generated by the trading subsidiary, at a rate that its cash flow allows.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's only trading activity is that of APS Packaging Ltd, and the principal risks and uncertainties facing the group are therefore those of that company. These are monitored on a continuing basis and are managed as set out below:

- Customer demand: A significant proportion of turnover is derived from a small number of long-standing

manufacturing customers, and sales are therefore influenced by their production volumes. The group manages

this exposure through long-term supply arrangements, consistently high levels of service and quality, and a

continuing programme to broaden its customer base and product range.

- Operational resources: The availability of the people, plant and materials needed to meet customer requirements is

managed through careful financial and operational planning, continuous forecasting and the maintenance of

long-term relationships with stakeholders.

- Credit and liquidity risk: The principal financial risk in the trading business is exposure to bad debts, which is

mitigated by robust credit control procedures. The group has no bank borrowings, and its obligations are met from

the cash generated by the trading subsidiary, which the directors monitor through regular cash flow forecasting.

- Supply chain: Timber is the group's principal raw material, and its price and availability are influenced by

international markets, exchange rates and transport costs. The group mitigates this risk through strategic

relationships with key suppliers and by holding appropriate levels of stock.

- Cost inflation and regulation: Increases in employment costs and the growing regulation of the packaging sector

are addressed through investment in machinery, process improvement and training, and through close monitoring

of regulatory developments.

Having reviewed the group's forecasts, the directors are not aware of any material uncertainties that would cast significant doubt on the ability of the company or the group to continue as a going concern.

FUTURE DEVELOPMENTS

The group will continue to develop the business of APS Packaging Ltd, building on its strong operational foundations and ISO-certified management systems to support sustainable growth. The directors' priorities are to broaden the product range and customer base, to continue the group's programme of carbon reduction and responsible sourcing, and to invest in technology and in the development of its people. Further detail is given in the strategic report of APS Packaging Ltd.

KEY PERFORMANCE INDICATORS

Given the short period of consolidated trading, the directors consider that the key performance indicators of the group are best understood by reference to those of APS Packaging Ltd, which are set out in the strategic report of that company. They comprise turnover, cash at bank, net assets and capital investment, together with non-financial measures of on-time delivery, product quality, and health and safety performance.

RESULTS

The results for the period are set out in the Consolidated Statement of Comprehensive Income on page 9.

SIGNED ON BEHALF OF THE BOARD:

Mr M J R Bowes - Director

25 September 2026

The directors present their report with the financial statements of the company and the group for the period 21 January 2025 to 31 December 2025.

COMMENCEMENT OF TRADING

The company was incorporated on 21 January 2025 and commenced trading on the same date.

DIVIDENDS

The total distribution of dividends for the period ended 31 December 2025 will be £ 6,500 .

DIRECTORS

The directors who have held office during the period from 21 January 2025 to the date of this report are as follows:

Mr M J R Bowes - appointed 21 January 2025

Mr P J R Bowes - appointed 25 November 2025

POLITICAL DONATIONS AND EXPENDITURE

During the period the company and it's subsidiary, APS Packaging Limited, made charitable contributions totalling £5,380.

There were no donations made to political parties/organisations/persons in the period.

DISCLOSURE IN THE STRATEGIC REPORT

Particulars of the financial risk management objectives and policies of the company and future developments are set out in the strategic report.

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). 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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.

SIGNED ON BEHALF OF THE BOARD:

Mr M J R Bowes - Director

25 September 2026

Opinion

We have audited the financial statements of Hybrid Packaging Solutions Ltd (the 'parent company') and its subsidiaries (the 'group') for the period 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 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 period 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, 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:

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.

As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates in order to identify the key laws and regulations affecting the company. The key laws and regulations we identified were health and safety and employment law.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, the applicable financial reporting framework (FRS 102) and relevant UK tax legislation.

We discussed with management how compliance with these laws and regulations is monitored and the policies and procedures in place. We also identified those individuals with responsibility for ensuring that the company complies with applicable laws and regulations and for reporting any issues arising.

As part of our planning procedures, we assessed the risk of non-compliance with laws and regulations giving rise to a material misstatement in the financial statements. Based on this understanding, we designed audit procedures to identify instances of non-compliance with laws and regulations. Our procedures included:

- enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements;

- reviewing minutes of meetings of those charged with governance to identify any instances of non-compliance, litigation or matters requiring disclosure in the financial statements;

- reviewing legal and professional costs to identify any indications of non-compliance, litigation or related matters;

- agreeing relevant financial statement disclosures to underlying supporting documentation.

As part of our enquiries, we discussed with management whether there had been any known instances, allegations or suspicions of fraud. No such matters were identified.

We also assessed the susceptibility of the financial statements to material misstatement due to fraud, including the risk of management override of controls and consideration of management's incentives and opportunities for fraudulent financial reporting.

The key fraud risks identified were management override of controls and revenue recognition. In response to the identified risks, our audit procedures included:

- identifying and testing journal entries and other adjustments made throughout the period and at the period end for appropriateness;

- reviewing accounting estimates and judgements for indicators of management bias and challenging the assumptions used by management;

- evaluating the business rationale for significant transactions that were unusual or outside the normal course of business; and

- performing substantive testing over revenue, including testing transactions to supporting documentation and performing cut-off testing around period end.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement resulting from fraud is also higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment through, for example, forgery, intentional misrepresentations or collusion.

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.

Richard Baker FCA (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Ltd

Statutory Auditors

69 High Street

Bideford

Devon

EX39 2AT

25 September 2026

TURNOVER

4

1,383,236

Cost of sales

993,605

GROSS PROFIT

389,631

Administrative expenses

265,278

124,353

Other operating income

5,434

OPERATING PROFIT

7

129,787

Interest receivable and similar income

13,541

PROFIT BEFORE TAXATION

143,328

Tax on profit

9

61,474

PROFIT FOR THE FINANCIAL PERIOD

81,854

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

81,854

Profit attributable to:

Owners of the parent

81,854

Total comprehensive income attributable to:

Owners of the parent

81,854

FIXED ASSETS

Intangible assets

12

7,616,887

Tangible assets

13

1,103,449

Investments

14

-

8,720,336

CURRENT ASSETS

Stocks

15

1,434,234

Debtors

16

1,498,481

Investments

17

525,666

Cash at bank and in hand

4,335,861

7,794,242

CREDITORS

Amounts falling due within one year

18

16,291,093

NET CURRENT LIABILITIES

(8,496,851

)

TOTAL ASSETS LESS CURRENT LIABILITIES

223,485

PROVISIONS FOR LIABILITIES

21

148,031

NET ASSETS

75,454

CAPITAL AND RESERVES

Called up share capital

22

100

Retained earnings

23

75,354

SHAREHOLDERS' FUNDS

75,454

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:

Mr M J R Bowes - Director

Mr P J R Bowes - Director

FIXED ASSETS

Intangible assets

12

-

Tangible assets

13

-

Investments

14

18,488,305

18,488,305

CURRENT ASSETS

Cash in hand

1

CREDITORS

Amounts falling due within one year

18

13,990,706

NET CURRENT LIABILITIES

(13,990,705

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,497,600

CAPITAL AND RESERVES

Called up share capital

22

100

Retained earnings

23

4,497,500

SHAREHOLDERS' FUNDS

4,497,600

Company's profit for the financial year

4,497,500

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:

Mr P J R Bowes - Director

Mr M J R Bowes - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Dividends

-

(6,500

)

(6,500

)

Total comprehensive income

-

81,854

81,854

Balance at 31 December 2025

100

75,354

75,454

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

4,497,500

4,497,500

Balance at 31 December 2025

100

4,497,500

4,497,600

Cash flows from operating activities

Cash generated from operations

27

920,268

Tax paid

(350,000

)

Net cash from operating activities

570,268

Cash flows from investing activities

Purchase of tangible fixed assets

(2,163

)

Purchase of fixed asset investments

(4,591,981

)

Subsidiary cash held at acquisition

8,882,613

Amounts held as short-term investments

(525,666

)

Interest received

9,289

Net cash from investing activities

3,772,092

Cash flows from financing activities

Share issue

1

Equity dividends paid

(6,500

)

Net cash from financing activities

(6,499

)

Increase in cash and cash equivalents

4,335,861

Cash and cash equivalents at beginning of period

28

-

Cash and cash equivalents at end of period

28

4,335,861

1.	STATUTORY INFORMATION

Hybrid Packaging Solutions Ltd 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.	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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are rounded to the nearest pound.

Basis of consolidation

The consolidated accounts have been prepared under the acquisition basis of accounting. The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertaking. As a consolidated group profit and loss account is published, a separate profit and loss account for the parent is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Significant judgements and estimates

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. As a result of the judgements made 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.

Key sources of estimation uncertainty

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.

Estimated useful lives

In determining the estimated useful life the company considers the expected usage (capacity or physical output) of the asset, expected physical wear and tear of the asset and expected technical advancements in the industry that could lead to obsolescence of the asset. Each year the company reviews the above to establish if there is any change is expected useful life of tangible assets.The depreciation charge for the period ended 31 December 2025 was £34,253.

Work in progress

The labour cost associated to jobs in progress is estimated based on an average of labour time spent. The total value of work in progress at 31 December 2025 was £190,077.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill representing the excess of the purchase price over the fair value of the net assets of undertakings acquired is capitalised in the balance sheet and is amortised by equal annual instalments over the expected useful economic life of 10 or 20 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Planning costs

-

Written off in year of purchase

Improvements to property

-

10% straight line

Plant and machinery

-

33% straight line and 20% straight line

Fixtures and fittings

-

33% straight line

Motor vehicles

-

25% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, 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.

Financial instruments

Basic financial instruments 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 profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Taxation

Taxation for the period 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.

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 period 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.

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.

Investments

Fixed-term deposits with three months or more remaining to maturity at the reporting date are classified as short-term investments and are recognised as financial assets. They are initially measured at transaction price and subsequently measured at amortised cost using the effective interest method.

Interest income is recognised in profit or loss using the effective interest method over the term of the deposit.

Going concern

The company has net current liabilities of £8,496,851. These net current liabilities include an amount of £13,896,225 due to the parents of the directors under loan note instruments.

The company is reliant on the continuing financial support of its creditors, and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

£

United Kingdom

1,383,236

1,383,236

5.	EMPLOYEES AND DIRECTORS

£

Wages and salaries

227,854

Social security costs

27,884

Other pension costs

29,388

285,126

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

Directors

4

Production

59

Administration

10

73

The average number of employees by undertakings that were proportionately consolidated during the period was 73 .

6.	DIRECTORS' EMOLUMENTS

£

Directors' remuneration

2,444

Directors' pension contributions to money purchase schemes

16,684

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

Money purchase schemes

2

7.	OPERATING PROFIT

The operating profit is stated after charging:

£

Depreciation - owned assets

34,253

Goodwill amortisation

63,973

Computer software amortisation

510

Operating leases on premises

12,500

8.	AUDITORS' REMUNERATION

£

Fees payable to the company's auditors for the audit of the company's financial statements

1,250

Auditors' remuneration for non audit work

17,160

9.

TAXATION

Analysis of the tax charge

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

£

Current tax:

UK corporation tax

67,659

Deferred tax

(6,185

)

Tax on profit

61,474

Reconciliation of total tax charge included in profit and loss

The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

£

Profit before tax

143,328

Profit multiplied by the standard rate of corporation tax in the UK of 25 %

35,832

Effects of:

Expenses not deductible for tax purposes

25,642

Total tax charge

61,474

10.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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

11.

DIVIDENDS

£

Ordinary share of £1

Interim

6,500

12.	INTANGIBLE FIXED ASSETS

Group

Computer

Goodwill

software

Totals

£

£

£

COST

Additions

7,676,814

-

7,676,814

Acquisition fair value adjustment

63,000

15,675

78,675

At 31 December 2025

7,739,814

15,675

7,755,489

AMORTISATION

Amortisation for period

63,973

510

64,483

Acquisition fair value adjustment

63,000

11,119

74,119

At 31 December 2025

126,973

11,629

138,602

NET BOOK VALUE

At 31 December 2025

7,612,841

4,046

7,616,887

13.	TANGIBLE FIXED ASSETS

Group

Improvements

Planning

to

Plant and

costs

property

machinery

£

£

£

COST

Additions

-

-

2,163

Disposals

-

-

-

Acquisition fair value adjustment

49,644

805,952

2,041,839

At 31 December 2025

49,644

805,952

2,044,002

DEPRECIATION

Charge for period

-

6,180

22,484

Eliminated on disposal

-

-

-

Acquisition fair value adjustment

49,644

474,260

1,426,247

At 31 December 2025

49,644

480,440

1,448,731

NET BOOK VALUE

At 31 December 2025

-

325,512

595,271