GSH Holdings Limited 31/01/2026 iXBRL

Company registration number: 03423340

GSH Holdings Limited

Financial statements

31 January 2026

GSH Holdings Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

GSH Holdings Limited

Directors and other information


	Directors
		Mr J Cullen


	Secretary	Mr M McEvoy


	Company number	03423340


	Registered office	Beech Gate
		Peterborough Road, Whittlesey
		Peterborough
		Cambridgeshire
		PE7 1PD


	Auditor	Hill Vellacott
		22 Great Victoria Street
		Belfast
		Co Antrim
		BT2 7BA

GSH Holdings Limited

Strategic report

Year ended 31 January 2026

GSH continues to function as a strategic enabler, supporting nationwide delivery, improving fleet utilisation, and protecting service levels while managing fuel and wage inflation through optimisation.

In parallel with continued capital investment in machinery capability across the Group, the Board has approved targeted investment in dedicated Machinery Sales Executives to accelerate revenue growth and improve return on capital deployed.

The expansion of the Group's machinery offering-particularly across packaging machinery, printed film capability, and associated consumables-requires a specialist, technically competent sales resource focused solely on machinery-led opportunities. This investment is expected to deliver a material uplift in Group sales, driven by improved market coverage, faster conversion of enquiries, and stronger penetration of both new and existing customer accounts.

Strategically, the appointment of Machinery Sales Executives is expected to:

" Increase machinery order intake through proactive pipeline development and structured account targeting.

" Improve conversion rates on capital equipment opportunities through dedicated technical sales expertise.

" Drive pull-through recurring revenue in higher-margin consumables, service, spares, and contract support linked to machinery installations.

" Shorten sales cycles and enhance customer confidence through consistent, specialist engagement.

" Support geographic expansion across the UK, particularly in growth regions already identified within the Group strategy.

The Board anticipates that this focused commercial investment will generate a sustainable uplift in Group turnover and gross margin, with machinery sales acting as both a direct revenue stream and a catalyst for wider Group product sales. This approach ensures that recent and ongoing capital expenditure on machinery capability is fully commercialised and monetised, supporting the Group's medium-term growth, profitability, and cash generation objectives.

This report was approved by the board of directors on 5 October 2026 and signed on behalf of the board by:

Mr J Cullen

Director

GSH Holdings Limited

Directors report

Year ended 31 January 2026

The directors present their report and the financial statements of the company for the year ended 31 January 2026.

Directors

The directors who served the company during the year were as follows:


Mr J Cullen

Dividends

The directors do not recommend the payment of a dividend.

Future developments

The directors aim to maintain the management policies which have resulted in the company's results in recent years and they consider that the next year will show similar results from continuing operations.

Financial instruments

Details of financial instruments are provided in the strategic report on page 2.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 judgments and accounting estimates that are reasonable and prudent; and

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

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

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 05 October 2026 and signed on behalf of the board by:

Mr J Cullen

Director

GSH Holdings Limited

Independent auditor's report to the members of

GSH Holdings Limited

Year ended 31 January 2026

Opinion

We have audited the financial statements of GSH Holdings Limited (the 'company') for the year ended 31 January 2026 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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 January 2026 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has 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 directors' report. 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 the 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to Transfer pricing, the Companies Act 2006 and compliance with FRS102 and laws; and we assessed the risks of material misstatement in respect of fraud with the consideration of the company's own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection, employment and health and safety regulations. Audit procedures designed to respond to the risks of fraud: We considered the risk of fraud through management override, and in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. 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 auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Conor McCaffrey (Senior Statutory Auditor)

For and on behalf of

Hill Vellacott

Chartered Accountants and Statutory Auditor

22 Great Victoria Street

Belfast

Co Antrim

BT2 7BA

05 October 2026

GSH Holdings Limited

Statement of comprehensive income

Year ended 31 January 2026

		2026	2025
	Note	£	£


Turnover	4	2,540,294	2,286,599
Cost of sales		( 244,165)	( 206,796)
		_______	_______
Gross profit		2,296,129	2,079,803

Administrative expenses		( 2,153,046)	( 2,016,292)
Other operating income	5	33,311	-
		_______	_______
Operating profit	6	176,394	63,511

Interest payable and similar expenses	9	( 62,899)	( 55,219)
Profit before taxation		113,495	8,292

Tax on profit	10	( 87,220)	( 15,020)
		_______	_______
Profit/(loss) for the financial year and total comprehensive income		26,275	( 6,728)
		_______	_______

All the activities of the company are from continuing operations.

GSH Holdings Limited

Statement of financial position

31 January 2026

		2026		2025
	Note	£	£	£	£

Fixed assets
Tangible assets	11	1,555,239		1,586,997
Investments	12	109,222		109,222
		_______		_______
			1,664,461		1,696,219

Current assets
Debtors	13	1,479,885		1,332,526
Cash at bank and in hand		60,883		173,604
		_______		_______
		1,540,768		1,506,130
Creditors: amounts falling due
within one year	14	( 625,186)		( 628,089)
		_______		_______
Net current assets			915,582		878,041
			_______		_______
Total assets less current liabilities			2,580,043		2,574,260

Creditors: amounts falling due
after more than one year	15		( 703,573)		( 764,434)

Provisions for liabilities	16		( 110,918)		( 70,549)

			_______		_______
Net assets			1,765,552		1,739,277
			_______		_______

Capital and reserves
Called up share capital	20		49,125		49,125
Share premium account	21		45,000		45,000
Capital redemption reserve	21		25,874		25,874
Profit and loss account	21		1,645,553		1,619,278
			_______		_______
Shareholders funds			1,765,552		1,739,277
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 05 October 2026 , and are signed on behalf of the board by:

Mr J Cullen

Director

Company registration number: 03423340

GSH Holdings Limited

Statement of changes in equity

Year ended 31 January 2026

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£	£


At 1 February 2024	49,125	45,000	25,874	1,626,006	1,746,005

Profit/(loss) for the year				( 6,728)	( 6,728)
	_______	_______	_______	_______	_______
Total comprehensive income for the year	-	-	-	( 6,728)	( 6,728)

	_______	_______	_______	_______	_______
At 31 January 2025 and 1 February 2025	49,125	45,000	25,874	1,619,278	1,739,277

Profit/(loss) for the year				26,275	26,275
	_______	_______	_______	_______	_______
Total comprehensive income for the year	-	-	-	26,275	26,275

	_______	_______	_______	_______	_______
At 31 January 2026	49,125	45,000	25,874	1,645,553	1,765,552
	_______	_______	_______	_______	_______

GSH Holdings Limited

Statement of cash flows

Year ended 31 January 2026

	2026	2025
	£	£

Cash flows from operating activities
Profit/(loss) for the financial year	26,275	( 6,728)

Adjustments for:
Depreciation of tangible assets	198,314	127,796
Interest payable and similar expenses	62,899	55,219
Gain/(loss) on disposal of tangible assets	2,862	( 4,423)
Tax on profit	87,220	15,020
Accrued expenses/(income)	( 4,257)	66,727

Changes in:
Trade and other debtors	( 147,359)	( 124,878)
Trade and other creditors	93,161	72,775
	_______	_______
Cash generated from operations	319,115	201,508

Interest paid	( 62,899)	( 55,219)
Tax paid	( 114,366)	3,520
	_______	_______
Net cash from operating activities	141,850	149,809
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 67,224)	( 64,031)
Proceeds from sale of tangible assets	20,527	44,000
	_______	_______
Net cash used in investing activities	( 46,697)	( 20,031)
	_______	_______

Cash flows from financing activities
Repayments of borrowings	( 61,661)	( 68,662)
Repayments of loans from group undertakings	( 65,112)	-
Payment of finance lease liabilities	( 81,101)	( 101,533)
	_______	_______
Net cash used in financing activities	( 207,874)	( 170,195)
	_______	_______

Net increase/(decrease) in cash and cash equivalents	( 112,721)	( 40,417)
Cash and cash equivalents at beginning of year	173,604	214,021
	_______	_______
Cash and cash equivalents at end of year	60,883	173,604
	_______	_______

GSH Holdings Limited

Notes to the financial statements

Year ended 31 January 2026

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Beech Gate, Peterborough Road, Whittlesey, Peterborough, Cambridgeshire, PE7 1PD.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgementsThe are no judgments (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line
Plant and machinery	-	10 %	straight line
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2026	2025
	£	£
Sale of goods	2,540,294	2,286,599
	_______	_______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2026	2025
	£	£
Other operating income	33,311	-
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

	2026	2025
	£	£
Depreciation of tangible assets	198,314	127,796
(Gain)/loss on disposal of tangible assets	2,862	( 4,423)
Fees payable for the audit of the financial statements	9,400	7,200
	_______	_______

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2026	2025
Production staff	13	11
Administrative staff	10	9
	_______	_______
	23	20
	_______	_______

The aggregate payroll costs incurred during the year were:

	2026	2025
	£	£
Wages and salaries	1,005,141	961,107
Social security costs	132,464	111,943
Other pension costs	53,263	27,173
	_______	_______
	1,190,868	1,100,223
	_______	_______

8. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2026	2025
	£	£
Remuneration	105,701	141,074
	_______	_______

9. Interest payable and similar expenses

		2026	2025
		£	£
Bank loans and overdrafts		33,753	44,177
Other loans made to the company:
	Finance leases and hire purchase contracts	29,146	7,522
Other interest payable and similar expenses		-	3,520
		_______	_______
		62,899	55,219
		_______	_______

10. Tax on profit

Major components of tax expense

	2026	2025
	£	£
Current tax:
UK current tax expense	46,851	-
Adjustments in respect of previous periods	-	( 572)
	_______	_______

Deferred tax:
Origination and reversal of timing differences	40,369	15,592
	_______	_______
Tax on profit	87,220	15,020
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK of 25.00 % (2025: 25.00%).

	2026	2025
	£	£
Profit before taxation	113,495	8,292
	_______	_______

Profit multiplied by rate of tax	28,374	2,073
Adjustments in respect of prior periods	-	( 572)
Effect of expenses not deductible for tax purposes	4,865	1,138
Effect of capital allowances and depreciation	13,612	447
Unrelieved tax losses	40,369	11,934
	_______	_______
Tax on profit	87,220	15,020
	_______	_______

11. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Investment Property	Total
	£	£	£	£	£	£
Cost
At 1 February 2025	952,303	56,094	540,990	629,984	250,000	2,429,371
Additions	-	1,025	76,022	112,898	-	189,945
Disposals	-	-	-	( 47,521)	-	( 47,521)
	_______	_______	_______	_______	_______	_______
At 31 January 2026	952,303	57,119	617,012	695,361	250,000	2,571,795
	_______	_______	_______	_______	_______	_______
Depreciation
At 1 February 2025	248,148	19,787	446,275	128,164	-	842,374
Charge for the year	11,691	6,006	31,458	149,159	-	198,314
Disposals	-	-	-	( 24,132)	-	( 24,132)
	_______	_______	_______	_______	_______	_______
At 31 January 2026	259,839	25,793	477,733	253,191	-	1,016,556
	_______	_______	_______	_______	_______	_______
Carrying amount
At 31 January 2026	692,464	31,326	139,279	442,170	250,000	1,555,239
	_______	_______	_______	_______	_______	_______
At 31 January 2025	704,155	36,307	94,715	501,820	250,000	1,586,997
	_______	_______	_______	_______	_______	_______

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 February 2025 and 31 January 2026	250,000
		_______

The investment property has been valued by the directors at £250,000 given due consideration for similar properties in the region.

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


	Plant and machinery	Motor vehicles
	£	£
At 31 January 2026	-	376,790
	_______	_______
At 31 January 2025	28,693	373,597
	_______	_______

12. Investments

	Shares in group undertakings	Total
	£	£
Cost
At 1 February 2025 and 31 January 2026	109,222	109,222
	_______	_______
Impairment
At 1 February 2025 and 31 January 2026	-	-
	_______	_______
Carrying amount
At 31 January 2026	109,222	109,222
	_______	_______
At 31 January 2025	109,222	109,222
	_______	_______

Investments in group undertakings
	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Easiweigh Limited	Beech Gate Peterborough Road, Whittlesey, Peterborough, England, PE7 1PD	Ordinary	100

Fieldpax Limited	Beech Gate Peterborough Road, Whittlesey, Peterborough, England, PE7 1PD	Ordinary	100

Infia UK Limited	Beech Gate Peterborough Road, Whittlesey, Peterborough, England, PE7 1PD	Ordinary	58

Verti-pack Limited	Beech Gate Peterborough Road, Whittlesey, Peterborough, England, PE7 1PD	Ordinary	73

The results and capital and reserves for the period of the trading companies are as follows:


		Capital and		Profit/(loss)
		reserves		for the
				period
	2026	2025	2026	2025
	£	£	£	£
Subsidiary undertakings
Easiweigh Limited	1	1	-	-
Fieldpax Limited	54,074	40,697	13,377	16,211
Infia UK Limited	549,508	920,007	( 370,499)	( 59,373)
Verti-pack Limited	970,020	1,086,182	( 116,162)	29,752

13. Debtors

	2026	2025
	£	£
Trade debtors	3,529	4,649
Amounts owed by group undertakings	1,426,902	1,306,436
Prepayments and accrued income	44,286	15,523
Other debtors	5,168	5,918
	_______	_______
	1,479,885	1,332,526
	_______	_______

14. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	59,129	59,087
Trade creditors	95,853	64,925
Amounts owed to group undertakings	45,829	110,941
Accruals and deferred income	69,970	74,227
Corporation tax	46,851	114,366
Social security and other taxes	193,038	130,805
Obligations under finance leases	114,516	73,738
	_______	_______
	625,186	628,089
	_______	_______

See note 16 for detail of security for the bank loans and overdrafts of £59,128.68 (2025 - £59,087)

15. Creditors: amounts falling due after more than one year

	2026	2025
	£	£
Bank loans and overdrafts	441,299	503,002
Obligations under finance leases	262,274	261,432
	_______	_______
	703,573	764,434
	_______	_______

The bank loan is secured by a charge over the company's premises at Beech Gate, Peterbrough Road, Whittlesey.

Included within creditors: amounts falling due after more than one year is an amount of £ 152,772 (2025 £ 207,503 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

The interest rate applicable to the loan is 2.4% above the Bank of England base rate. The loan is repayable on a 5 year basis with repayments calculated on a 10 year repayment basis.

16. Provisions

	Deferred tax (note 17)	Total
	£	£
At 1 February 2025	70,549	70,549
Additions	40,369	40,369
	_______	_______
At 31 January 2026	110,918	110,918
	_______	_______

17. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2026	2025
	£	£
Included in provisions (note 16)	110,918	70,549
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2026	2025
	£	£
Accelerated capital allowances	110,918	70,549
	_______	_______

18. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 53,263 (2025: £ 27,173 ).

19. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2026	2025
	£	£
Financial assets measured at fair value through profit or loss
Investment properties	250,000	250,000
	_______	_______

Financial assets that are debt instruments measured at amortised cost
Trade debtors	3,529	4,648
Cash at bank and in hand	60,883	173,604
	_______	_______
	64,412	178,252
	_______	_______

Financial liabilities measured at amortised cost
Bank and other loans	877,218	902,259
Trade creditors	95,853	64,925
	_______	_______
	973,071	967,184
	_______	_______

20. Called up share capital

Issued, called up and fully paid

	2026		2025
	No	£	No	£
Ordinary shares shares of £ 1.00 each	49,125	49,125	49,125	49,125
	_______	_______	_______	_______

21. Reserves

Share premium account:This reserve records the amount above the nominal value received for shares sold, less transaction costs.Capital redemption reserve:This reserve records the nominal value of shares repurchased by the company.Profit and loss account:This reserve records retained earnings, accumulated losses and the company purchase of own shares.

22. Analysis of changes in net debt

	At 1 February 2025	Cash flows	New finance leases	Other changes	At 31 January 2026
	£	£	£	£	£
Cash and cash equivalents	173,604	(112,721)	-	-	60,883
Debt due within one year	(243,766)	212,477	-	(188,185)	(219,474)
Debt due after one year	(764,434)	(489,996)	362,672	188,185	(703,573)
	_______	_______	_______	_______	_______
	( 834,596)	( 390,240)	362,672	-	( 862,164)
	_______	_______	_______	_______	_______

23. Related party transactions

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

	Transaction value		Balance owed by/(owed to)
	2026	2025	2026	2025
	£	£	£	£
JMC Packaging Limited	(114,649)	235,600	(26,505)	(78,229)
Easiweigh Limited	-	-	-	-
Fieldpax Limited	311,282	217,986	391,034	352,903
Infia UK Limited	1,252,520	1,088,293	347,862	255,235
Verti-Pack Limited	994,400	956,828	618,562	665,588
Rockall Engineers Limited	45,793	-	43,583	-
	_______	_______	_______	_______

Fieldpax Limited, Infia UK Limited, Verti-Pack Limited and Easiweigh Limited are all subsidiaries of GSH Holdings Limited . JMC Packaging Limited is the ultimate parent undertaking of GSH Holdings Limited .Rockall Engineers Limited is a wholly owned subsidiary of JMC Packaging Limited.