Kentra Bay Holdings Limited

Strategic Report for the Year Ended 28 February 2026

The directors present their strategic report for the year ended 28 February 2026.

Principal activity

The principal activity of the company is holding company.

Fair review of the business

The group is a wholesaler and distributor of bakery packaging, which is sold into the bakery and butchery sectors.

Group Turnover increased by 21.5% in the year, primarily reflecting ABPAC Ltd’s acquisition of Marshall Wilson Packaging Limited in April 2025. The Board are optimistic that turnover will increase in future years.

The group continues to offer bespoke products to its customers & this sector continues to expand.

Equality, diversity and inclusion

The group welcomes applications from all backgrounds as it believes an inclusive culture is beneficial for all.

The group is committed to promoting working environment based on dignity, trust and respect and is free from harassment, bullying, victimisation, and discrimination.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2026	2025
Profit before tax margin	%	5	11
Stock days	Days	68	56
Trade debtor days	Days	38	36

The directors do not consider there are any other appropriate non-financial KPIs relevant to the understanding of the business.

Future developments

Looking ahead, the directors expect the group to continue trading as it does now, with the Marshall Wilson business now integrated into Abpac Ltd and further organic growth in turnover anticipated.

Principal risks and uncertainties

Cash flow risk - the directors review facilities on a regular basis.

Credit risk - the group operates in a highly competitive market and uses the facilities of credit agencies in estimating risk and operates a rigorous credit control system.

Competition risk - the group operates in a very competitive market, this can lead to downward pressure on prices.

Interest rate risk - the group minimises net interest expense.

Currency risk - the group has very little currency exposure, but mitigates this by offsetting currency income wherever possible.

Material supplies risk - the group recognises it has material supplies risk and mitigates this as much as possible by increasing stock holdings where necessary.

Kentra Bay Holdings Limited

Strategic Report for the Year Ended 28 February 2026

Approved by the Board on 22 October 2026 and signed on its behalf by:

F A L Marx
Director

Kentra Bay Holdings Limited

Directors' Report for the Year Ended 28 February 2026

The directors present their report and the consolidated financial statements for the year ended 28 February 2026.

Directors of the group

The directors who held office during the year were as follows:

B Hill

G A Hill

S Malpas

F A L Marx

T K Marx

F J Wingfield-Digby

Financial instruments

Objectives and policies

The group's financial instruments comprise bank balances, trade debtors, trade creditors, lease purchase finance agreements shareholders' loans and bank loans. The main purpose of these instruments is to maintain funds to finance the group's operations.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of bank balances, the liquidity risk is managed through treasury management in respect of cash balances with the use of a deposit account and fixed term deposits as necessary. The risk associated with the bank loan is managed through fixed interest rates with the structured loan finance being used to fund the acquisition of the subsidiary in April 2021.

Trade debtors are managed by policies concerning the credit offering to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

Lease purchase finance agreement liquidity risk is managed in the same way as trade creditors above.

In respect of shareholders' loans, the shareholders are aware of the group's cash working capital requirements and receive a set amount monthly. Any repayment over and above this amount would be by agreement when finance was available without compromising the group's working capital requirements.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Future Developments

The future developments of the business are included within the strategic report.

Kentra Bay Holdings Limited

Directors' Report for the Year Ended 28 February 2026

Approved by the Board on 22 October 2026 and signed on its behalf by:

F A L Marx
Director

Kentra Bay Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 group and the company 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Kentra Bay Holdings Limited

Independent Auditor's Report to the Members of Kentra Bay Holdings Limited

Opinion

We have audited the financial statements of Kentra Bay Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 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 the parent company's affairs as at 28 February 2026 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 auditor 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 director's 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 original financial statements were 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.

Kentra Bay Holdings Limited

Independent Auditor's Report to the Members of Kentra Bay Holdings Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Matters on which we are required to report by exception

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 6, 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 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.

Kentra Bay Holdings Limited

Independent Auditor's Report to the Members of Kentra Bay Holdings Limited

Auditor 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:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•	the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•	we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the packaging sector;
•	we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment and health and safety legislation;
•	we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•	identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•	making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•	considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

•	performed analytical procedures to identify any unusual or unexpected relationships;
•	tested journal entries to identify unusual transactions;
•	assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•	investigated the rationale behind significant or unusual transactions.

Kentra Bay Holdings Limited

Independent Auditor's Report to the Members of Kentra Bay Holdings Limited

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•	agreeing financial statement disclosures to underlying supporting documentation;
•	reading the minutes of meetings of those charged with governance;
•	enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment 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 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 auditor’s 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.

Joseph Doggrell FCA BSc (Hons) (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

22 October 2026

Kentra Bay Holdings Limited

Consolidated Profit and Loss Account
for the Year Ended 28 February 2026

	Note	2026 £	2025 £
Turnover	3	16,312,694	12,627,813
Cost of sales		(11,313,389)	(8,462,126)
Gross profit		4,999,305	4,165,687
Distribution costs		(300,410)	(267,096)
Administrative expenses		(3,429,855)	(2,300,694)
Operating profit	4	1,269,040	1,597,897
Other interest receivable and similar income	5	36,181	43,490
Interest payable and similar charges	6	(457,164)	(314,934)
Profit before tax		848,057	1,326,453
Taxation	10	(320,677)	(405,126)
Profit for the financial year		527,380	921,327
Profit/(loss) attributable to:
Owners of the company		527,380	921,327

Kentra Bay Holdings Limited

Consolidated Statement of Comprehensive Income
for the Year Ended 28 February 2026

	2026 £	2025 £
Profit for the year	527,380	921,327
Total comprehensive income for the year	527,380	921,327
Total comprehensive income attributable to:
Owners of the company	527,380	921,327

Kentra Bay Holdings Limited

(Registration number: 13200257)
Consolidated Balance Sheet as at 28 February 2026

	Note	2026 £	2025 £
Fixed assets
Goodwill	11	2,489,957	2,974,411
Negative goodwill	11	(517,801)	-
		1,972,156	2,974,411
Intangible assets not including goodwill	11	27,960	14,520
Tangible assets	12	2,233,573	323,716
		2,261,533	338,236
Current assets
Stocks	15	2,096,877	1,304,948
Debtors	16	1,886,845	1,354,997
Cash at bank and in hand		1,579,385	1,344,978
		5,563,107	4,004,923
Creditors: Amounts falling due within one year	18	(3,656,784)	(2,095,369)
Net current assets		1,906,323	1,909,554
Total assets less current liabilities		6,140,012	5,222,201
Creditors: Amounts falling due after more than one year	18	(4,940,849)	(2,708,535)
Provisions for liabilities	19	(406,249)	(69,549)
Net assets		792,914	2,444,117
Capital and reserves
Called up share capital	21	100	100
Retained earnings		792,814	2,444,017
Equity attributable to owners of the company		792,914	2,444,117
Shareholders' funds		792,914	2,444,117

Approved and authorised by the Board on 22 October 2026 and signed on its behalf by:

F A L Marx
Director

Kentra Bay Holdings Limited

(Registration number: 13200257)
Balance Sheet as at 28 February 2026

	Note	2026 £	2025 £
Fixed assets
Investments	13	9,695,977	9,695,977
Current assets
Debtors	16	177	177
Cash at bank and in hand		162	162
		339	339
Creditors: Amounts falling due within one year	18	(4,634,596)	(4,805,095)
Net current liabilities		(4,634,257)	(4,804,756)
Total assets less current liabilities		5,061,720	4,891,221
Creditors: Amounts falling due after more than one year	18	(4,877,648)	(2,638,880)
Net assets		184,072	2,252,341
Capital and reserves
Called up share capital	21	100	100
Retained earnings		183,972	2,252,241
Shareholders' funds		184,072	2,252,341

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a profit after tax for the financial year of £110,314 (2025 - profit of £256,496).

Approved and authorised by the Board on 22 October 2026 and signed on its behalf by:

F A L Marx
Director

Kentra Bay Holdings Limited

Consolidated Statement of Changes in Equity
for the Year Ended 28 February 2026

	Share capital £	Retained earnings £	Total equity £
At 1 March 2025	100	2,444,017	2,444,117
Profit for the year	-	527,380	527,380
Dividends	-	(2,178,583)	(2,178,583)
At 28 February 2026	100	792,814	792,914

Share capital
£

Retained earnings
£

Total equity
£

At 1 March 2024

100

2,102,690

2,102,790

Profit for the year

-

921,327

921,327

Dividends

-

(580,000)

(580,000)

At 28 February 2025

100

2,444,017

2,444,117

Kentra Bay Holdings Limited

Statement of Changes in Equity
for the Year Ended 28 February 2026

	Share capital £	Retained earnings £	Total £
At 1 March 2025	100	2,252,241	2,252,341
Profit for the year	-	110,314	110,314
Dividends	-	(2,178,583)	(2,178,583)
At 28 February 2026	100	183,972	184,072

Share capital
£

Retained earnings
£

Total
£

At 1 March 2024

100

2,575,745

2,575,845

Profit for the year

-

256,496

256,496

Dividends

-

(580,000)

(580,000)

At 28 February 2025

100

2,252,241

2,252,341

Kentra Bay Holdings Limited

Consolidated Statement of Cash Flows
for the Year Ended 28 February 2026

	Note	2026 £	2025 £
Cash flows from operating activities
Profit for the year		527,380	921,327
Adjustments to cash flows from non-cash items
Depreciation and amortisation	4	541,565	574,558
Loss on disposal of tangible assets		-	9,974
Finance income		(457,164)	(43,490)
Finance costs		36,181	314,934
Income tax expense	10	320,677	405,126
		968,639	2,182,429
Working capital adjustments
Increase in stocks	15	(223,357)	(131,024)
(Increase)/decrease in trade debtors	16	(124,719)	67,967
Increase/(decrease) in trade creditors	18	167,860	(39,489)
Cash generated from operations		788,423	2,079,883
Income taxes paid	10	(268,959)	(488,000)
Net cash flow from operating activities		519,464	1,591,883
Cash flows from investing activities
Interest received		457,164	43,490
Acquisitions of tangible assets		(92,573)	(56,763)
Proceeds from sale of tangible assets		3,975	43,694
Acquisition of intangible assets	11	(13,440)	(3,750)
Net assets acquired (net of cash acquired)	13	(1,519,627)	-
Net cash flows from investing activities		(1,164,501)	26,671
Cash flows from financing activities
Interest paid		(36,181)	(304,903)
Proceeds from bank borrowing draw downs		7,419,098	-
Repayment of bank borrowing		(4,111,494)	(927,830)
Repayment of other borrowing		(200,000)	(200,000)
Receipts from finance lease debtors		73,244	-
Payments to finance lease creditors		(86,640)	(93,626)
Dividends paid		(2,178,583)	(580,000)
Net cash flows from financing activities		879,444	(2,106,359)
Net increase/(decrease) in cash and cash equivalents		234,407	(487,805)
Cash and cash equivalents at 1 March		1,344,978	1,832,783
Cash and cash equivalents at 28 February		1,579,385	1,344,978

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Abpac House
Wessex Way
Wincanton Business Park
Wincanton
Somerset
BA9 9RR

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 28 February 2026.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Key sources of estimation uncertainty

In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The critical judgements that the directors have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the financial statements are discussed below.

(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of the assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial period.

(ii) Stock provision
The directors establish a provision for stock that are estimated to not to be recoverable. When assessing the recoverability the directors consider factors such as the ageing of stock, historical sales patterns, forecast demand and current market conditions.

(iii) Amortisation of goodwill
In assessing the period of amortisation the directors have taken into account the brand, the current cashflows being generated and the expected future cashflows.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Freehold land and buildings is accounted for under the revaluation model. Under this model such assets are initially recognised at cost. Each year the fair value of the freehold land and buildings is assessed and an adjustment made so that its carrying amount equals fair value. The fair value is subsequently depreciated over the assets' useful life to their residual value. The property is well maintained and therefore the directors have assessed the residual value as being equal to its fair value, therefore no depreciation is charged.

At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is any indication of impairment. If any indication exists the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	2 - 10% straight line
Furniture, fittings and equipment	15% reducing balance
Motor vehicles	25% reducing balance
Plant and machinery	25% reducing balance and 5%-33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Negative goodwill

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Software costs	10 years straight line
Goodwill	10 years straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the first in first out method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

	2026 £	2025 £
Sale of goods	16,312,694	12,627,813

4	Operating profit

Arrived at after charging/(crediting)

	2026 £	2025 £
Depreciation expense	120,138	90,104
Amortisation expense	432,299	484,454
Foreign exchange gains	(17,509)	(8,253)
Operating lease expense - plant and machinery	39,808	35,791
Loss on disposal of property, plant and equipment	-	9,974

5	Other interest receivable and similar income

	2026 £	2025 £
Interest income on bank deposits	36,181	43,490

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

6	Interest payable and similar expenses

	2026 £	2025 £
Interest on bank overdrafts and borrowings	436,895	273,584
Interest on obligations under finance leases and hire purchase contracts	9,937	10,031
Interest expense on other finance liabilities	10,332	31,319
	457,164	314,934

7	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2026 £	2025 £
Wages and salaries	1,897,101	1,377,886
Social security costs	211,100	127,434
Pension costs, defined contribution scheme	41,231	32,443
Other employee expense	(2,097)	5,274
	2,147,335	1,543,037

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2026 No.	2025 No.
Administration and support	4	4
Sales, marketing and distribution	69	42
	73	46

8	Directors' remuneration

The directors' remuneration for the year was as follows:

	2026 £	2025 £
Remuneration	202,368	193,070
Contributions paid to money purchase schemes	4,596	5,359
	206,964	198,429

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2026 No.	2025 No.
Accruing benefits under defined benefit pension scheme	2	3

In respect of the highest paid director:

	2026 £	2025 £
Remuneration	96,564	96,564
Company contributions to money purchase pension schemes	3,028	2,897

9	Auditors' remuneration

	2026 £	2025 £
Audit of these financial statements	2,185	2,100
Audit of the financial statements of subsidiaries of the company pursuant to legislation	12,500	11,000
	14,685	13,100

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

	2026 £	2025 £
Current taxation
UK corporation tax	320,228	442,205
UK corporation tax adjustment to prior periods	-	(49,302)
	320,228	392,903
Deferred taxation
Arising from origination and reversal of timing differences	449	12,223
Tax expense in the income statement	320,677	405,126

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of 25% (2025 - 25%).

The differences are reconciled below:

	2026 £	2025 £
Profit before tax	848,057	1,326,453
Corporation tax at standard rate	212,014	331,613
Increase in UK and foreign current tax from adjustment for prior periods	-	49,302
Tax increase/(decrease) from effect of capital allowances and depreciation	107,983	(13,159)
Tax increase from other short-term timing differences	660	34,607
Effect of expense not deductible in determining taxable profit (tax loss)	20	2,763
Total tax charge	320,677	405,126

11	Intangible assets

Group

	Goodwill £	Internally generated software development costs £	Total £
Cost or valuation
At 1 March 2025	4,858,536	14,520	4,873,056
Additions acquired separately	-	13,440	13,440
At 28 February 2026	4,858,536	27,960	4,886,496
Amortisation
At 1 March 2025	1,884,125	-	1,884,125
Amortisation charge	484,454	-	484,454
At 28 February 2026	2,368,579	-	2,368,579
Carrying amount
At 28 February 2026	2,489,957	27,960	2,517,917
At 28 February 2025	2,974,411	14,520	2,988,931

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Negative goodwill	2026 £
Changes arising from new business combinations	(569,956)
Recognised in profit or loss	52,155
At 28 February 2026	(517,801)

On 9 April 2025 Abpac Limited acquired 100% of the share capital of Marshall Wilson Packaging Limited.

The fair value of the identifiable net assets acquired exceeded the purchase consideration by £569,956, resulting in negative goodwill. The directors consider this arose principally due to the under-valuation of the freehold property included in the financial statements used for the sale.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

12	Tangible assets

Group

	Land and buildings £	Furniture, fittings and equipment £	Motor vehicles £	Plant and machinery £	Total £
Cost or valuation
At 1 March 2025	23,293	397,561	465,384	134,309	1,020,547
Additions	-	2,439	101,006	-	103,445
Acquired through business combinations	1,825,000	-	58,288	47,237	1,930,525
Disposals	-	-	(3,975)	-	(3,975)
At 28 February 2026	1,848,293	400,000	620,703	181,546	3,050,542
Depreciation
At 1 March 2025	12,683	357,549	199,039	127,560	696,831
Charge for the year	2,232	11,183	99,141	7,582	120,138
At 28 February 2026	14,915	368,732	298,180	135,142	816,969
Carrying amount
At 28 February 2026	1,833,378	31,268	322,523	46,404	2,233,573
At 28 February 2025	10,610	40,012	266,345	6,749	323,716

Page 29

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Included within the net book value of land and buildings above is £1,825,000 (2025 - £Nil) in respect of freehold land and buildings and £8,378 (2025 - £10,610) in respect of short leasehold land and buildings.

Revaluation

Freehold land and buildings are accounted for under the revaluation model. To assess the fair value, the directors obtained an independent professional valuation. The most recent valuation was undertaken by the directors at 28 February 2026, based on the valuation carried out by Iain McGhee BSC MRICS of DM Hall Chartered Surveyors.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £437,797 (2025 - £437,797).

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

	2026 £	2025 £
Motor vehicles	164,907	177,058

13	Investments

Company

	2026 £	2025 £
Investments in subsidiaries	9,695,977	9,695,977

Subsidiaries

£

Cost or valuation

At 1 March 2025

9,695,977

Carrying amount

At 28 February 2026

9,695,977

At 28 February 2025

9,695,977

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2026	2025
Subsidiary undertakings
Abpac Limited*	Abpac House, Wessex Way, Wincanton, Somerset, BA9 9RR	Ordinary shares	100%	100%
	England and Wales
Marshall Wilson Packaging Limited	Unit 3 Bogmoor Place, Glasgow, G51 4TQ	Ordinary shares	100%	0%
	England and Wales

* indicates direct investment of the company

Subsidiary undertakings

Abpac Limited

The principal activity of Abpac Limited is selling and distribution of packaging.

Marshall Wilson Packaging Limited

The principal activity of Marshall Wilson Packaging Limited is owning of freehold property used within the group

During the year the beneficial interest of certain trade and assets was transferred to Abpac Limited.

For the year ended 28 February 2026, a subsidiary, Marshall Wilson Packaging Limited, was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

14	Business combinations

On 9 April 2025, Abpac Limited (Subsidiary) acquired 100% of the issued share capital of Marshall Wilson Packaging Limited , obtaining control.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

	Book value 2026 £	Revaluation adjustments 2026 £	Fair value 2026 £
Assets and liabilities acquired
Financial assets	565,846	-	565,846
Stocks	568,572	-	568,572
Tangible assets	1,130,525	800,000	1,930,525
Financial liabilities	(616,643)	(200,000)	(816,643)
Total identifiable assets	1,648,300	600,000	2,248,300
Goodwill	(569,956)	-	(569,956)
Total consideration	1,078,344	600,000	1,678,344
Satisfied by:
Cash	-	-	1,678,344
Cash flow analysis:
Cash consideration	-	-	1,678,344
Less: cash and cash equivalent balances acquired	-	-	(158,717)
Net cash outflow arising on acquisition	-	-	1,519,627

The fair value adjustment in respect of the freehold property is based on an independent valuation performed after the acquisition date. The valuation was used as evidence of the property's fair value at the acquisition date. The directors concluded that there had been no significant changes in value between the acquisition date and the valuation date. Accordingly, the acquisition-date fair value has been determined based on this valuation.

15

Stocks

	Group		Company
	2026 £	2025 £	2026 £	2025 £
Stock	2,096,877	1,304,948	-	-

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

16

Debtors

	Group		Company
Current	2026 £	2025 £	2026 £	2025 £
Trade debtors	1,712,230	1,252,037	-	-
Other debtors	39,879	2,868	77	77
Called up share capital not paid	100	100	100	100
Prepayments	134,636	99,992	-	-
	1,886,845	1,354,997	177	177

17	Cash and cash equivalents

	Group		Company
	2026 £	2025 £	2026 £	2025 £
Cash on hand	3,078	-	-	-
Cash at bank	1,576,307	1,344,978	162	162
	1,579,385	1,344,978	162	162

18

Creditors

		Group		Company
	Note	2026 £	2025 £	2026 £	2025 £
Due within one year
Loans and borrowings	22	1,280,363	269,720	1,220,415	202,830
Trade creditors		1,873,197	1,289,822	-	-
Amounts owed to group undertakings		-	-	3,245,747	4,348,601
Social security and other taxes		221,224	175,446	-	-
Outstanding defined contribution pension costs		12,099	16,348	-	-
Other creditors		676	676	676	676
Accrued expenses		116,171	241,572	12,838	183,923
Corporation tax	10	153,054	101,785	154,920	69,065
		3,656,784	2,095,369	4,634,596	4,805,095
Due after one year
Loans and borrowings	22	4,940,849	2,708,535	4,877,648	2,638,880

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Amounts owed to group undertakings are repayable on demand, unsecured and interest free.

19	Provisions for liabilities

Group

	Deferred tax £	Total £
At 1 March 2025	69,549	69,549
Additional provisions	336,251	336,251
Increase (decrease) in existing provisions	449	449
At 28 February 2026	406,249	406,249

Deferred tax

Group

Deferred tax assets and liabilities

2026	Liability £
Accelerated capital allowances	89,938
Capital gains	316,311
	406,249

2025	Liability £
Accelerated capital allowances	69,549
	69,549

20	Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £41,231 (2025 - £32,443).

Contributions totalling £12,099 (2025 - £16,348) were payable to the scheme at the end of the year and are included in creditors.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

21	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
Ordinary A shares of £1 each	11	11	11	11
Ordinary B shares of £1 each	29	29	29	29
Ordinary C shares of £1 each	11	11	11	11
Ordinary D shares of £1 each	8	8	8	8
Ordinary E shares of £1 each	21	21	21	21
Ordinary F shares of £1 each	10	10	10	10
Ordinary G shares of £1 each	10	10	10	10
	100	100	100	100

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
The company has 7 classes of ordinary shares; each share carries full voting rights, right to receive a dividend and rights to participate in a distribution.

22	Loans and borrowings

Current loans and borrowings

	Group		Company
	2026 £	2025 £	2026 £	2025 £

Bank borrowings	1,220,415	202,830	1,220,415	202,830
Hire purchase contracts	59,948	66,890	-	-
	1,280,363	269,720	1,220,415	202,830

Non-current loans and borrowings

	Group		Company
	2026 £	2025 £	2026 £	2025 £

Bank borrowings	4,877,648	2,438,880	4,877,648	2,438,880
Hire purchase contracts	63,201	69,655	-	-
Other borrowings	-	200,000	-	200,000
	4,940,849	2,708,535	4,877,648	2,638,880

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Company

Bank borrowings

Bank borrowings is denominated in with a nominal interest rate of between 5.5% and 7.15%, and the final instalment was due on 2 August 2028. The bank borrowings were repaid during the year. The carrying amount at year end is £Nil (2025 - £2,641,710).

The security given for bank loans comprises legal mortgages over freehold land and buildings, and fixed charges over a subsidiary's assets. A personal guarantee has been provided by the directors up to an amount of £150,000.

Bank borrowings is denominated in sterling with a nominal interest rate of 5.5% to 6%, and the final instalment was due on 30 December 2026. The bank borrowings were repaid during the year. The carrying amount at year end is £6,110,161 (2025 - £Nil).

The bank facilities are secured by cross guarantees from fellow group companies together with fixed and floating charges over the assets and undertaking of the group and a standard security over the property at Unit 3, 39 Bogmoor Place, Glasgow.

Other borrowings

Other borrowings is denominated in with a nominal interest rate of 8%, and the final instalment was due on 21 April 2026. The carrying amount at year end is £Nil (2025 - £200,000).

The loans are unsecured.

23	Obligations under leases and hire purchase contracts

Group

Finance leases

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Finance leases of £123,149 (2025 - £138,545) have been secured against the assets to which they relate.

The total of future minimum lease payments is as follows:

	2026 £	2025 £
Not later than one year	59,948	68,890
Later than one year and not later than five years	63,201	69,655
	123,149	138,545

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Operating leases

The total of future minimum lease payments is as follows:

	2026 £	2025 £
Not later than one year	278,494	262,732
Later than one year and not later than five years	714,246	716,372
Later than five years	27,745	105,660
	1,020,485	1,084,764

The amount of non-cancellable operating lease payments recognised as an expense during the year was £262,723 (2025 - £272,812).

24

Dividends

Interim dividends paid

	2026 £	2025 £
Interim dividends	2,178,583	580,000

25	Related party transactions

Group

Key management compensation

	2026 £	2025 £
Salaries and other short term employee benefits	364,034	303,624
Post-employment benefits	11,316	6,886
	375,350	310,510

Summary of transactions with subsidiaries

The company has taken advantage of the exemption in FRS 102 paragraph 33.1A from disclosing transactions and balances with its subsidiary company on the grounds it is a wholly owned subsidiary.

Summary of transactions with other related parties

The group recorded charges from an entity affiliated by common ownership and management during 2025 and 2026, for the costs associated with the group's share of directors.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Expenditure with and payables to related parties

2026	Other related parties £
Rendering of services	60,726
Loan interest	10,332
	71,058
Interest payable to related party	12,838

2025	Other related parties £
Rendering of services	34,873
Loan interest	31,319
	66,192
Interest payable to related party	183,923

Loans from related parties

2026	Key management £	Other related parties £	Total £
At start of period	676	200,000	200,676
Repaid	-	(200,000)	(200,000)
At end of period	676	-	676

2025	Key management £	Other related parties £	Total £
At start of period	676	400,000	400,676
Repaid	-	(200,000)	(200,000)
At end of period	676	200,000	200,676

Terms of loans from related parties

The loans from Other Related Parties have interest applied at 8% per annum.

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 28 February 2026

Company

Expenditure with and payables to related parties

2026	Other related parties £
Loan interest	10,332
Interest payable to related party	12,838

2025	Other related parties £
Loan interest	31,319
Interest payable to related party	183,923

Loans from related parties

2026	Key management £	Other related parties £	Total £
At start of period	676	200,000	200,676
Repaid	-	(200,000)	(200,000)
At end of period	676	-	676

2025	Key management £	Other related parties £	Total £
At start of period	676	400,000	400,676
Repaid	-	(200,000)	(200,000)
At end of period	676	200,000	200,676

Terms of loans from related parties

The loans from Other Related Parties have interest applied at 8% per annum.

26	Non adjusting events after the financial period

On 8 May 2026, Marshall Wilson Packaging Limited entered into a loan agreement for a facility of £1,350,000, refinancing existing debt in the group. Interest is payable at 2.1% above the Bank of England Base Rate and is secured by a fixed and floating charge over the company's assets, including Land and Buildings.

27	Parent and ultimate parent undertaking

There is no ultimate controlling party.


Company Information	1

Strategic Report	2 to 3

Directors' Report	4 to 5

Statement of Directors' Responsibilities	6

Independent Auditor's Report	7 to 10

Consolidated Profit and Loss Account	11

Consolidated Statement of Comprehensive Income	12

Consolidated Balance Sheet	13

Balance Sheet	14

Consolidated Statement of Changes in Equity	15

Statement of Changes in Equity	16

Consolidated Statement of Cash Flows	17

Notes to the Financial Statements	18 to 39

Subsidiaries	£
Cost or valuation
At 1 March 2025	9,695,977
Carrying amount
At 28 February 2026	9,695,977
At 28 February 2025	9,695,977