Fibre Drums Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 2519255

FIBRE DRUMS LIMITED

Financial Statements

31 March 2025

FIBRE DRUMS LIMITED

Financial Statements

Year ended 31 March 2025

Contents	Page

Strategic report	1

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

FIBRE DRUMS LIMITED

Strategic Report

Year ended 31 March 2025

The directors present their strategic report of the group for the year ended 31 March 2025.

Review of the business The group has delivered a successful performance during the year, notwithstanding the continued challenges presented by a highly competitive marketplace, elevated inflationary pressures, and rising labour costs. Over the past 24 months, the group has undertaken a significant programme of investment in new machinery, which is now fully commissioned. This investment is delivering substantial improvements in productivity, operational efficiency, and profitability, while also enabling the group to broaden its product offering. The group continued to strengthen and diversify its customer base during the financial year, resulting in increased demand for its products and contributing to higher levels of turnover. The directors remain confident that demand for the group's products will continue.

Results The group made a pre-tax profit of £677,078 (2024: £733,098) for the year from a turnover of £8,770,330 (2024: 8,903,967). At 31 March 2025 the group had net assets of £5,697,755 (2024: £5,205,025).

Principal risks and uncertainties The principal risks and uncertainties facing the group continue to arise from the wider economic environment in both the United Kingdom and global markets. Ongoing economic volatility, inflationary pressures, and fluctuating interest rates have the potential to affect market confidence and demand levels across the sectors in which the group operates. As a group of manufacturing businesses, it is also exposed to a number of operational and industry-specific risks. These include volatility in the cost and availability of raw materials, energy price increases, and potential disruptions within global supply chains. Labour market pressures and wage inflation also remain key considerations, particularly in maintaining production capacity and ensuring operational continuity. Competitive market conditions present an additional source of uncertainty, with pricing pressures and changing customer requirements requiring continuous adaptation and innovation. The group also recognises the growing importance of environmental and regulatory compliance, particularly in relation to sustainability standards, energy efficiency, and emissions management. To mitigate these risks, the directors have implemented a robust framework of operational and financial controls, supported by continuous monitoring of both internal performance metrics and external market developments. The group continues to invest in its infrastructure, plant, and equipment to strengthen resilience, improve productivity, and enhance supply chain efficiency. These investments are designed to ensure that the group maintains high standards of quality, reliability, and customer service, even in challenging market conditions. The directors remain confident that the group's strategic investment programme, strong customer relationships, and commitment to operational excellence will continue to mitigate key risks and support sustainable long-term growth. Financial risks include credit, liquidity, interest rate, and foreign exchange exposures. These are managed through established credit control procedures, maintaining sufficient cash resources and banking facilities, and monitoring interest rate and currency exposures, with hedging arrangements used where appropriate. The directors consider that these measures provide a strong framework to manage principal risks and support the group's long-term sustainability and growth.

Performance monitoring The delivery of the group's strategic objectives is monitored by the directors through Key Performance Indicators and the periodic review of various aspects of the group's operations. The directors consider the following Key Performance Indicators as appropriate measures for the delivery of its corporate strategy. Revenue and Turnover Revenue growth and total turnover are monitored to assess market demand, sales performance, and the effectiveness of the group's customer base expansion strategies. Profitability Measures such as operating profit, gross margin, and net profit are used to evaluate the group's overall financial performance and the impact of operational efficiency initiatives. Production Efficiency Key metrics include manufacturing output, plant utilisation rates, and waste reduction, reflecting the effectiveness of investment in machinery, production processes, and infrastructure. Customer Metrics Customer retention, acquisition, and satisfaction are tracked to ensure the group maintains strong relationships and a competitive position in the market. Health and Safety Compliance with health and safety standards, incident rates, and environmental performance indicators are monitored to maintain safe and sustainable operations. Cash Flow Cash generation, working capital management, and liquidity ratios are reviewed to ensure the group maintains sufficient resources to fund operations, investment, and growth initiatives. The directors regularly review these KPIs to inform strategic decision-making and ensure that the group continues to deliver sustainable long-term growth and shareholder value.

This report was approved by the board of directors on 31 October 2025 and signed on behalf of the board by:

R.C. Atherton

Director

Registered office:

Abbeyway South

Vista Road

Haydock

St. Helens

WA11 0RW

FIBRE DRUMS LIMITED

Directors' Report

Year ended 31 March 2025

The directors present their report and the financial statements of the group for the year ended 31 March 2025 .

Principal activities

The principal activities of the group during the year were the manufacture of fibre drums, tubes, cores and the manufacture and supply of specialist wooden cases for industrial use.

Directors

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

S.G Cunniffe
R. Douse
D.V. Scotting
F.K. Cunniffe
R.C. Atherton

Dividends

The directors do not recommend the payment of a dividend.

Future developments

The group intends to make further investment in its production, storage and distribution facilities as part of its rolling capital investment programme. This will enhance the manufacturing capacity of the group and will allow it to maintain the efficient level of service provided to customers.

Financial instruments

The directors consider that the group only has limited exposure to the various aspects of financial risk and it does not enter into any non basic contracts as there is no requirement for this within its trade. The group's revenue is invoiced in sterling and all its operational costs arise within the United Kingdom.

Directors' responsibilities statement

The directors are responsible for preparing the 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 group and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to 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 group and 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 group and the company's auditor is aware of that information.

This report was approved by the board of directors on 31 October 2025 and signed on behalf of the board by:

R.C. Atherton

Director

Registered office:

Abbeyway South

Vista Road

Haydock

St. Helens

WA11 0RW

FIBRE DRUMS LIMITED

Independent Auditor's Report to the Members of Fibre Drums Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of Fibre Drums Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 group's and of the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The 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 have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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 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 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.

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. The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: - obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; - inquired of management and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; - discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures. The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and testing a sample of revenue transactions recorded in the year to determine whether revenue had been recorded correctly. 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.

Stuart Whitehead FCA

(Senior Statutory Auditor)

For and on behalf of

Edwards Veeder LLP

Chartered accountants & statutory auditor

Alex House

260-268 Chapel Street

Salford

M3 5JZ

31 October 2025

FIBRE DRUMS LIMITED

Consolidated Statement of Comprehensive Income

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	8,770,330	8,903,967

Cost of sales	5,683,883	5,894,711
	------------	------------
Gross profit	3,086,447	3,009,256

Distribution costs		133,287	126,245
Administrative expenses		2,350,642	2,295,688
Other operating income	5	21,000	117,068
		------------	------------
Operating profit	6	623,518	704,391

Other interest receivable and similar income	10	54,359	23,208
Amounts written off investments	11	799	( 5,499)
		------------	------------
Profit before taxation		677,078	733,098

Tax on profit	12	184,338	195,792
		---------	---------
Profit for the financial year and total comprehensive income		492,740	537,306
		---------	---------

All the activities of the group are from continuing operations.

FIBRE DRUMS LIMITED

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	2,379,932	2,686,773
Investments	15	1,193	100,799
		------------	------------
		2,381,125	2,787,572

Current assets

Stocks	16	839,006	727,416
Debtors	17	2,782,920	2,544,822
Cash at bank and in hand		2,066,300	1,622,364
		------------	------------
		5,688,226	4,894,602

Creditors: amounts falling due within one year	18	1,953,767		1,980,509
		------------		------------
Net current assets			3,734,459		2,914,093
			------------		------------
Total assets less current liabilities			6,115,584		5,701,665

Provisions	19	417,829	496,640
		------------	------------
Net assets		5,697,755	5,205,025
		------------	------------

Capital and reserves

Called up share capital	22	2,490	2,500
Share premium account	23	899,148	899,148
Capital redemption reserve	23	2,286	2,286
Profit and loss account	23	4,793,831	4,301,091
		------------	------------
Shareholders funds		5,697,755	5,205,025
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 31 October 2025 , and are signed on behalf of the board by:

S.G Cunniffe	D.V. Scotting
Director	Director

Company registration number: 2519255

FIBRE DRUMS LIMITED

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	2,098,724	2,363,324
Investments	15	201,193	300,799
		------------	------------
		2,299,917	2,664,123

Current assets

Stocks	16	530,021	461,397
Debtors	17	1,762,212	1,446,076
Cash at bank and in hand		696,329	528,315
		------------	------------
		2,988,562	2,435,788

Creditors: amounts falling due within one year	18	980,445		1,147,788
		------------		------------
Net current assets			2,008,117		1,288,000
			------------		------------
Total assets less current liabilities			4,308,034		3,952,123

Provisions	19	357,176	426,499
		------------	------------
Net assets		3,950,858	3,525,624
		------------	------------

Capital and reserves

Called up share capital	22	2,490	2,500
Share premium account	23	899,148	899,148
Capital redemption reserve	23	2,286	2,286
Profit and loss account	23	3,046,934	2,621,690
		------------	------------
Shareholders funds		3,950,858	3,525,624
		------------	------------

The profit for the financial year of the parent company was £ 425,243 (2024: £ 471,583 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 31 October 2025 , and are signed on behalf of the board by:

S.G Cunniffe	D.V. Scotting
Director	Director

Company registration number: 2519255

FIBRE DRUMS LIMITED

Consolidated Statement of Changes in Equity

Year ended 31 March 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£	£
At 1 April 2023	2,500	899,148	2,286	3,763,785	4,667,719

Profit for the year				537,306	537,306
	-------	---------	-------	------------	------------
Total comprehensive income for the year	–	–	–	537,306	537,306

At 31 March 2024	2,500	899,148	2,286	4,301,091	5,205,025

Profit for the year				492,740	492,740
	-------	---------	-------	------------	------------
Total comprehensive income for the year	–	–	–	492,740	492,740

Redemption of shares	( 10)	–	–	–	( 10)
	----	----	----	----	----
Total investments by and distributions to owners	( 10)	–	–	–	( 10)

	-------	---------	-------	------------	------------
At 31 March 2025	2,490	899,148	2,286	4,793,831	5,697,755
	-------	---------	-------	------------	------------

FIBRE DRUMS LIMITED

Company Statement of Changes in Equity

Year ended 31 March 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£	£
At 1 April 2023	2,500	899,148	2,286	2,150,107	3,054,041

Profit for the year				471,583	471,583
	-------	---------	-------	------------	------------
Total comprehensive income for the year	–	–	–	471,583	471,583

At 31 March 2024	2,500	899,148	2,286	2,621,691	3,525,625

Profit for the year				425,243	425,243
	-------	---------	-------	------------	------------
Total comprehensive income for the year	–	–	–	425,243	425,243

Redemption of shares	( 10)	–	–	–	( 10)
	----	----	----	----	----
Total investments by and distributions to owners	( 10)	–	–	–	( 10)

	-------	---------	-------	------------	------------
At 31 March 2025	2,490	899,148	2,286	3,046,934	3,950,858
	-------	---------	-------	------------	------------

FIBRE DRUMS LIMITED

Consolidated Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	492,740	537,306

Adjustments for:
Depreciation of tangible assets	201,192	215,904
Amounts written off investments	799	( 5,499)
Other interest receivable and similar income	( 54,359)	( 23,208)
Loss on disposal of tangible assets	77,491	–
Gain on disposal of investment	( 1,170)	–
Tax on profit	184,338	195,792
Accrued (income)/expenses	( 182,791)	50,168

Changes in:
Stocks	( 111,590)	213,322
Trade and other debtors	( 238,098)	( 89,403)
Trade and other creditors	156,049	( 400,391)
	---------	---------
Cash generated from operations	524,601	693,991

Interest received	54,359	23,208
Tax paid	( 263,149)	( 41,894)
	---------	---------
Net cash from operating activities	315,811	675,305
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 42,246)	( 228,690)
Proceeds from sale of tangible assets	70,404	–
Proceeds from sale of investments	99,977	–
	---------	---------
Net cash from/(used in) investing activities	128,135	( 228,690)
	---------	---------

Cash flows from financing activities

Purchase of own shares	( 10)	–
	---------	---------
Net cash used in financing activities	( 10)	–
	---------	---------

Net increase in cash and cash equivalents	443,936	446,615
Cash and cash equivalents at beginning of year	1,622,364	1,175,749
	------------	------------
Cash and cash equivalents at end of year	2,066,300	1,622,364
	------------	------------

FIBRE DRUMS LIMITED

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbeyway South, Vista Road, Haydock, St. Helens, WA11 0RW.

2. Statement of compliance

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

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Fibre Drums Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

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. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The 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 are as follows: Useful life of fixed assets In making decisions regarding the depreciation of non current assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to profit and loss in each year. The carrying amount of depreciation at the end of 31st March 2025 is £1,875,849 (2024 £1,787,425).

Revenue recognition

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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	No amortisation charged in the year

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

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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. No depreciation has been charged on freehold property in the current year as it is considered that the residual value is not less than it's carrying value.

Freehold property	-	No depreciation charged in the year
Plant and machinery	-	10% reducing balance
Fixtures and fittings	-	10% reducing balance
Motor vehicles	-	25% reducing balance

	Equipment	-	33% straight line

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 of fixed assets

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. For the purposes of impairment testing, 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 as a finance cost in profit or loss in the period it arises.

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.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	8,770,330	8,903,967
	------------	------------

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

5. Other operating income

	2025	2024
	£	£
Rental income	–	42,000
Management charges receivable	21,000	75,000
Other operating income	–	68
	--------	---------
	21,000	117,068
	--------	---------

6. Operating loss

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	201,192	215,904
Loss on disposal of tangible assets	77,491	–
Gain on disposal of investment	( 1,170)	–
Impairment of trade debtors	5,098	764
	---------	---------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	16,850	16,300
	--------	--------

8. Staff costs

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

	2025	2024
	No.	No.
Production staff	75	77
Administrative staff	14	14
Management staff	5	5
	----	----
	94	96
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	2,684,241	2,716,409
Social security costs	263,567	261,865
Other pension costs	135,050	121,164
	------------	------------
	3,082,858	3,099,438
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	399,571	403,723
Company contributions to defined contribution pension plans	47,087	30,937
	---------	---------
	446,658	434,660
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	4	4
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	122,717	112,772
	---------	---------

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	54,359	23,208
	--------	--------

11. Amounts written off investments

	2025	2024
	£	£
Unrealised Loss/(Gain) on investment	799	(5,499)
	----	-------

12. Tax on profit

Major components of tax expense

	2025		2024
	£		£

Current tax:

UK current tax expense	263,149		41,894

Deferred tax:

Origination and reversal of timing differences	( 78,811)	153,898
	---------	---------
Tax on profit	184,338	195,792
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	677,078	733,098
	---------	---------
Profit on ordinary activities by rate of tax	169,269	183,275
Effect of expenses not deductible for tax purposes	32,172	7,646
Effect of capital allowances and depreciation	61,708	( 3,760)
Utilisation of tax losses	–	( 145,267)
Deferred tax	( 78,811)	153,898
	---------	---------
Tax on profit	184,338	195,792
	---------	---------

13. Intangible assets

Group	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	75,000
	--------
Amortisation
At 1 April 2024 and 31 March 2025	75,000
	--------
Carrying amount
At 1 April 2024 and 31 March 2025	–
	--------
At 31 March 2024	–
	--------

The company has no intangible assets.

14. Tangible assets

Group	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	844,216	3,127,329	140,073	157,964	204,616	4,474,198
Additions	–	40,731	–	–	1,515	42,246
Disposals	( 2,118)	( 168,072)	( 17,687)	( 33,010)	( 39,776)	( 260,663)
	---------	------------	---------	---------	---------	------------
At 31 Mar 2025	842,098	2,999,988	122,386	124,954	166,355	4,255,781
	---------	------------	---------	---------	---------	------------
Depreciation
At 1 Apr 2024	202,417	1,165,634	113,101	107,707	198,566	1,787,425
Charge for the year	–	186,071	1,453	12,067	1,601	201,192
Disposals	( 86)	( 41,549)	( 5,250)	( 31,020)	( 34,863)	( 112,768)
	---------	------------	---------	---------	---------	------------
At 31 Mar 2025	202,331	1,310,156	109,304	88,754	165,304	1,875,849
	---------	------------	---------	---------	---------	------------
Carrying amount
At 31 Mar 2025	639,767	1,689,832	13,082	36,200	1,051	2,379,932
	---------	------------	---------	---------	---------	------------
At 31 Mar 2024	641,799	1,961,695	26,972	50,257	6,050	2,686,773
	---------	------------	---------	---------	---------	------------

Company	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	844,216	2,563,375	140,073	48,610	193,271	3,789,545
Additions	–	15,392	–	–	1,515	16,907
Disposals	( 2,118)	( 106,007)	( 17,687)	( 14,610)	( 28,431)	( 168,853)
	---------	------------	---------	--------	---------	------------
At 31 Mar 2025	842,098	2,472,760	122,386	34,000	166,355	3,637,599
	---------	------------	---------	--------	---------	------------
Depreciation
At 1 Apr 2024	202,417	893,267	113,101	30,163	187,273	1,426,221
Charge for the year	–	159,960	1,453	4,482	1,601	167,496
Disposals	( 86)	( 11,844)	( 5,250)	( 14,092)	( 23,570)	( 54,842)
	---------	------------	---------	--------	---------	------------
At 31 Mar 2025	202,331	1,041,383	109,304	20,553	165,304	1,538,875
	---------	------------	---------	--------	---------	------------
Carrying amount
At 31 Mar 2025	639,767	1,431,377	13,082	13,447	1,051	2,098,724
	---------	------------	---------	--------	---------	------------
At 31 Mar 2024	641,799	1,670,108	26,972	18,447	5,998	2,363,324
	---------	------------	---------	--------	---------	------------

15. Investments

Group	Other investments other than loans
	£
Cost
At 1 April 2024	100,000
Disposals	( 98,807)
	---------
At 31 March 2025	1,193
	---------
Impairment
At 1 April 2024	( 799)
Reversal of impairment losses	799
	---------
At 31 March 2025	–
	---------

Carrying amount
At 31 March 2025	1,193
	---------
At 31 March 2024	100,799
	---------

Company	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 April 2024	200,000	100,000	300,000
Disposals	–	( 98,807)	( 98,807)
	---------	---------	---------
At 31 March 2025	200,000	1,193	201,193
	---------	---------	---------
Impairment
At 1 April 2024	–	( 799)	( 799)
Reversal of impairment losses	–	799	799
	---------	---------	---------
At 31 March 2025	–	–	–
	---------	---------	---------

Carrying amount
At 31 March 2025	200,000	1,193	201,193
	---------	---------	---------
At 31 March 2024	200,000	100,799	300,799
	---------	---------	---------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Cases For Industry Limited	Ordinary £1 shares	100

The registered office of the subsidiary is Abbeyway South, Vista Road, Haydock, St Helens, Merseyside, WA11 0RW.

16. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials and consumables	839,006	727,416	530,021	461,397
	---------	---------	---------	---------

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	1,379,490	1,503,800	538,155	583,407
Prepayments and accrued income	175,024	175,405	110,513	114,977
Other debtors	1,228,406	865,617	1,113,544	747,692
	------------	------------	------------	------------
	2,782,920	2,544,822	1,762,212	1,446,076
	------------	------------	------------	------------

18. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	1,042,062	1,140,099	568,141	712,231
Accruals and deferred income	292,326	475,117	118,108	325,787
Social security and other taxes	606,691	308,923	234,890	90,466
Other creditors	12,688	56,370	59,306	19,304
	------------	------------	---------	------------
	1,953,767	1,980,509	980,445	1,147,788
	------------	------------	---------	------------

19. Provisions

Group	Deferred tax (note 20)
	£
At 1 April 2024	496,640
Charge against provision	( 78,811)
	---------
At 31 March 2025	417,829
	---------

Company	Deferred tax (note 20)
	£
At 1 April 2024	426,499
Charge against provision	( 69,323)
	---------
At 31 March 2025	357,176
	---------

20. Deferred tax

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 19)	417,829	496,640	357,176	426,499
	---------	---------	---------	---------

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	417,829	496,640	357,176	426,499
	---------	---------	---------	---------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 87,963 (2024: £ 90,227 ).

22. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
A Ordinary shares of £ 0.01 each	148,000	1,480	148,000	1,480
F Ordinary shares of £ 1 each	10	10	20	20
	---------	-------	---------	-------
	149,010	2,490	149,020	2,500
	---------	-------	---------	-------

The Ordinary shares of £1 each are not redeemable and entitle the shareholders to vote, receive dividends and participate in a capital distribution. The A Ordinary shares of £0.01 each are not redeemable and entitle the shareholders to receive a dividend and participate in a capital distribution. They do not entitle the shareholder to vote. The F Ordinary shares of £1 each are not redeemable and entitle the shareholders to receive a dividend. They do not entitle the shareholder to vote or participate in a capital distribution.

23. Reserves

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

24. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	159,806	195,121	116,489	157,722
Later than 1 year and not later than 5 years	243,667	367,859	136,533	233,343
Later than 5 years	17,099	52,713	4,491	24,170
	---------	---------	---------	---------
	420,572	615,693	257,513	415,235
	---------	---------	---------	---------

25. Related party transactions

Group

At 31 March 2025 the group was owed £1,228,406 (2024: £865,617) from companies related by common ownership and control. Income during the year amounted to £256,016 (2024: £473,421) made up of sales: £235,016 (2024: £452,421) and management charges: £21,000 (2024: £21,000). Expenditure during the year amounted to £109,528 (2024: £102,000) made up of purchases: £5,953(2024: £nil) and rent: £103,575 (2024: £102,000). No interest is charged on amounts outstanding and there are no fixed repayment terms. No securities have been given or received.

Company

At 31 March 2025 the company was owed £1,113,544 (2024: £740,190) from companies related by common ownership and control. Income during the year amounted to £54,541 (2024: £28,595) made up of sales: £33,541 (2024: £7,595) and management charges: £21,000 (2024: £21,000). Expenditure during the year amounted to £107,953 (2024: £102,000) made up of purchases: £5,953 and rent: £102,000 (2024: £102,000). No interest is charged on amounts outstanding and there are no fixed repayment terms. No securities have been given or received.

26. Controlling party

The group was under the control of S.G.Cunniffe, a director throughout the current and previous year. S.G.Cunniffe is the managing director and majority shareholder.