REGISTERED NUMBER: 04032385 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

PMBL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

19

DIRECTORS:

PA Lackie

MK Berry

SECRETARY:

MK Berry

REGISTERED OFFICE:

Ground Floor

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

REGISTERED NUMBER:

04032385 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

This has been a traumatic period for the company as one of its production, stores and office buildings had a fire. This meant that the company had to restructure into the remaining building and create extra production and office areas to mitigate the situation as much as possible. Storage transferred to external off-site warehousing and onsite container storage.

These changes challenged the build capabilities of PMBL which has meant in this interim period higher internal costs were created due to less efficient workflow. All staff worked tirelessly to ensure that our customer base was affected as little as possible.

However, a new building has now been secured which will allow us to increase production demand.

This site has an additional 55,000 ft2 on a gated 4.5-acre site which will give PMBL many opportunities in the future.

As a result of the unforeseen circumstances stated above out position at the year ending 31st December 2024 sits as below:

- As shown in the income statement our turnover for 2024 was £8.2M down from £8.7M in 2023.

- GP was 26.69% in 2024 (£2.2M 2024) compared to 29.97% in 2023 (£2.6M 2023)

- Employments costs (excluding directors) were £1.86M 2024 compared to £1.72M 2023

- Operating profits were 3.67% 2024 (£300K) Compared to 13% 2023 (£1.1M)

We are expecting to reverse the downturn of last year through the coming year now we have settled into our new site. The conclusion of the insurance claim will allow us to focus fully on the business needs for growth.

PRINCIPAL RISKS AND UNCERTAINTIES

PMBL operates in highly competitive markets which is a continuing risk and could result in lost sales to key competitors. The company manages this risk by providing value added services to its customers, having fast response times to customer queries and maintaining strong business relationships with its customers.

Sales to Ireland and mainland Europe are in euros and therefore the group is exposed to movement in the euro to sterling or US dollar/sterling exchange rate. We also source products in Europe and Asia, where prices are mostly denominated in US dollar so we are exposed to exchange rate fluctuations in these currencies.

We purchase products which include raw materials where the prices are linked to the London Metal Exchange and therefore has the associated risk of movements on the exchange.

The main risks arising from our financial instruments are interest rate risk, liquidity risk and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below.

Credit Risk:

Exposure is considered low due to customers and key suppliers being monitored.

Liquidity Risk:

We have lending facilities in place to manage its working capital requirements. Senior management review cash flow forecasting on a weekly/ monthly basis where risks and opportunities are considered.

Foreign Currency Risk:

In addition, we purchase some products from Asia in US dollars and Europe in Euro and therefore we are at risk from changes in foreign currency rates. We manage these risks by selling and purchasing foreign currency by way of foreign exchange forward contracts and spot deals.

DEVELOPMENT AND PERFORMANCE

PMBL is a key supplier in many business sectors and will continue to supply products and services to its clients to ensure product innovation and a low total cost of ownership.

With the new site and resources, we are looking to secure larger contracts to compensate for the restructuring costs due to the fire and confirm our position as one of the leading independent battery manufacturers in the UK.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors have chosen a combination of financial and environmental key performance indicators (KPIs) to measure the group's performance. The environmental KPls relate to our manufacturing facility in Chard, Somerset.

Category

Measure

2024 Actual

2023 Actual

Financial

Turnover

£8.177m

£8.709m

Financial

Gross Profit

£2.182m

£2.609m

Financial

Operating Profit

£300k

£1.136m

Environmental

Battery Production UK

75.36 tonnes

65.2 tonnes

Environmental

Battery Production Export

51.76 tonnes

43 tonnes

ON BEHALF OF THE BOARD:

MK Berry - Director

23 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the design, production, and distribution of batteries and related technologies.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £466,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

PA Lackie

MK Berry

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

MK Berry - Director

23 December 2025

Qualified Opinion

We have audited the financial statements of PMBL Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company’s affairs as at 31 December 2024 and of its profit/loss for the year then ended;

- have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were appointed as auditors of the company after 31 December 2023 and were not able to observe the counting of physical inventories at the beginning of the year. We were unable to satisfy ourselves by alternative means concerning the opening inventories. Consequently, we were unable to determine whether any adjustments might be necessary in respect of cost of sales and the elements making up the statement of comprehensive income, statement of financial position and related disclosures.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and 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 five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and

non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the

sector in which it operates. We determined that the following laws and regulations were most significant: The

Companies Act 2006, UK GAAP, UK corporate tax law, Employment law and Occupational Health and Safety

regulations.

- We obtained an understanding of how the Company are complying with those legal and regulatory frameworks

and made enquiries to the management of known or suspected instances of fraud and non-compliance with

laws and regulations. We corroborated our enquiries through our review of board minutes, other relevant

meeting minutes and review of correspondence with regulatory bodies.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how

fraud might occur. Audit procedures performed by the audit team included:

1. Identifying and assessing the controls management has in place to prevent and detect fraud;

2. Understanding how those charged with governance considered and addressed the potential for override

of controls or other inappropriate influence over the financial reporting process;

3. Challenging assumptions and judgments made by management in its significant accounting estimates

and judgments, in particular depreciation, accruals and stock provisions;

4. Identifying and testing journal entries, in particular journal entries posted with unusual account

combinations; and

5. Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with

laws and regulations are from the events and transactions reflected in the financial statements, the less likely we

would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk

of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or

intentional misrepresentations, or through collusions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of

the Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of

the Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Benjamin de Cruz (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

23 December 2025

TURNOVER

8,177,070

8,709,254

Cost of sales

(5,994,234

)

(6,099,390

)

GROSS PROFIT

2,182,836

2,609,864

Employment costs

(1,415,468

)

(857,253

)

Administrative expenses

(667,319

)

(616,275

)

100,049

1,136,336

Other operating income

200,000

-

OPERATING PROFIT

5

300,049

1,136,336

Income from fixed asset investments

1,322

4,908

Interest receivable and similar income

46,552

16,196

347,923

1,157,440

Interest payable and similar expenses

7

(9,413

)

(11,844

)

PROFIT BEFORE TAXATION

338,510

1,145,596

Tax on profit

8

(142,400

)

(214,378

)

PROFIT FOR THE FINANCIAL YEAR

196,110

931,218

PROFIT FOR THE YEAR

196,110

931,218

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

196,110

931,218

FIXED ASSETS

Tangible assets

12

2,083,953

510,866

Investments

13

-

198,043

2,083,953

708,909

CURRENT ASSETS

Stocks

14

750,476

1,082,017

Debtors

15

3,415,935

2,816,830

Cash at bank

609,532

2,405,558

4,775,943

6,304,405

CREDITORS

Amounts falling due within one year

16

(969,123

)

(1,990,511

)

NET CURRENT ASSETS

3,806,820

4,313,894

TOTAL ASSETS LESS CURRENT LIABILITIES

5,890,773

5,022,803

CREDITORS

Amounts falling due after more than one year

17

(936,337

)

-

PROVISIONS FOR LIABILITIES

21

(1,510,403

)

(1,308,880

)

NET ASSETS

3,444,033

3,713,923

CAPITAL AND RESERVES

Called up share capital

22

950

950

Retained earnings

23

3,443,083

3,712,973

SHAREHOLDERS' FUNDS

3,444,033

3,713,923

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

MK Berry - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

950

3,247,755

3,248,705

Changes in equity

Profit for the year

-

931,218

931,218

Total comprehensive income

-

931,218

931,218

Dividends

-

(466,000

)

(466,000

)

Balance at 31 December 2023

950

3,712,973

3,713,923

Changes in equity

Profit for the year

-

196,110

196,110

Total comprehensive income

-

196,110

196,110

Dividends

-

(466,000

)

(466,000

)

Balance at 31 December 2024

950

3,443,083

3,444,033

Cash flows from operating activities

Cash generated from operations

1

(122,271

)

1,302,597

Interest paid

(9,122

)

(10,660

)

Interest element of hire purchase payments paid

(291

)

-

Tax paid

(456,042

)

2,827

Net cash from operating activities

(587,726

)

1,294,764

Cash flows from investing activities

Purchase of tangible fixed assets

(1,914,478

)

(237,250

)

Sale of tangible fixed assets

324,893

-

Interest received

46,552

16,196

Dividends received

1,322

4,908

Net cash from investing activities

(1,541,711

)

(216,146

)

Cash flows from financing activities

New loans in year

600,000

-

New hire purchase funding in year

64,501

-

Capital repayments in year

(32,642

)

-

Amount withdrawn by directors

(298,448

)

(531,117

)

Net cash from financing activities

333,411

(531,117

)

(Decrease)/increase in cash and cash equivalents

(1,796,026

)

547,501

Cash and cash equivalents at beginning of year

2

2,405,558

1,858,057

Cash and cash equivalents at end of year

2

609,532

2,405,558

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

2024

2023

as restated

£

£

Profit before taxation

338,510

1,145,596

Depreciation charges

260,311

149,606

Profit on disposal of fixed assets

(243,813

)

-

Increase/ (Decrease) in provisions

85,123

(222,630

)

Fair value adjustments

198,043

(3,322

)

Finance costs

9,413

11,844

Finance income

(47,874

)

(21,104

)

599,713

1,059,990

Decrease/(increase) in stocks

331,541

(352,940

)

(Increase)/decrease in trade and other debtors

(1,048,046

)

313,617

(Decrease)/increase in trade and other creditors

(5,479

)

281,930

Cash generated from operations

(122,271

)

1,302,597

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

609,532

2,405,558

Year ended 31 December 2023

31.12.23

1.1.23

as restated

£

£

Cash and cash equivalents

2,405,558

1,858,057

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

2,405,558

(1,796,026

)

609,532

2,405,558

(1,796,026

)

609,532

Debt

Finance leases

-

(55,241

)

(55,241

)

Debts falling due within 1 year

(32,654

)

(18,930

)

(51,584

)

Debts falling due after 1 year

-

(557,688

)

(557,688

)

(32,654

)

(631,859

)

(664,513

)

Total

2,372,904

(2,427,885

)

(54,981

)

1.	COMPANY INFORMATION

PMBL Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

The principal place of business is Combe Wood, Combe St Nicholas, Somerset, TA20 3NL.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for the directors and some staff. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

The company also provides pension benefits for senior employees, under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company's contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 7 to the financial statements.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities and equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.