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Registered number: 00375216 PROPRIETARY ASSOCIATION OF GREAT BRITAIN FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
PROPRIETARY ASSOCIATION OF GREAT BRITAIN REGISTERED NUMBER: 00375216 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 6 |  | 23,505 |  | 34,943
|  |  | 23,505 |  | 34,943
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 1,617,493 |  | 923,084 |
Cash at bank and in hand | 8 | 1,313,466 |  | 1,942,510 |
|  | 2,930,959 |  | 2,865,594 |
Creditors: amounts falling due within one year | 9 | (2,136,529) |  | (2,097,046) |
Net current assets |  |  | 794,430 |  | 768,548
Total assets less current liabilities |  |  | 817,935 |  | 803,491
Net assets |  |  | 817,935 |  | 803,491
Capital and reserves |  |  |  |  |
Issues management fund | 10 |  | 118,061 |  | 203,491
General fund | 10 |  | 699,874 |  | 600,000
|  |  | 817,935 |  | 803,491
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ M Knowland
President
Date: 31 March 2026
The notes on pages 2 to 7 form part of these financial statements. Page 1
PROPRIETARY ASSOCIATION OF GREAT BRITAIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Proprietary Association of Great Britain is a company incorporated and registered in England and Wales. Its registered office address is 2nd Floor, New Penderal House, 283-288 High Holburn, London, Enlgand, WC1V 7HP. The principal activities of the Association are to promote co-operation between persons, firms or companies whose sole or primary activity is the ownership, manufacture or marketing of propretary medicines and products manufactured or marketed in the UK. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Income from subscriptions is taken into account in the year to which the subscriptions relate. The Association calculates the amount of subscriptions due each year by applying the appropriate subscription rate to the member's level of UK sales of non-prescription medcines, food supplements or registered herbal medicines. Income is stated after deduction of Value Added Tax. Non-subscription income is recognised by the Association in respect of services and special projects provided during the period, exclusive of Value Added Tax.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Pensions
The Association operates two defined contribution pension schemes and the pension charge represents the amounts payable by the Associaiton to the funds in respect of the year. Page 2
PROPRIETARY ASSOCIATION OF GREAT BRITAIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | over the life of the lease
|  |  |  | Fixtures and fittings | - | 20% straight line
|  |  |  | Office equipment | - | 20% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Page 3
PROPRIETARY ASSOCIATION OF GREAT BRITAIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Creditors
Short-term creditors are measured at the transaction price.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements in conformity with gnerally accepted accounting principles requires the PAGB Board to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the PAGB Board believe that the critical accounting polcies where judgments or estimations are necessarily applied are summarised below. Depreciation and residual values The PAGB Board have reviewed the asset lives and associated residual values of all fixed assets, and have concluded that asset lives and residual values are appropriate. Trade debtors The recoverability of trade debtors has been assessed as at the year end and up until the date of signing these financial statements. The PAGB Board have based the decision to provide for any amounts based on their judgement of all the available information, and their experience of the specific nature of trade debtor in question.
4. | Association status - Members' liability
The Association is a private company limited by guarantee and consequently does not have share capital. Each of the full members, as described in the Articles of Association, is liable to contribute an amount not exceeding £1 towards the assets of the Association in the event of liquidation.
5. | Employees
| The average monthly number of employees, including directors, during the year was 20 (2024 - 18).
Page 4
PROPRIETARY ASSOCIATION OF GREAT BRITAIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Tangible fixed assets
|  | Short-term leasehold property | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 39,440 | 113,129 | 44,304 | 196,873
| Additions | - | 4,352 | - | 4,352
| At 31 December 2025 | 39,440 | 117,481 | 44,304 | 201,225
| Depreciation |  |  |  |
| At 1 January 2025 | 31,551 | 87,343 | 43,036 | 161,930
| Charge for the year on owned assets | 3,944 | 11,518 | 328 | 15,790
| At 31 December 2025 | 35,495 | 98,861 | 43,364 | 177,720
| Net book value |  |  |  |
| At 31 December 2025 | 3,945 | 18,620 | 940 | 23,505
| At 31 December 2024 | 7,889 | 25,786 | 1,268 | 34,943
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,509,282 | 805,397
| Other debtors | 49,868 | 49,638
| Prepayments and accrued income | 58,343 | 68,049
|  | 1,617,493 | 923,084
Page 5
PROPRIETARY ASSOCIATION OF GREAT BRITAIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,313,466 | 1,942,510
|  | 1,313,466 | 1,942,510
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 79,012 | 110,717
| Corporation tax | 2,224 | 136
| Other taxation and social security | 295,699 | 277,045
| Other creditors | 5,195 | 8,653
| Accruals and deferred income | 1,754,399 | 1,700,495
|  | 2,136,529 | 2,097,046
10. | Reserves
Issues management fund This Issues management fund was set up during 2007 to be used on the authority of the Operations Group of the PAGB Board for urgent matters involving legal advice, public relations and communication activities and scientific support on ingredient or category issues. It is intended to accumulate funds of £150,000. General Fund The General Fund reserve represents the income and expenditure reserve of the Association. The PAGB Board Members prefer to maintain a minimum of £700,000 (2024: £600,000) in the general fund, being the expected costs of winding up the association. The total of the two reserves represents the retained earnings under the Companies Act 2006.
11. | Pension commitments
The Association operates two defined contributions pension schemes. The assets of the schemes are held separately from those of the Association in independently administered funds. The pension cost charge represents contributions payable by the Association to the funds and amounted to £151,160 (2024 - £132,949). Contributions totalling £nil (2024 - £nil) were payable to the funds at the balance sheet date and are included in creditors. Page 6
PROPRIETARY ASSOCIATION OF GREAT BRITAIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Special projects
Total income for special projects funded by members and grants is £37,500 (2024: £87,962) and relates to the NRT programme (2024: ePIL Task Force, DHPC and the NRT programme).
13. | Related party transactions
| By nature of the activity of PAGB, the PAGB Board Members are co-opted by full member organisations who pay member subscriptions to the Association. As a result, each member organisation is a related party and furthermore, every director of every member organisation is also a related party. It is inevitable, therefore, that most of the operations of the Association are for the benefit of the members and as such are related party transactions. During the year, the Association received subscriptions of £2,092,199 (2024: £2,064,897) from full members. At the balance sheet date, the Association was owed £1,510,794 (2024: £803,012) from members.
14. | Provisions available for audits of small entities
In accordance with the FRC Ethical Standard - Provisions Available for Audits of Small Entities, alongside audit services, the audit firm have provided non-audit services including both compliance and ad-hoc advisory services to management.
15. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 31 March 2026 by Alexander Fuller BA(Hons) BFP ACA (Senior Statutory Auditor) on behalf of Hillier Hopkins LLP.
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