Company registration number: 09981936
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are pleased to announce a result for this year.
2024 continued to be characterised by significant geopolitical and macroeconomic headwinds, resulting in a persistently challenging sales environment. As markets and associated supply chains continued to adjust to these conditions, turnover for the year ended 31 December 2024 amounted to £13.55 million, compared to £13.86 million in the prior period. The decline in sales was primarily attributed to the ongoing tightness in consumer spending power and cost control measures taken throughout our customer sectors.
Gross margin achieved in the year amounted to 41% compared with 46.2% in the comparative year. This continues in line with expectations given unfavourable foreign exchange movements combined with inflationary pressures in the wider market.
The Company has generated EBITDA of £1.7 m (13%) compared to £ 2.7 m (19%) in the comparative period. The decline in sales volumes as discussed above led to the decrease in EBITDA and EBITDA margin in 2024.
The Company has an ongoing commitment to the environment and sustainability through its continually evolving environmentally conscious product range and the monitoring and drive to reduce the environmental impact of its operations. Notably the business holds the ISO14001 accreditation, formally demonstrating this commitment.
2024 continued to be characterised by significant geopolitical and macroeconomic headwinds, resulting in a persistently challenging sales environment. As markets and associated supply chains continued to adjust to these conditions, turnover for the year ended 31 December 2024 amounted to £13.55 million, compared to £13.86 million in the prior period. The decline in sales was primarily attributed to the ongoing tightness in consumer spending power and cost control measures taken throughout our customer sectors.
Gross margin achieved in the year amounted to 41% compared with 46.2% in the comparative year. This continues in line with expectations given unfavourable foreign exchange movements combined with inflationary pressures in the wider market.
The Company has generated EBITDA of £1.7 m (13%) compared to £ 2.7 m (19%) in the comparative period. The decline in sales volumes as discussed above led to the decrease in EBITDA and EBITDA margin in 2024.
The Company has an ongoing commitment to the environment and sustainability through its continually evolving environmentally conscious product range and the monitoring and drive to reduce the environmental impact of its operations. Notably the business holds the ISO14001 accreditation, formally demonstrating this commitment.
The Company's operations continue to be exposed to a variety of financial risks that include the effects of changes in commodity market prices, credit risk, liquidity risk, exchange rate risk and interest rate risk. The Company has in place a risk management programme continuing from 2024 that seeks to limit the adverse effects on the financial performance of the Company through detailed monitoring of all levels of the related financial costs.
Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Company's finance department.
The directors consider that the route to market may continue to present some challenges, but careful forward planning should ensure minimal disruption in the import/export process. Throughout the next 12 months, management will closely monitor margins, cost drivers, and pricing effectiveness, taking appropriate actions to mitigate losses where possible. While the outcome of these actions remains subject to market conditions, the directors believe that continued focus on operational efficiency and cost discipline will support the business in progressing towards sustainable profitability over the medium term.
Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Company's finance department.
The directors consider that the route to market may continue to present some challenges, but careful forward planning should ensure minimal disruption in the import/export process. Throughout the next 12 months, management will closely monitor margins, cost drivers, and pricing effectiveness, taking appropriate actions to mitigate losses where possible. While the outcome of these actions remains subject to market conditions, the directors believe that continued focus on operational efficiency and cost discipline will support the business in progressing towards sustainable profitability over the medium term.
Challenges persist in the future as the business works to increase overall sales volume whilst protecting profits through customer retention and new business opportunities The external environment in 2026 has remained uncertain, reflecting continued geopolitical instability, persistent inflationary pressures, and ongoing supply chain disruption arising from global conflicts.
Pregis has achieved high targets on Sustainability, which continues to be a pillar of growth as more of our customer base and new opportunities seek solutions to solve and achieve their own environmental goals.
The directors believe that the Company has a strong balance sheet that is sufficiently robust to withstand periods of volatility. The Company maintains strong cash balances and net assets and has a track record of profitability. The directors also consider that the existing risk mitigation strategies are appropriate to address emerging risks arising from ongoing supply chain challenges and anticipated geopolitical disruption.
These actions have contributed to a strong financial outcome, with EBITDA growth in 2025 exceeding 10%, clearly demonstrating the effectiveness of management’s execution despite an uncertain external environment. The directors consider this performance to provide a solid foundation to drive the continued delivery of strong financial results and disciplined cost management, supporting sustainable profitability, subject to prevailing market conditions.
Pregis has achieved high targets on Sustainability, which continues to be a pillar of growth as more of our customer base and new opportunities seek solutions to solve and achieve their own environmental goals.
The directors believe that the Company has a strong balance sheet that is sufficiently robust to withstand periods of volatility. The Company maintains strong cash balances and net assets and has a track record of profitability. The directors also consider that the existing risk mitigation strategies are appropriate to address emerging risks arising from ongoing supply chain challenges and anticipated geopolitical disruption.
These actions have contributed to a strong financial outcome, with EBITDA growth in 2025 exceeding 10%, clearly demonstrating the effectiveness of management’s execution despite an uncertain external environment. The directors consider this performance to provide a solid foundation to drive the continued delivery of strong financial results and disciplined cost management, supporting sustainable profitability, subject to prevailing market conditions.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 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 to 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.
The loss for the year, after taxation, amounted to £902,556 (2023 - loss £2,429).
No dividends will be distributed for the year ended 31 December 2024. (2023: £nil)
The directors who served during the year were:
Details of the Company's 'Principal risks and uncertainties' and 'Future developments' for the business are disclosed in the Strategic Report.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREGIS LIMITED
We have audited the financial statements of Pregis Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREGIS LIMITED (CONTINUED)
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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREGIS LIMITED (CONTINUED)
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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.
•We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
•The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
•We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
•Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
•Challenging assumptions and judgments made by management in its significant accounting estimates; and
•Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
The assessment did not identify any issues in these areas.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-complance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREGIS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Richmond House
Walkern Road
Herts
SG1 3QP
19 May 2026
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2026.
The notes on pages 14 to 29 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Pregis 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 trading address of Pregis Limited is Arlington Business Park, Unit 1 The Io Centre, Whittle Way, Stevenage SG1 2BD.
2.Accounting policies
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 Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the group.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The total turnover of the company for the year has been derived from its principal activities. The directors believe that it would be seriously prejudicial to the interests of the company to disclose the analysis of turnover by the class of business and geographical area.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The bank loan was secured by way of a fixed and floating charge over the assets of the company. Since the bank loan was repaid in full during the year, there are no secured creditors at 31 December 2024.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Share premium account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year, the directors identified that a transfer pricing adjustment relating to the year ended 31 December 2023 had not been recorded in the company's accounting records. This resulted in revenue and the related intercompany balance being understated in the prior period. Additionally due to a reduction in losses, the deferred tax asset is overstated in the prior period.
The errors have been corrected by restating the comparative figures for the year ended 31 December 2023.
The impact of the restatement is summarised below:
Increase in revenue: £207,928
Increase in profit before tax for the year ended 31 December 2023: £207,928
Increase in tax charge: £304,455
Increase in intercompany receivable: £207,928
Decrease in deferred tax asset £304,455
Decrease in retained earnings at 31 December 2023: £96,527
The adjustments relate solely to the year ended 31 December 2023 and have no impact on the profit or loss for the year ended 31 December 2024. The comparative figures have been restated accordingly, and the opening reserves for the current year have been adjusted to reflect this correction.
The errors have been corrected by restating the comparative figures for the year ended 31 December 2023.
The impact of the restatement is summarised below:
Increase in revenue: £207,928
Increase in profit before tax for the year ended 31 December 2023: £207,928
Increase in tax charge: £304,455
Increase in intercompany receivable: £207,928
Decrease in deferred tax asset £304,455
Decrease in retained earnings at 31 December 2023: £96,527
The adjustments relate solely to the year ended 31 December 2023 and have no impact on the profit or loss for the year ended 31 December 2024. The comparative figures have been restated accordingly, and the opening reserves for the current year have been adjusted to reflect this correction.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £125,164 (2023 - £106,576). There were contributions of £10,814 (2023 - £nil) payable to the fund at the reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Pregis Holding Company B.V. is regarded by the directors as being the parent company of Pregis Limited and is the smallest and largest company which includes the company within its consolidated financial statements. These are available at Nijverheidsweg 4, 6422 PD, Heerlen, Netherlands.
The ultimate controlling party is Warburg Pincus Global Growth Fund, a private equity fund registered in the United States at 450 Lexington Avenue, New York, NY 10017, United States of America.
The ultimate controlling party is Warburg Pincus Global Growth Fund, a private equity fund registered in the United States at 450 Lexington Avenue, New York, NY 10017, United States of America.
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