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Registered number: SC368382 PWR PACK LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
PWR PACK LTD
COMPANY INFORMATION
Directors | N Mellon
| P Mellon
| L Aiolfi
Registered number | SC368382
Registered office | Suite 37
| Grovewood Business Centre
| Strathclyde Business Park
| Bellshill
| Scotland
| ML4 3NQ
Independent auditor | S&W Audit
| Chartered Accountants & Statutory Auditor
| 14th Floor
| 103 Colmore Row
| Birmingham
| B3 3AG
PWR PACK LTD
CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Directors' Responsibilities Statement | 4
Independent Auditor's Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 23
PWR PACK LTD
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present the strategic report for the year ended 31 December 2025.
Review of the business
For the year to 31 December 2025, the directors are pleased to report turnover of £24,809,649 (2024 - £20,108,662) and an operating profit of £3,787,267 (2024 - £2,723,223) for the Company. Net assets of the Company have increased to £10,160,313 from £7,193,365 at 31 December 2025. Despite challenging trading conditions, turnover remained strong. Our solutions provide real benefits and efficiencies to our customers' business operations and allows them to continue to fully operate their packaging lines despite a fall in available labour. 2025 saw an increase in repeat orders from existing customers as well as orders from new customers.
Principal risks and uncertainties
The key business risks affecting the Company and the wider group are the current economic conditions, foreign exchange management, the availability of skilled labour and the rising costs both in materials and hired staff. The directors will continue to closely monitor the external factors which can affect our business and we have in place a risk management system which aims to manage and reduce the risks to which the Company is exposed.
Key performance indicators
The Company's KPI's, which also aligns with the KPI's of the wider group, include the following: ∙Development of our employees along with continuing to hire the right people who can help maintain our position as a leading global supplier to the food industry worldwide. ∙Increasing turnover and maintaining historical profit margins to enable us to further invest in our technology. ∙Building more sustainable solutions.
Future developments
We will continue to work on AI for deep learning in our vision systems. We also aim to expand on our digital twin work with a view to having predictive maintenance information which minimises down-time in our systems. This report was approved by the board and signed on its behalf.
P Mellon Director
Date: 3 July 2026
Page 1
PWR PACK LTD
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the Company continued to be that of distribution of robotic packaging solutions. The Company are specialists in developing automated robotic packaging solutions for the food industry that improve the performance of production lines.
Results and dividends
The profit for the year, after taxation, amounted to £2,966,948 (2024 - £2,154,289). No dividends were declared or paid during the year (2024 - £Nil).
Directors
The directors who served during the year were:
N Mellon
P Mellon
L Aiolfi
Matters covered in the Strategic Report
The Company has chosen in accordance with the Companies Act 2006, s. 414C(11) to set out in the Group's strategic report information required by the Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' report. It has done so in respect of disclosure regarding financial risk objectives and future developments.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Page 2
PWR PACK LTD
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Post balance sheet events
As part of a routine periodic review of banking arrangements, in February 2026, the Company satisfied the floating charge over all assets and undertakings of the business held by HSBC Bank PLC. Also, in February 2026, the Company registered the floating charge held by Santander UK PLC over all assets and undertakings of the business.
Auditor
The auditor, S&W Audit (a trading name of S&W Partners Audit Limited), 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.
P Mellon Director
Date: 3 July 2026
Page 3
PWR PACK LTD
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Strategic Report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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. Page 4
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PWR PACK LTD
Opinion
We have audited the financial statements of PWR Pack Ltd (the 'Company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, and the notes to the financial statements, including 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 Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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 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. Page 5
PWR PACK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PWR PACK LTD
Other information
The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. 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.
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 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, 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 Directors' Responsibilities Statement set out on page 4, 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 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. Page 6
PWR PACK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PWR PACK LTD
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. 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: We obtained a general understanding of the Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company’s industry and regulation. We understand that the Company complies with the framework through: ∙Updating operating procedures, manuals and internal controls as legal and regulatory requirements change; ∙The Directors’ close involvement in the day-to-day running of the business; meaning that any litigation or claims would come to their attention directly; and ∙Outsourcing of payroll services and the engagement of external experts to achieve ongoing tax compliance and to assist with the preparation of the statutory accounts. In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company’s ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company: ∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements. The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were with regard to the risk of manipulation of the financial statements through manual journals and incorrect recognition of machine revenue. These areas were communicated to other members of the engagement team not present at the discussion. The procedures we carried out to gain evidence in the above areas included: ∙Identifying and assessing the design and implementation of controls management has in place to prevent and detect fraud; ∙Testing of revenue transactions close to the year end to underlying documentation, including a review of contracts with customers to ensure revenue has been recorded in the correct period; and ∙Testing of journal entries, in particular journal entries selected based on specific risk characteristics to ensure they had a proper business purpose. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Page 7
PWR PACK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PWR PACK LTD
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. Benjamin Stapleton (Senior Statutory Auditor) for and on behalf of S&W Audit Chartered Accountants Statutory Auditor 14th Floor 103 Colmore Row Birmingham B3 3AG 3 July 2026 Page 8
PWR PACK LTD
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 24,809,649 | 20,108,662
Cost of sales |  | (19,753,571) | (16,169,401)
Gross profit |  | 5,056,078 | 3,939,261
Administrative expenses |  | (1,268,811) | (1,222,854)
Other operating income | 5 | - | 6,816
Operating profit | 6 | 3,787,267 | 2,723,223
Interest receivable and similar income | 9 | 201,863 | 140,893
Profit before tax |  | 3,989,130 | 2,864,116
Tax on profit | 10 | (1,022,182) | (709,827)
Profit for the financial year |  | 2,966,948 | 2,154,289
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 23 form part of these financial statements.
Page 9
PWR PACK LTD REGISTERED NUMBER:SC368382
BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 11 |  | 77,993 |  | 101,074
|  |  | 77,993 |  | 101,074
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 13,072,605 |  | 3,659,209 |
Cash at bank and in hand |  | 10,482,778 |  | 7,087,483 |
|  | 23,555,383 |  | 10,746,692 |
Creditors: amounts falling due within one year | 13 | (13,469,316) |  | (3,644,606) |
Net current assets |  |  | 10,086,067 |  | 7,102,086
Provisions for liabilities |  |  |  |  |
Deferred tax | 15 |  | (3,747) |  | (9,795)
Net assets |  |  | 10,160,313 |  | 7,193,365
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 100 |  | 100
Profit and loss account | 17 |  | 10,160,213 |  | 7,193,265
|  |  | 10,160,313 |  | 7,193,365
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P Mellon
Director
Date: 3 July 2026
The notes on pages 12 to 23 form part of these financial statements. Page 10
PWR PACK LTD
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 100 | 5,038,976 | 5,039,076
Comprehensive income for the year |  |  |
Profit for the year | - | 2,154,289 | 2,154,289
At 1 January 2025 | 100 | 7,193,265 | 7,193,365
Comprehensive income for the year |  |  |
Profit for the year | - | 2,966,948 | 2,966,948
At 31 December 2025 | 100 | 10,160,213 | 10,160,313
Page 11
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
PWR Pack Ltd is a private company, limited by shares, domiciled and incorporated in Scotland (registered number: SC368382). The registered office address is Suite 37, Grovewood Business Centre, Strathclyde Business Park, Bellshill, Scotland, ML4 3NQ. 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 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 (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Packaging with Robots Ltd as at 31 December 2025 and these financial statements may be obtained from Suite 37 Grovewood Business Centre, Strathclyde Business Park, Bellshill, Scotland, ML4 3NQ. Page 12
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the directors have considered the Company's ability to meet its liabilities as they fall due. The current and future financial position of the Company, its cash flows and liquidity position have been reviewed by the directors. The directors have prepared financial projections for a period extending to at least 12 months from the date of approval of these financial statements. The directors are confident that the existing cash balances will provide sufficient headroom to meet forecast cash requirements having considered any additional requirements that would be contingent on an extended downturn in activity over the same period. As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover generated from distribution of packaging machines is recognised over the life of the contract based on the stage of completion of each project. Parts revenue is recognised on shipment and service revenue as the service is delivered. An element is then recognised in the balance sheet for the revenue to be accrued or deferred on each contract that spans the year end, to allow for any invoicing in advance or arrears. Page 13
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | 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. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 25% | reducing balance
|  |  |  | Computers | - | 25% | reducing balance
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 14
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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.
| 2.11 | Financial instruments
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument. Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management. Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Page 15
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Accounting for contracts Revenue generated from contracts for machines is recognised based on an estimate of the stage of completion of the project build work. This estimate is typically linked to the proportion of budgeted build related labour hours incurred. An element is then recognised in the balance sheet for the revenue to be accrued or deferred on each contract that spans the year end.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Machines | 19,858,601 | 16,647,148
| Parts & services | 4,951,048 | 3,461,514
|  | 24,809,649 | 20,108,662
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 4,441,667 | 8,495,310
| Rest of Europe | 6,237,780 | 3,832,059
| Rest of the world | 14,130,202 | 7,781,293
|  | 24,809,649 | 20,108,662
Page 16
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | - | 6,816
6. | Operating profit
| The operating profit is stated after (crediting)/charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange (gains)/losses | (71,344) | 26,400
| Depreciation | 23,081 | 21,216
| Operating lease charges | 10,316 | 9,914
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 28,476 | 27,120
| Non-audit service disclosures are made in the parent group accounts - Packaging with Robots LTD.
Page 17
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 576,910 | 477,583
| Social security costs | 73,298 | 61,087
| Cost of defined contribution scheme | 22,146 | 24,326
|  | 672,354 | 562,996
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 8 | 8
| The directors of the Company are paid by its parent, Packaging with Robots Ltd. The amount of time spent undertaking their duties as Directors of PWR Pack Ltd is recharged by parent through management recharge. Please refer to the Group accounts for more details.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 201,863 | 140,893
Page 18
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,008,093 | 699,280
| Adjustments in respect of previous periods | 20,137 | 2,378
| Total current tax | 1,028,230 | 701,658
| Deferred tax |  |
| Origination and reversal of timing differences | (6,048) | 8,169
| Total deferred tax | (6,048) | 8,169
| Tax on profit | 1,022,182 | 709,827
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,989,130 | 2,864,116
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 997,283 | 716,029
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 6,081 | 5,386
| Adjustments to tax charge in respect of prior periods | 20,137 | 2,378
| Group relief claimed | (1,319) | (13,966)
| Total tax charge for the year | 1,022,182 | 709,827
Page 19
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Tangible fixed assets
|  | Motor vehicles | Fixtures and fittings | Computers | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 | 219,429 | 11,440 | 323 | 231,192
| At 31 December 2025 | 219,429 | 11,440 | 323 | 231,192
| Depreciation |  |  |  |
| At 1 January 2025 | 122,172 | 7,669 | 277 | 130,118
| Charge for the year | 22,177 | 858 | 46 | 23,081
| At 31 December 2025 | 144,349 | 8,527 | 323 | 153,199
| Net book value |  |  |  |
| At 31 December 2025 | 75,080 | 2,913 | - | 77,993
| At 31 December 2024 | 97,257 | 3,771 | 46 | 101,074
Page 20
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,767,874 | 1,352,280
| Amounts owed by group undertakings | 1,522,259 | 1,405,512
| Other debtors | 27,588 | 36,665
| Prepayments and accrued income | 7,754,884 | 864,752
|  | 13,072,605 | 3,659,209
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 144,874 | 11,643
| Amounts owed to group undertakings | 2,910,859 | 718,074
| Corporation tax | 565,729 | 260,231
| Other taxation and social security | 792,579 | 100,047
| Other creditors | 8,811 | -
| Accruals and deferred income | 9,046,464 | 2,554,611
|  | 13,469,316 | 3,644,606
14. | Securities
HSBC Bank PLC holds a floating charge over all assets and undertakings of the business. As part of a routine periodic review of banking arrangements, in February 2026, the Company satisfied the floating charge over all assets and undertakings of the business held by HSBC Bank PLC. Subsequently, in February 2026, the Company registered the floating charge held by Santander UK PLC over all assets and undertakings of the business. At the year end, HSBC Bank PLC has granted guarantees in favour of certain customers for the sum of £2,809,226. Page 21
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (9,795) | (1,626)
| Credited/(charged) to profit or loss | 6,048 | (8,169)
| At end of year | (3,747) | (9,795)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (5,708) | (10,789)
| Short-term timing differences | 1,961 | 994
|  | (3,747) | (9,795)
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 Ordinary shares of £1.00 each | 100 | 100
| The Ordinary shares have attached to them full voting, dividend and capital distribution rights.
17. | Reserves
Profit and loss account This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.
18. | Pension commitments
The Company operates a defined contribution 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 £22,146 (2024 - £24,326). Contributions totalling £7,845 (2024 - £3,976) were payable to the fund at the reporting date. Page 22
PWR PACK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Related party transactions
| The Company has taken advantage of the exemption provided by Paragraph 33.1A of Financial Reporting Standard 102 and accordingly has not disclosed any transactions with group undertakings which are included in the consolidated accounts of Packaging with Robots Ltd and where 100% of voting rights are controlled within the group. During the year, payments for legal services to the Company were made amounting to £7,411 to Thorntons Law LLP, where a close family member of the directors is a partner.
20. | Controlling party
The Company's ultimate parent undertaking is Packaging with Robots Ltd, a company registered in Scotland. The largest and smallest group of undertakings for which group accounts for the year ended 31 December 2025 have been drawn up is that headed by Packaging with Robots Ltd. The registered office address of Packaging with Robots Ltd, is Suite 37 Grovewood Business Centre, Strathclyde Business Park, Bellshill, Scotland, ML4 3NQ. Copies of the group accounts are available from Companies House. The ultimate controlling party is P Mellon, by virtue of his majority shareholding in Packaging with Robots Ltd.
Page 23