Registration number: 00698834

PB Packaging Group Ltd

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 8
Consolidated Profit and Loss Account	9
Consolidated Balance Sheet	10
Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15 to 33

PB Packaging Group Ltd

Company Information

Directors

J H Lomax J W Davies G W Davies J C P Copley S M Arbuthnott

Company secretary

G W Davies

Registered office

1 Lyon Way Greenford Middlesex UB6 0AQ

Auditors

UHY Ross Brooke Suite I Windrush Court Blacklands Way Abingdon Business Park Abingdon Oxfordshire OX14 1SY

PB Packaging Group Ltd

Strategic Report for the Year Ended 30 November 2025

The directors present their strategic report for the year ended 30 November 2025.

Principal activity

The principal activity of the group is the business-to-business supply and distribution of packaging and consumables. This is supported through on-site manufacturing of polymer-based products and international supply chains of polymer, paper and cardboard-based items.

Fair review of the business

Following announcements of significant tax increases, there has been a focus on achieving efficiency savings. Particular target areas included reviews of our courier and waste management costs along with supply-chain enhancements. We have also continued our program of continuous improvement with new product launches, brand development and a new engineering workshop. We also successfully audited our ISO Quality and British Retail Consortium (BRC) certifications during the year.

Given the difficult trading environment for the packaging industry, we have continued to work on sales development and better integrating marketing initiatives. We are also committed to replacing our Enterprise Resource Planning (ERP) system which we hope to complete next year, to provide us with much improved operational management and reporting tools.

Management decisions are made through monthly surveillance of KPIs which prioritise instances when we see changes in trend of customer activity and margins and overheads. Strategically long-term plans are balanced against month to month performance.

Principal risks and uncertainties

The principal risks and uncertainties relate to increases in regulatory requirements and taxation levels, labour costs, raw material and electricity prices. There is a poor UK economic outlook and worsening geopolitical situation which may lead to increased cost inflation and tariff disruption along with potential raw material and trade supply constraints. Ongoing rapid technological advancements may also result in both commercial opportunities and competitive disruption.

Approved and authorised by the Board on 22 July 2026 and signed on its behalf by:
 

......................................... J W Davies Director

PB Packaging Group Ltd

Directors' Report for the Year Ended 30 November 2025

The directors present their report and the for the year ended 30 November 2025.

Directors of the group

The directors who held office during the year were as follows:

J H Lomax

J W Davies

G W Davies - Company secretary and director

J C P Copley

S M Arbuthnott

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Research and development

The company continues to invest in technological research and development to improve operational efficiencies and better promote products through various channels, along with the development of new environmentally friendly materials and products.

Future developments

The directors anticipate that the company will grow in the coming year, paying particular attention to their merchant sales.

Going concern

The board of directors are not aware of any material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern. On this basis the financial statements have been prepared on a going concern basis.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 22 July 2026 and signed on its behalf by:
 

......................................... J W Davies Director

PB Packaging Group Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

•	select suitable accounting policies and apply them consistently;

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

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PB Packaging Group Ltd

Independent Auditor's Report to the Members of PB Packaging Group Ltd

Opinion

We have audited the financial statements of PB Packaging Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2025 and of the group's profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

PB Packaging Group Ltd

Independent Auditor's Report to the Members of PB Packaging Group Ltd

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and 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 our 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 and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent company financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [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.

Auditor 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.

PB Packaging Group Ltd

Independent Auditor's Report to the Members of PB Packaging Group Ltd

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We have considered:
o the nature of the company and sector, control environment and operating performance;
o the company’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
o any matters we identified having reviewed the company’s policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
o the matters discussed amongst the audit engagement team.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act and tax legislation.

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-compliance. 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

PB Packaging Group Ltd

Independent Auditor's Report to the Members of PB Packaging Group 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.

......................................
Caroline Webster (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor
 Suite I Windrush Court
Blacklands Way
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY

27 July 2026

PB Packaging Group Ltd

Consolidated Profit and Loss Account for the Year Ended 30 November 2025

	Note	2025 £	2024 £
Turnover	3	18,997,840	18,518,997
Cost of sales		(11,134,817)	(11,397,131)
Gross profit		7,863,023	7,121,866
Administrative expenses		(7,420,182)	(7,239,971)
Operating profit/(loss)	4	442,841	(118,105)
Other interest receivable and similar income	5	250,861	398,724
Profit before tax		693,702	280,619
Tax on profit	9	(61,569)	(62,600)
Profit for the financial year		632,133	218,019
Profit/(loss) attributable to:
Owners of the company		578,233	194,767
Minority interests		53,900	23,252
		632,133	218,019

PB Packaging Group Ltd

(Registration number: 00698834)
Consolidated Balance Sheet as at 30 November 2025

	Note	2025 £	2024 £
Fixed assets
Negative goodwill	10	(174,538)	-
Intangible assets not including goodwill	10	399,189	525,977
Tangible assets	11	2,741,087	1,746,540
		3,140,276	2,272,517
Current assets
Stocks	15	2,681,008	2,722,996
Debtors	16	2,908,225	3,214,410
Other financial assets	14	2,867,712	2,634,035
Cash at bank and in hand		1,888,689	944,800
		10,345,634	9,516,241
Creditors: Amounts falling due within one year	18	(3,056,103)	(2,565,578)
Net current assets		7,289,531	6,950,663
Total assets less current liabilities		10,255,269	9,223,180
Provisions for liabilities	19	(41,201)	(62,682)
Net assets		10,214,068	9,160,498
Capital and reserves
Called up share capital	21	1,033	953
Share premium reserve	22	331,916	91,996
Capital redemption reserve	22	47	47
Other reserves	22	39,403	(371,576)
Retained earnings	22	9,713,943	9,365,252
Equity attributable to owners of the company		10,086,342	9,086,672
Minority interests		127,726	73,826
Shareholders' funds		10,214,068	9,160,498

Approved and authorised by the Board on 22 July 2026 and signed on its behalf by:
 

......................................... J W Davies Director

PB Packaging Group Ltd

(Registration number: 00698834)
Balance Sheet as at 30 November 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	10	387,000	516,000
Tangible assets	11	1,575,509	1,722,111
Investments	12	100	100
		1,962,609	2,238,211
Current assets
Stocks	15	2,389,210	2,505,273
Debtors	16	3,056,521	3,058,737
Other financial assets	14	2,867,712	2,634,035
Cash at bank and in hand		1,518,900	888,741
		9,832,343	9,086,786
Creditors: Amounts falling due within one year	18	(2,720,306)	(2,389,769)
Net current assets		7,112,037	6,697,017
Total assets less current liabilities		9,074,646	8,935,228
Provisions for liabilities	19	(41,201)	(62,682)
Net assets		9,033,445	8,872,546
Capital and reserves
Called up share capital	21	1,033	953
Share premium reserve		331,916	91,996
Capital redemption reserve		47	47
Other reserves		(340,327)	(364,226)
Retained earnings		9,040,776	9,143,776
Shareholders' funds		9,033,445	8,872,546

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss accounts and related notes. The company made a profit after tax for the financial year of £437,000 (2024 - profit of £125,013).

Approved and authorised by the Board on 22 July 2026 and signed on its behalf by:
 

......................................... J W Davies Director