Abpac Limited

Strategic Report for the Year Ended 28 February 2026

The directors present their strategic report for the year ended 28 February 2026.

Principal activity

The principal activity of the company is selling and distribution of packaging.

Fair review of the business

Abpac is a wholesaler and distributor of bakery packaging, which is sold into the bakery and butchery sectors.

Turnover increased by 21.5% in the year, primarily reflecting the acquisition of Marshall Wilson Packaging Limited in April 2025. The Board are optimistic that turnover will increase further in future years.

Abpac continues to offer bespoke products to its customers & this sector continues to expand.

Equality, diversity and inclusion

Abpac welcomes applications from all backgrounds as it believes an inclusive culture is beneficial for all.

Abpac is committed to promoting working environment based on dignity, trust and respect and is free from harassment, bullying, victimisation, and discrimination.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2026	2025
Profit before tax margin	%	7.9	12.1
Stock days	Days	71.9	56.3
Trade debtor days	Days	40.8	36.2

The directors do not consider there are any other appropriate non-financial KPIs relevant to the understanding of the business.

Future developments

Looking ahead, the directors expect Abpac to continue trading as it does now, with the Marshall Wilson business now integrated and further organic growth in turnover anticipated.

Abpac Limited

Strategic Report for the Year Ended 28 February 2026

Principal risks and uncertainties

Cash flow risk - the directors review facilities on a regular basis.

Credit risk - Abpac operates in a highly competitive market and uses the facilities of credit agencies in estimating risk and operates a rigorous credit control system.

Competition risk - Abpac operates in a very competitive market, this can lead to downward pressure on prices.

Interest rate risk - Abpac minimises net interest expense.

Currency risk - Abpac has very little currency exposure, but mitigates this by offsetting currency income wherever possible.

Material supplies risk - Abpac recognises it has material supplies risk and mitigates this as much as possible by increasing stock holdings where necessary.

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

Mr F A L Marx Director

Abpac Limited

Directors' Report for the Year Ended 28 February 2026

The directors present their report and the financial statements for the year ended 28 February 2026.

Directors of the company

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

Mr G A Hill

Mr F A L Marx

Mr F J Wingfield-Digby

Dividends

No ordinary dividends were paid during the year or in the prior year. The directors do not recommend payment of a final dividend

Disclosure of information to the auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Financial instruments

Objectives and policies

The company's financial instruments comprise bank balances, trade debtors, trade creditors and lease purchase finance agreements. The main purpose of these instruments is to maintain funds to finance the group's operations.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of bank balances, the liquidity risk is managed through treasury management in respect of cash balances with the use of a deposit account and fixed term deposits as necessary.

Trade debtors are managed by policies concerning the credit offering to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

Lease purchase finance agreement liquidity risk is managed in the same way as trade creditors above.

Future Developments

The future developments of the business are included within the strategic report.

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

Mr F A L Marx Director

Abpac Limited

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

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

•	state whether applicable United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Abpac Limited

Independent Auditor's Report to the Members of Abpac Limited

Opinion

We have audited the financial statements of Abpac Limited (the 'company') for the year ended 28 February 2026, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 28 February 2026 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 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 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 company'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.

Abpac Limited

Independent Auditor's Report to the Members of Abpac Limited

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.

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.

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.

Matters on which we are required to report by exception

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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.

Abpac Limited

Independent Auditor's Report to the Members of Abpac Limited

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.

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 extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•	the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•	we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the packaging sector;
•	we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment and health and safety legislation;
•	we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•	identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•	making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•	considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

•	performed analytical procedures to identify any unusual or unexpected relationships;
•	tested journal entries to identify unusual transactions;
•	assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•	investigated the rationale behind significant or unusual transactions.

Abpac Limited

Independent Auditor's Report to the Members of Abpac Limited

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance; and
• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 auditor's report.

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.

Joseph Doggrell BSc (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

22 October 2026

Abpac Limited

Profit and Loss Account
for the Year Ended 28 February 2026

	Note	2026  £	2025  £
Turnover	3	15,345,328	12,627,813
Cost of sales		(10,637,387)	(8,462,126)
Gross profit		4,707,941	4,165,687
Distribution costs		(300,410)	(267,096)
Administrative expenses		(3,226,407)	(2,397,286)
Operating profit	4	1,181,124	1,501,305
Other interest receivable and similar income	5	36,181	43,490
Interest payable and similar charges	6	(9,937)	(10,147)
Profit before tax		1,207,368	1,534,648
Taxation	10	(156,217)	(385,363)
Profit for the financial year		1,051,151	1,149,285

The above results were derived from continuing operations.

Abpac Limited

Statement of Comprehensive Income
for the Year Ended 28 February 2026

	2026 £	2025 £
Profit for the year	1,051,151	1,149,285
Total comprehensive income for the year	1,051,151	1,149,285

Abpac Limited

(Registration number: 01651229)
Balance Sheet as at 28 February 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	11	27,960	14,520
Tangible assets	12	408,573	323,716
Investments	13	1,678,344	-
		2,114,877	338,236
Current assets
Stocks	14	2,096,877	1,304,948
Debtors	15	5,166,350	5,703,421
Cash at bank and in hand		1,579,223	1,344,816
		8,842,450	8,353,185
Creditors: Amounts falling due within one year	17	(3,139,695)	(1,638,875)
Net current assets		5,702,755	6,714,310
Total assets less current liabilities		7,817,632	7,052,546
Creditors: Amounts falling due after more than one year	17	(63,201)	(69,655)
Provisions for liabilities	18	(89,938)	(69,549)
Net assets		7,664,493	6,913,342
Capital and reserves
Called up share capital		12,000	12,000
Retained earnings		7,652,493	6,901,342
Shareholders' funds		7,664,493	6,913,342

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

Mr F A L Marx Director

Abpac Limited

Statement of Changes in Equity
for the Year Ended 28 February 2026

	Share capital £	Retained earnings £	Total £
At 1 March 2025	12,000	6,901,342	6,913,342
Profit for the year	-	1,051,151	1,051,151
Dividends	-	(300,000)	(300,000)
At 28 February 2026	12,000	7,652,493	7,664,493