Company registration number 13214083 (England and Wales)
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
COMPANY INFORMATION
Director
Mr M A Punter
Company number
13214083
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Auditor
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
53 Spencer Road
Lancing Business Park
Lancing
West Sussex
BN15 8UA
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The director presents the strategic report for the year ended 31 December 2022.

Review of the business

The results for the financial year ended 31 December 2022 are set out in the statement of comprehensive income. Group revenue for the financial year amounted to £9,841k (2021 - £11,136k) generating a profit before taxation of £292k (2021 - £440k).

 

The group commercial performance comparative analysis is skewed owing to the demerger of Parafix Hungaria Kft from the group, concluded in February 2021, the strategic transaction allowed for greater focus on domestic operations in the United Kingdom coupled with marketing focussed on Western Europe. This has contributed to improved UK sales performance with sales of £9,841k in the year, compared to £9,616k in 2021 and £8,050k in 2020.

  

2022 gross margins have fallen from that achieved in 2021 (36.0% compared to 37.2%), although operating margins have improved to 4.7% (2021 - 4.5%) with improved overhead control.

 

Annual cash from operations continued to facilitate a significant reduction in debt, with group asset finance debt reducing in line with plan.

 

The director considers the year-end financial position to be successful given the commercial growth achieved in what was considered to be an uncertain global landscape.

Principal risks and uncertainties

Management of risk remains critical for the Group in delivering growth plans.

 

Shortage of staffing in the UK remains a threat to operations with continuity of human resource difficult to maintain. The pandemic and Brexit remain key contributory factors in explaining the fall in overseas workers with a lack of regional talent hurting the ability to recruit. Partnerships with recruitment agencies remain vital in the attempt to mitigate the shortfall in labour.

 

A decay in the global supply chain has been observed since the start of the pandemic with many key suppliers failing to maintain on time, in full deliveries. A short-term fix of inventory expansion has tempered the threat and will be the subject of scrutiny to ensure that stock levels are optimised as the situation improves.

 

Rising inflation in the UK is being felt in the profit and loss account with materials and power experiencing notable rises. These costs are being passed on to the customer base in the form of price increases and will be the subject of ongoing scrutiny to ensure that threats to profitability are diminished.

 

Brexit threats have been well managed with no adverse impacts reported. Foreign exchange is studied to mitigate the threat of losses. Contingency plans are in place to manage threats that may be posed from the supplier base.

 

Operational, financial and commercial risks are considered to be well managed with appropriate safeguarding in place to mitigate threats.

Development and performance

On 12 April 2023, the company sold its investment in the entire share capital of Parafix Holdings Limited and its subsidiary companies to Addev Materials SAS.

 

Following the sale of its shareholding in subsidiary companies, the company is exploring and made investments in various opportunities in order to maximise value.

 

Other performance indicators

Apart from those measures identified above in the business review, the directors are of the opinion that no further inclusion of financial key performance indicators is necessary for an understanding of the development, performance or position of the Groups business.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

On behalf of the board

Mr M A Punter
Director
29 September 2023
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activity of the trading members of the group, is that of the conversion and distribution of self-adhesive materials.

Results and dividends

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

Ordinary dividends were paid amounting to £150,000.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr M A Punter
Financial instruments
Financial risk management objectives and policies

The group operates management policies designed to minimise its exposure to financial risk:

Credit risk

The group operates a number of policies and procedures designed to mitigate credit risk. In particular, before entering into a transaction with a customer a detailed credit review is undertaken to determine whether or not, in the opinion of the directors, the customer has the ability to meet its debts as they fall due.

Price risk

The group will only enter into a transaction with a customer on the basis of fixed, pre-agreed terms from suppliers and consequently is not exposed to price risk.

Liquidity and cash flow risk

The group operates a range of policies to ensure there is sufficient liquidity and cash to meet its liabilities as they fall due. Regular cash flow forecasts are prepared to ensure the group is able to pay its debts as they fall due.

Foreign currency risk

Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity would involve the use of foreign exchange forward contracts.

Research and development

Research and development expenditure amounts to £133,894 (2021 - £130,103). The director considers that research and development will continue, in order to enhance the technical knowledge and product range currently available to customers.

Future developments

The director has presented the future developments of the group in the Strategic Report.

Auditor

The auditor, Carpenter Box, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the director has taken all the necessary steps that they ought to have taken as director in order to make themselves aware of all relevant audit information and to establish that the auditor of the group is aware of that information.

On behalf of the board
Mr M A Punter
Director
29 September 2023
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
- 6 -
Opinion

We have audited the financial statements of Punter Family Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and 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 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:

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 group and parent 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
- 8 -

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: employment law and compliance with the UK Companies Act.

In addition to the above, our procedures to respond to risks identified included the following:

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Robin Evans BA FCA CTA (Senior Statutory Auditor)
For and on behalf of Carpenter Box
29 September 2023
Chartered Accountants
Statutory Auditor
Worthing
Carpenter Box is a trading name of Carpenter Box Limited
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
Notes
£
£
Revenue
3
9,841,038
11,136,360
Cost of sales
(6,297,208)
(6,991,382)
Gross profit
3,543,830
4,144,978
Distribution costs
(394,135)
(402,089)
Administrative expenses
(2,763,988)
(3,239,629)
Other operating income
75,000
-
Operating profit
4
460,707
503,260
Investment income
-
0
84,079
Finance costs
8
(168,262)
(147,161)
Profit before taxation
292,445
440,178
Tax on profit
9
(133,847)
(69,250)
Profit for the financial year
158,598
370,928
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
-
0
(97,142)
Total comprehensive income for the year
158,598
273,786
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
3,543,399
3,977,131
Current assets
Inventories
14
1,529,081
1,197,045
Trade and other receivables
15
1,706,230
2,151,850
Cash and cash equivalents
12,291
190,900
3,247,602
3,539,795
Current liabilities
16
(3,477,181)
(3,769,014)
Net current liabilities
(229,579)
(229,219)
Total assets less current liabilities
3,313,820
3,747,912
Non-current liabilities
17
(800,362)
(1,294,552)
Provisions for liabilities
Deferred tax liability
20
398,600
347,100
(398,600)
(347,100)
Net assets
2,114,858
2,106,260
Equity
Called up share capital
22
75,000
75,000
Revaluation reserve
375,000
375,000
Other reserves
22
(8,123,805)
(8,123,805)
Retained earnings
9,788,663
9,780,065
Total equity
2,114,858
2,106,260

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 29 September 2023
29 September 2023
Mr M A Punter
Director
Company registration number 13214083 (England and Wales)
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 11 -
2022
2021
Notes
£
£
£
£
Non-current assets
Investments
12
5,999,999
5,999,999
Current assets
Trade and other receivables
15
340,000
38,125
Cash and cash equivalents
9,601
1
349,601
38,126
Current liabilities
16
(393,013)
(45,125)
Net current liabilities
(43,412)
(6,999)
Net assets
5,956,587
5,993,000
Equity
Called up share capital
22
75,000
75,000
Retained earnings
5,881,587
5,918,000
Total equity
5,956,587
5,993,000

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the period was £113,587 (2021: £93,000).

The financial statements were approved and signed by the director and authorised for issue on 29 September 2023
29 September 2023
Mr M A Punter
Director
Company registration number 13214083 (England and Wales)
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
Share capital
Revaluation reserve
Other reserves
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 January 2021
11,000,000
375,000
(10,900,000)
3,681,279
4,156,279
Year ended 31 December 2021:
Profit for the year
-
-
-
370,928
370,928
Other comprehensive income:
Currency translation differences
-
-
-
(97,142)
(97,142)
Total comprehensive income for the year
-
-
-
273,786
273,786
Dividends
10
-
-
-
(5,100,000)
(5,100,000)
Reduction of shares
22
(10,925,000)
-
-
10,925,000
-
Transfers
-
-
2,776,195
-
2,776,195
Balance at 31 December 2021
75,000
375,000
(8,123,805)
9,780,065
2,106,260
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
158,598
158,598
Dividends
10
-
-
-
(150,000)
(150,000)
Balance at 31 December 2022
75,000
375,000
(8,123,805)
9,788,663
2,114,858
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2021
-
0
-
0
-
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
93,000
93,000
Issue of share capital
22
11,000,000
-
11,000,000
Dividends
10
-
(5,100,000)
(5,100,000)
Reduction of shares
22
(10,925,000)
10,925,000
-
Balance at 31 December 2021
75,000
5,918,000
5,993,000
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
113,587
113,587
Dividends
10
-
(150,000)
(150,000)
Balance at 31 December 2022
75,000
5,881,587
5,956,587
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,122,116
1,230,611
Interest paid
(168,262)
(147,161)
Net cash inflow from operating activities
953,854
1,083,450
Investing activities
Purchase of property, plant and equipment
(65,213)
(63,182)
Interest received
-
0
84,079
Net cash (used in)/generated from investing activities
(65,213)
20,897
Financing activities
Repayment of borrowings
(266,971)
(256,591)
Repayment of bank loans
(106,102)
(60,399)
Payment of finance leases obligations
(545,791)
(495,289)
Dividends paid to equity shareholders
(150,000)
(100,000)
Net cash used in financing activities
(1,068,864)
(912,279)
Net (decrease)/increase in cash and cash equivalents
(180,223)
192,068
Cash and cash equivalents at beginning of year
185,900
(6,168)
Cash and cash equivalents at end of year
5,677
185,900
Relating to:
Cash at bank and in hand
12,291
190,900
Bank overdrafts included in creditors payable within one year
(6,614)
(5,000)
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
1
Accounting policies
Company information

Punter Family Investments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 53 Spencer Road, Lancing Business Park, Lancing, West Sussex, BN15 8UA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company and all of its subsidiaries. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

The prior year financial statements for the company, were prepared for a ten month period from the date of its incorporation. Therefore the results for this period will not be entirely comparable with the current year or group which include the results for the 12 month period to 31 December 2022.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. The director has considered relevant information, including the group and company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. 

 

At the balance sheet date the group and company is in a net current liabilities position. The group and company is reliant on the ongoing support of its creditors including companies under control of the director and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -

Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.4
Revenue

Revenue represents amounts receivable for goods net of VAT and trade discounts. Revenue is recognised when the company obtains the right to consideration in exchange for the goods provided.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% per annum on a straight line basis
Leasehold buildings
20% per annum on a straight line basis
Plant and equipment
10% per annum on a straight line basis
Fixtures and fittings
10% and 25% per annum on a straight line basis
Motor vehicles
20% per annum on a straight line basis

Freehold land is not depreciated and assets under construction are not depreciated until the asset has been brought in to use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Non-current investments

In the parent company financial statements investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.7
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.8
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity .

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.17

Research and development

Research expenditure is written off against profits in the year in which it is incurred.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Stock provision

Due to the nature of the trading subsidiary's operations, excess material may remain upon completion of specific projects. It may be possible to use this material on future projects, but often this is not possible due to the unique nature of many of the materials ordered. Where this is the case management makes a full provision for these stock lines. Management also provide for slow moving or obsolete stock lines identified during their stock reviews. Additionally management apply a 10% provision to all older and low value stock lines, which are at a greater risk of obsolescence.

3
Revenue
2022
2021
£
£
Revenue analysed by class of business
Sales of goods
9,841,038
11,136,360
2022
2021
£
£
Revenue analysed by geographical market
United Kingdom
8,558,413
8,656,748
Overseas
1,282,625
2,479,612
9,841,038
11,136,360
2022
2021
£
£
Other revenue
Interest income
-
84,079
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
4
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging:
Exchange (gains)/losses
-
20,762
Depreciation of owned property, plant and equipment
229,124
318,964
Depreciation of property, plant and equipment held under finance leases
279,838
288,715
Amortisation of intangible assets
-
51,571
Operating lease charges
142,807
127,402
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,500
5,000
Audit of the financial statements of the company's subsidiaries
23,500
22,500
28,000
27,500
6
Employees

The average monthly number of persons employed by the group and company during the year was:

 

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Production
70
74
-
-
Sales and administration
29
34
-
-
Total
99
108
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
2,979,550
3,182,590
-
0
-
0
Social security costs
269,769
254,112
-
-
Pension costs
172,420
169,267
-
0
-
0
3,421,739
3,605,969
-
0
-
0
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 21 -
7
Director's remuneration
2022
2021
£
£
Remuneration for qualifying services
216,965
216,143
Company pension contributions to defined contribution schemes
31,048
30,175
248,013
246,318
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
95,480
95,293
Company pension contributions to defined contribution schemes
7,994
7,538
8
Finance costs
2022
2021
£
£
Interest on bank overdrafts and loans
12,013
1
Interest on finance leases and hire purchase contracts
71,083
74,270
Other interest
85,166
72,890
Total finance costs
168,262
147,161
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
84,052
72,750
Adjustments in respect of prior periods
(1,705)
-
0
Total current tax
82,347
72,750
Deferred tax
Origination and reversal of timing differences
(58,100)
(3,500)
Changes in tax rates
109,600
-
0
Total deferred tax
51,500
(3,500)
Total tax charge
133,847
69,250
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
292,445
440,178
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
55,565
83,634
Tax effect of expenses that are not deductible in determining taxable profit
5,949
4,134
Unutilised tax losses carried forward
6,918
-
0
Adjustments in respect of prior years
(1,705)
665
Permanent capital allowances in excess of depreciation
(18,257)
(325)
Depreciation on assets not qualifying for tax allowances
3,998
3,998
Research and development tax credit
(33,072)
(32,135)
Effect of overseas tax rates
-
0
8,960
Effect of change in local deferred tax rate
109,600
-
0
Other
4,851
319
Taxation charge
133,847
69,250

The group has estimated trading and non-trading losses of £nil and £67,000 (2021: £nil and £67,000) respectively available for carry forward against future income.

10
Dividends
2022
2021
Recognised as distributions to equity holders:
£
£
Final paid
150,000
100,000

During the prior year a dividend in specie of £5 million was declared by the group as part of a demerger as described in note 21.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
11
Property, plant and equipment
Group
Freehold buildings
Leasehold buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2022
1,200,000
95,641
5,286,269
1,007,914
380,372
7,970,196
Additions
-
0
-
0
570
74,660
-
0
75,230
Transfers
-
0
-
0
-
0
-
0
(262,956)
(262,956)
At 31 December 2022
1,200,000
95,641
5,286,839
1,082,574
117,416
7,782,470
Depreciation and impairment
At 1 January 2022
84,176
95,641
2,975,980
495,199
342,069
3,993,065
Depreciation charged in the year
21,044
-
0
383,818
82,123
21,977
508,962
Transfers
-
0
-
0
-
0
-
0
(262,956)
(262,956)
At 31 December 2022
105,220
95,641
3,359,798
577,322
101,090
4,239,071
Carrying amount
At 31 December 2022
1,094,780
-
0
1,927,041
505,252
16,326
3,543,399
At 31 December 2021
1,115,824
-
0
2,310,289
512,715
38,303
3,977,131
The company had no property, plant and equipment at 31 December 2022 or 31 December 2021.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2022
2021
2022
2021
£
£
£
£
Plant and equipment
1,817,900
2,097,738
-
0
-
0
Motor vehicles
-
0
19,234
-
0
-
0
1,817,900
2,116,972
-
-

In the prior year, motor vehicles transferred on demerger were transferred using the carrying net book value at the date of transfer. The gross cost impact of the transfers on both cost and accumulated depreciation has been reflected in the current year, with no effect on the brought forward or carrying net book value of the assets.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
12
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
5,999,999
5,999,999
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022 and 31 December 2022
5,999,999
Carrying amount
At 31 December 2022
5,999,999
At 31 December 2021
5,999,999
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Parafix Limited
53 Spencer Road, Lancing Business Park, Lancing, West Sussex, BN15 8AU
Ordinary
100.00
Parafix Tapes and Conversions Limited
53 Spencer Road, Lancing Business Park, Lancing, West Sussex, BN15 8AU
Ordinary
100.00
Parafix Holdings Limited
53 Spencer Road, Lancing Business Park, Lancing, West Sussex, BN15 8AU
Ordinary
100.00
14
Inventories
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
999,307
892,924
-
-
Work in progress
169,503
163,728
-
-
Finished goods and goods for resale
360,271
140,393
-
0
-
0
1,529,081
1,197,045
-
-
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
15
Trade and other receivables
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade receivables
1,145,823
1,358,738
-
0
-
0
Amounts owed by group undertakings
-
-
13,058
38,125
Other receivables
333,844
592,951
326,942
-
0
Prepayments and accrued income
226,563
200,161
-
0
-
0
1,706,230
2,151,850
340,000
38,125
16
Current liabilities
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
18
115,661
105,275
-
0
-
0
Obligations under finance leases
19
413,277
569,735
-
0
-
0
Other borrowings
18
114,629
381,600
-
0
-
0
Trade payables
1,136,842
1,111,948
36,013
-
0
Corporation tax payable
155,097
72,750
-
0
-
0
Other taxation and social security
325,452
370,682
-
-
Other payables
1,105,458
1,012,425
350,000
38,125
Accruals and deferred income
110,765
144,599
7,000
7,000
3,477,181
3,769,014
393,013
45,125
17
Non-current liabilities
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
18
595,315
710,189
-
0
-
0
Obligations under finance leases
19
205,047
584,363
-
0
-
0
800,362
1,294,552
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
283,909
335,643
-
-
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
18
Borrowings
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
704,362
810,464
-
0
-
0
Bank overdrafts
6,614
5,000
-
0
-
0
Other loans
114,629
381,600
-
0
-
0
825,605
1,197,064
-
-
Payable within one year
230,290
486,875
-
0
-
0
Payable after one year
595,315
710,189
-
0
-
0

The bank loans across the group, with varying interest rates between 2.75% to 3.05% above base rate and 8.9% fixed per annum. Loans are secured by legal charges over the group's freehold property and by a debenture and a fixed and floating charge over the group's assets.

 

19
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
413,277
569,735
-
0
-
0
In two to five years
205,047
584,363
-
0
-
0
618,324
1,154,098
-
-

Finance lease payments represent rentals payable by group companies for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The net obligations under hire purchase contracts are secured upon the assets to which the finance relates.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2022
2021
Group
£
£
Accelerated capital allowances
398,600
347,100
The company has no deferred tax assets or liabilities.
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
20
Deferred taxation
(Continued)
- 27 -
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 January 2022
347,100
-
Charge to profit or loss
51,500
-
Liability at 31 December 2022
398,600
-

The director has considered the net deferred tax liability and concluded that it is not possible to state the estimated liabilities which will reverse within 12 months, this is due to the level of reversal being dependant on events which are not yet known.

21
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
172,420
169,267

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75,000
75,000
75,000
75,000

All of the ordinary shares carry full voting, dividend and capital distribution (including on winding up) rights.

 

During February 2021 Punter Family Investments Limited (formerly Parafix Global Limited) was incorporated and a group reconstruction occurred whereby 11,000,000 ordinary shares of £1 each were issued in the company. As part of the group reconstruction Punter Family Investments Limited (formerly Parafix Global Limited) became the ultimate parent company of Parafix Holdings by virtue of a transfer of the entire share capital of Parafix Holdings Limited to Punter Family Investments Limited (formerly Parafix Global Limited).

 

On 28 February 2021, the entire share capital of Parafix Hungária Kft was transferred to Punter Investments Limited (formerly Parafix Europe Limited), a company under common control, by way of a dividend in specie following a share capital reduction of Punter Family Investments Limited (formerly Parafix Global Limited) for an amount of £5 million.

 

On 17 May 2021 a further share capital reduction was undertaken, resulting in 5,925,000 ordinary shares of £1 each being cancelled and £5,925,000 transferred to distributable reserves of Punter Family Investments Limited (formerly Parafix Global Limited).

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
22
Share capital
(Continued)
- 28 -

On 25 April 2013 Parafix Holdings Limited set up The Parafix Holdings Limited Enterprise Management Incentive Plan for the benefit of the group's senior employees. A fair value of £6 per ordinary share was established on this date, and 6,000 options were granted with an exercise price of £6. As a result of the the group reconstruction, 2,000 options lapsed with the remaining 4,000 options being subject to replacement EMI options in Punter Family Investments Limited (formerly Parafix Global Limited) as the ultimate parent company of Parafix Holdings Limited on exactly the same terms.

 

The options can only be exercised upon specific events. On this basis the directors have calculated that the charge to the income statement for the year ended 31 December 2022 is immaterial. Accordingly, no charge has been made to the income statement of Parafix Tapes and Conversions Limited, being the company in which the option-holders are employees. At the statement of financial position date 4,000 (2021 - 4,000) share options were outstanding.

23
Other reserve

The amount included within other reserves relates to a merger reserve created as part of the group reconstruction in the prior year.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
109,375
109,375
-
-
Between two and five years
245,000
300,000
-
-
In over five years
49,844
104,219
-
-
404,219
513,594
-
-
25
Financial commitments, guarantees and contingent liabilities

The group's bankers hold an unlimited guarantee in respect of the borrowings of Parafix Holdings Limited, which amounted to £532,487 at 31 December 2022 (2021 - £576,089). This guarantee is secured by an unlimited debenture over the group's assets.

 

Furthermore, at the year-end the group has an outstanding commitment of £209,395 to finalise the purchase of an item of plant and machinery.

PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
26
Related party transactions

The following amounts were outstanding at the reporting end date (note that the only key management personnel is the director):

Amounts due to related parties
2022
2021
£
£
Group
Entity under common control
350,000
-
Key management personnel
-
77,972

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2022
2021
Balance
Balance
£
£
Group
Key management personnel
306,942
-
27
Events after the reporting date

On 12 April 2023, the entire share capital of Parafix Holdings Limited, was acquired by Addev Materials SAS.

 

Since the balance sheet date dividends totaling £405,000 have been declared and paid by the company.

28
Cash generated from group operations
2022
2021
£
£
Profit for the year after tax
158,598
370,928
Adjustments for:
Taxation charged
133,847
69,250
Finance costs
168,262
147,161
Investment income
-
0
(84,079)
Amortisation and impairment of intangible assets
-
51,571
Depreciation and impairment of property, plant and equipment
508,962
607,679
Foreign exchange gains on cash equivalents
-
115,442
Movements in working capital:
Increase in inventories
(332,036)
(197,976)
Decrease in trade and other receivables
445,620
1,669,220
Increase/(decrease) in trade and other payables
38,863
(1,518,585)
Cash generated from operations
1,122,116
1,230,611
PUNTER FAMILY INVESTMENTS LIMITED (FORMERLY PARAFIX GLOBAL LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
29
Analysis of changes in net debt - group
1 January 2022
Cash flows
New finance leases
31 December 2022
£
£
£
£
Cash at bank and in hand
190,900
(178,609)
-
12,291
Bank overdrafts
(5,000)
(1,614)
-
(6,614)
185,900
(180,223)
-
5,677
Borrowings excluding overdrafts
(1,192,064)
373,073
-
(818,991)
Obligations under finance leases
(1,154,098)
545,791
(10,017)
(618,324)
(2,160,262)
738,641
(10,017)
(1,431,638)
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200Mr M A 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