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REGISTERED NUMBER: 13216818 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

FOR

PFF GROUP LIMITED

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Profit and Loss Account 12

Consolidated Other Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 21


PFF GROUP LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023







DIRECTORS: R V Atkin
N H Bairstow
M A Bairstow
A R Bairstow
W J Mapstone
K S Robbins
L G Wilkinson





SECRETARY: M A Bairstow





REGISTERED OFFICE: Unit 3 Airedale Park
Royd Ings Avenue
Keighley
United Kingdom
BD21 4BZ





REGISTERED NUMBER: 13216818 (England and Wales)





AUDITORS: Walter Dawson & Son
Chartered Accountants
1 Valley Court
Canal Road
Bradford
West Yorkshire
BD1 4SP

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

The directors present their strategic report of the company and the group for the period 1 August 2021 to 31 January 2023.


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

REVIEW OF BUSINESS
The primary activities of the group continued to be the manufacture of plastic food packaging. During the year, the Group continued to look to establish the health division, launched in 2021.

In November 2021, the Group acquired the full share capital of Sirap (UK) Limited (now PFF Packaging (Sedgefield) Limited). This was an important strategic action for the Group, allowing the relocation of the Washington site to Sedgefield. This was vital to allow the potential for further growth in the North East operation.

In October 2022, the trade and assets of PFF Packaging (Sedgefield) Limited (formerly Sirap (UK) Limited) were transferred into PFF Packaging (North East) Limited.

Turnover for the 18 month period was £58m. Pro-rated to 12 months, turnover was £38.7m, which is 15.3% down on the previous year. The key driver of the decrease was the completion of the PPE contract for the Department of Health and Social Care ("DHSC") and following a competitive tender process, there was no further volume available to the Group. Consequently the Health division has now been closed.

The Group made an EBITDA loss of £1.7m in the period. It was a challenging period with the performance adversely impacted by a number of exceptional issues. On an underlying basis, the Group delivered an EBITDA profit of £105k for the period. The underlying EBITDA can be reconciled from reported as follows:

Underlying EBITDA reconciliation £m
Reported EBITDA (1.7)
Washington transition to Sedgefield 0.9
PFF Health exceptional costs 0.3
Sirap exceptional electricity costs 0.5
Other 0.1
Underlying EBITDA 0.1

The Group incurred £0.9m on exceptional costs to close down the Washington site and move to Sedgefield. This included redundancy costs, dual running costs and costs incurred to move equipment between the two sites.

During the period, the Group continued to look to grow the Health division, incurring £0.3m of costs. Following a detailed tender process, the vast majority of the volume was awarded overseas on price.

Finally, when the Group took over Sirap (UK) Limited, it did not have fixed electricity contracts in place. This meant the Group was exposed on the Sedgefield site to the full impact of the energy crisis seen in Q1 of 2022. This cost the Group £0.5m. The PFF Group has always been fixed into energy contracts on favourable terms. Sedgefield is now included in the Group contracts.

Underlying EBITDA performance was adversely impacted in the period by rapidly rising material costs. The pass on of costs to customers lagged the cost increases due to the speed of the cost rises seen. This had a significant negative impact on profitability. Material prices have steadily declined post period end. In addition, the Group struggled, like many manufacturing organisations, with a lack of skilled labour following the completion of Brexit and the lifting of COVID restrictions. This negatively impacted the ability of the Group to strive for growth through this period.


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Raw material prices continue to be a key risk to the business. Since the end of 2020, there has been significant price pressure seen in the sector with the impacts of COVID, Brexit and natural disasters around the world all having an impact on the availability of materials. Since the year end the price of material has steadily decreased back to more normalised levels. The Group has quarterly review mechanisms in place with all key customers and will continue to pro-actively pass costs on where further price increases are seen.

Unprecedented overhead inflation seen in the last year on packaging, carriage, electricity and labour has been a challenge to the Group. Brexit and the pandemic have led to driver shortages, shrinkage of the energy sector, increased demand for packaging for online deliveries and labour shortages, which have all applied pressure to the Group in the year. The Group has and will continue to monitor overhead price increases and will pro-actively pass these on to customers promptly.

PRN ("Plastic Recycling Notes") are externally traded and have seen significant price volatility in the past couple of years. This is a challenge to all plastic producing businesses and needs careful management to ensure that margin is maintained by adjusting commercial pricing to reflect any fluctuations experienced.

The new plastic packaging tax came into force during 2022 in the UK. This levies tax charges on some packaging made from plastic, that doesn't have a minimum amount of recycled material. The Group is not heavily exposed to this, with only our injection moulding products, falling into the requirement for tax. The Group passes these costs on to customers and continues to work with all customers on product innovation and design to meet the requirements of the legislation and to offer the best value for our customers.

The media led drive for less plastic in packaging is a risk to the sector. The PFF Group has always been committed to innovation and for driving change in our industry. We remain committed to this and continue to look for ways to use less plastic and to use high levels of recycled materials in all of our manufacturing processes.

Competition and threat to market share continues to be a key risk. This is alleviated by continuing to innovate and develop quality products, reacting efficiently to customer requirements, and by strengthening the core team.

Legislative changes around the plastics and packaging industry could negatively affect the business. Management monitors new legislation, or changes to legislation, that affect the business and ensures the business puts plans in place to comply on a timely basis.

KEY PERFORMANCE INDICATORS
The key performance indicators that are used to manage the business are:


- Gross margin on materials %
- Operating profit %
- EBITDA %




PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

FUTURE PROSPECTS
Following a difficult period, the Group is now in a strong position to grow again and increase profitability.

The transition of the North East operation from Washington to Sedgefield is now complete and the Group has continued to invest in new technology to drive future growth. The IMPAC-T product is now fully launched and being provided to a number of well known brands in the UK (including Onken).

The coming year will see a solid return to profitability, reflecting the hard work done in the current period to take advantage of the synergies following the acquisition of Sirap (UK) Limited, and the growth in turnover from the launch of new products into the market.

ON BEHALF OF THE BOARD:





A R Bairstow - Director


24 October 2023

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

The directors present their report with the financial statements of the company and the group for the period 1 August 2021 to 31 January 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of the manufacture of plastic films and packaging for the food industry.

DIVIDENDS
No dividends will be distributed for the period ended 31 January 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2021 to the date of this report.

R V Atkin
M A Bairstow
A R Bairstow
W J Mapstone
K S Robbins

Other changes in directors holding office are as follows:

N H Bairstow - appointed 18 November 2021

L G Wilkinson was appointed as a director after 31 January 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group 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 then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A R Bairstow - Director


24 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PFF GROUP LIMITED

Opinion
We have audited the financial statements of PFF Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 January 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 January 2023 and of the group's loss for the period 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 Auditors' 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the 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 directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PFF GROUP LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 six, 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 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 group's and 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PFF GROUP LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risk 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 dicussions with directors and other management, and form our commercial knowledge and experience of the sector;
- we focussed on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental 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 a 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 overide 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 set out in note 2 and where indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

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;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PFF GROUP LIMITED

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 Report of the Auditors.

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 a Report of the Auditors 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.




John Richard Hall FCA (Senior Statutory Auditor)
for and on behalf of Walter Dawson & Son
Chartered Accountants
1 Valley Court
Canal Road
Bradford
West Yorkshire
BD1 4SP

24 October 2023

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

Period Year Ended
1.8.21 to 31.1.23 31.7.21
Notes £    £    £    £   

TURNOVER 57,995,932 45,659,853

Cost of sales 42,791,158 32,198,171
GROSS PROFIT 15,204,774 13,461,682

Distribution costs 2,923,794 1,371,315
Administrative expenses 12,604,827 7,553,868
15,528,621 8,925,183
(323,847 ) 4,536,499

Other operating income 27,472 89,335
OPERATING (LOSS)/PROFIT 4 (296,375 ) 4,625,834

Exceptional loss due to
relocation of Washington site 5 1,365,109 -
(1,661,484 ) 4,625,834

Interest receivable and similar income 406 169
(1,661,078 ) 4,626,003

Interest payable and similar expenses 6 810,890 424,465
(LOSS)/PROFIT BEFORE TAXATION (2,471,968 ) 4,201,538

Tax on (loss)/profit 7 383,035 780,424
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(2,855,003

)

3,421,114
(Loss)/profit attributable to:
Owners of the parent (2,855,003 ) 3,421,114

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

Period
1.8.21
to Year Ended
31.1.23 31.7.21
Notes £    £   

(LOSS)/PROFIT FOR THE PERIOD (2,855,003 ) 3,421,114


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

(2,855,003

)

3,421,114

Total comprehensive income attributable to:
Owners of the parent (2,855,003 ) 3,421,114

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

CONSOLIDATED BALANCE SHEET
31 JANUARY 2023

2023 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 (2,711,671 ) 54,274
Tangible assets 10 15,589,354 7,726,462
Investments 11 - -
12,877,683 7,780,736

CURRENT ASSETS
Stocks 12 4,706,250 2,810,024
Debtors 13 8,362,914 6,864,191
Cash at bank and in hand 99,803 4,628,439
13,168,967 14,302,654
CREDITORS
Amounts falling due within one year 14 17,210,053 14,442,428
NET CURRENT LIABILITIES (4,041,086 ) (139,774 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,836,597 7,640,962

CREDITORS
Amounts falling due after more than one
year

15

(4,064,166

)

(675,321

)

PROVISIONS FOR LIABILITIES 18 (1,680,859 ) (1,019,066 )
NET ASSETS 3,091,572 5,946,575

CAPITAL AND RESERVES
Called up share capital 19 15,789 15,789
Other reserves 20 479,888 479,888
Profit and loss account 20 2,595,895 5,450,898
SHAREHOLDERS' FUNDS 3,091,572 5,946,575

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:




A R Bairstow - Director


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

COMPANY BALANCE SHEET
31 JANUARY 2023

2023 2021
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 15,789 15,789
15,789 15,789
TOTAL ASSETS LESS CURRENT LIABILITIES 15,789 15,789

CAPITAL AND RESERVES
Called up share capital 19 15,789 15,789
SHAREHOLDERS' FUNDS 15,789 15,789

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:




A R Bairstow - Director



M A Bairstow - Director


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

Called up Profit
share and loss Other Total
capital account reserves equity
£    £    £    £   

Balance at 1 August 2020 158 2,029,784 479,888 2,509,830

Changes in equity
Issue of share capital 15,631 - - 15,631
Total comprehensive income - 3,421,114 - 3,421,114
Balance at 31 July 2021 15,789 5,450,898 479,888 5,946,575

Changes in equity
Total comprehensive income - (2,855,003 ) - (2,855,003 )
Balance at 31 January 2023 15,789 2,595,895 479,888 3,091,572

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

Called up Profit
share and loss Total
capital account equity
£    £    £   

Changes in equity
Issue of share capital 15,789 - 15,789
Balance at 31 July 2021 15,789 - 15,789

Changes in equity
Balance at 31 January 2023 15,789 - 15,789

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

Period
1.8.21
to Year Ended
31.1.23 31.7.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (3,017,306 ) 7,393,850
Interest paid (163,379 ) (62,979 )
Interest element of hire purchase
payments paid

(329,809

)

(215,442

)
Finance costs paid (317,702 ) (146,044 )
Tax paid (228,606 ) 2,576
Net cash from operating activities (4,056,802 ) 6,971,961

Cash flows from investing activities
Purchase of intangible fixed assets 9,188 -
Purchase of tangible fixed assets (4,332,489 ) (1,751,274 )
Sale of tangible fixed assets 93,881 99,000
Grants received - 50,265
Interest received 406 169
Net cash from investing activities (4,229,014 ) (1,601,840 )

Cash flows from financing activities
New loans in year - 700,000
Loan repayments in year (350,000 ) (444,444 )
Capital repayments in year (2,127,569 ) (1,356,308 )
Amount withdrawn by directors (897 ) (75,811 )
Advances on hire purchase agreements 5,885,653 369,935
Movement on related party loans - (54,569 )
Net cash from financing activities 3,407,187 (861,197 )

(Decrease)/increase in cash and cash equivalents (4,878,629 ) 4,508,924
Cash and cash equivalents at beginning
of period

2

4,628,439

119,515

Cash and cash equivalents at end of
period

2

(250,190

)

4,628,439

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.8.21
to Year Ended
31.1.23 31.7.21
£    £   
(Loss)/profit before taxation (2,471,968 ) 4,201,538
Depreciation charges (30,878 ) 939,684
Profit on disposal of fixed assets (18,813 ) (16,645 )
Government grants (23,643 ) (50,265 )
Finance costs 810,890 424,465
Finance income (406 ) (169 )
(1,734,818 ) 5,498,608
Increase in stocks (1,896,226 ) (40,362 )
Increase in trade and other debtors (1,312,263 ) (47,206 )
Increase in trade and other creditors 1,926,001 1,982,810
Cash generated from operations (3,017,306 ) 7,393,850

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 January 2023
31.1.23 1.8.21
£    £   
Cash and cash equivalents 99,803 4,628,439
Bank overdrafts (349,993 ) -
(250,190 ) 4,628,439
Year ended 31 July 2021
31.7.21 1.8.20
£    £   
Cash and cash equivalents 4,628,439 469,785
Bank overdrafts - (350,270 )
4,628,439 119,515


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.8.21 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank and in hand 4,628,439 (4,528,636 ) 99,803
Bank overdrafts - (349,993 ) (349,993 )
4,628,439 (4,878,629 ) (250,190 )
Debt
Finance leases (1,122,435 ) (3,758,084 ) (4,880,519 )
Debts falling due within 1 year (233,333 ) 77,777 (155,556 )
Debts falling due after 1 year (272,223 ) 272,223 -
(1,627,991 ) (3,408,084 ) (5,036,075 )
Total 3,000,448 (8,286,713 ) (5,286,265 )

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

1. STATUTORY INFORMATION

PFF Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

BASIS OF CONSOLIDATION
The consolidated financial statements comprise the accounts of the parent company and all of its subsidiaries for the period ended 31 January 2023.

Following a group reconstruction merger accounting has been applied and the consolidated financial information has been prepared as if the company had been the holding company throughout the current and comparative periods. In adopting the capital structure of the company to the group consolidation a difference arises when this is compared with the share capital of the previous parent of the group. This difference is recorded in other reserves within equity as set out in the consolidated statement of changes in equity.

The results of subsidiaries acquired or disposed of during the year are included at the effective date of acquisition or up to its disposal.

RELATED PARTY EXEMPTION
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Plant and machinery - 20% on cost and 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 50% on cost and 25% on reducing balance

GOVERNMENT GRANTS
Grants in respect of capital expenditure are credited to a deferred income account and are released to the profit and loss account by equal instalments over the expected useful life of the relevant assets.

Grants received for revenue items are released to the profit and loss account against the expenditure or period that they relate.

STOCKS
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

FINANCE COSTS OF DEBT
The costs of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount.

INCOME RECOGNITION
Income is recognised when services have been completed and goods have been delivered to customers such that the risks and rewards of ownership have been transferred to them.

DERIVATIVE FINANCIAL INSTRUMENTS
The group uses derivative financial instruments to reduce exposure to foreign exchange risk. The group does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recorded at their fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the profit and loss immediately unless the derivative is designed and effective as a hedging instrument, in which event the timing of the recognition of profit or loss depends on the nature of the hedge relationship.

3. EMPLOYEES AND DIRECTORS
Period
1.8.21
to Year Ended
31.1.23 31.7.21
£    £   
Wages and salaries 11,832,385 6,520,664
Social security costs 1,418,293 614,790
Other pension costs 390,091 203,946
13,640,769 7,339,400

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period
1.8.21
to Year Ended
31.1.23 31.7.21

Distribution & Selling 22 16
Production 233 187
Administration 23 22
278 225

The average number of employees by undertakings that were proportionately consolidated during the period was 278 (2021 - 225 ) .

Period
1.8.21
to Year Ended
31.1.23 31.7.21
£    £   
Directors' remuneration 746,000 469,000
Directors' pension contributions to money purchase schemes 86,325 50,850

Information regarding the highest paid director is as follows:
Period
1.8.21
to Year Ended
31.1.23 31.7.21
£    £   
Emoluments etc 180,000 140,000
Pension contributions to money purchase schemes 18,000 12,000

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

4. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging/(crediting):

Period
1.8.21
to Year Ended
31.1.23 31.7.21
£    £   
Hire of plant and machinery 216,955 94,490
Other operating leases 777,083 438,308
Depreciation - owned assets 2,084,186 888,350
Profit on disposal of fixed assets (18,813 ) (16,645 )
Goodwill amortisation (2,115,062 ) 51,334
Auditors' remuneration 59,709 25,996
Foreign exchange differences 43,301 -

5. EXCEPTIONAL ITEMS
Period
1.8.21
to Year Ended
31.1.23 31.7.21
£    £   
Exceptional items (4,826 ) -
Exceptional loss due to
relocation of Washington site (1,365,109 ) -
(1,369,935 ) -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.8.21
to Year Ended
31.1.23 31.7.21
£    £   
Bank interest 34,926 13,691
Debt factoring interest 125,202 49,005
Other interest 3,251 283
Hire purchase interest 329,809 215,442
Interest on debt factoring
advances 222,943 83,044
Stock loan 94,759 63,000
810,890 424,465

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the period was as follows:
Period
1.8.21
to Year Ended
31.1.23 31.7.21
£    £   
Current tax:
UK corporation tax (207,914 ) 261,859
Over/underprovision of CT - (2,576 )
Total current tax (207,914 ) 259,283

Deferred tax 590,949 521,141
Tax on (loss)/profit 383,035 780,424

8. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 August 2021 513,349
Additions (4,881,007 )
At 31 January 2023 (4,367,658 )
AMORTISATION
At 1 August 2021 459,075
Amortisation for period (2,115,062 )
At 31 January 2023 (1,655,987 )
NET BOOK VALUE
At 31 January 2023 (2,711,671 )
At 31 July 2021 54,274

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

10. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 August 2021 - 344,203 15,457,861
Additions - - 4,826,783
Disposals - - (383,689 )
Grants - - (3,046 )
Transfer to ownership 875,590 224,410 4,009,970
At 31 January 2023 875,590 568,613 23,907,879
DEPRECIATION
At 1 August 2021 - 146,212 8,344,661
Charge for period 40,399 73,542 1,881,969
Eliminated on disposal - - (360,565 )
Transfer to ownership (149,220 ) 149,220 -
At 31 January 2023 (108,821 ) 368,974 9,866,065
NET BOOK VALUE
At 31 January 2023 984,411 199,639 14,041,814
At 31 July 2021 - 197,991 7,113,200

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 August 2021 310,597 290,796 16,403,457
Additions 18,999 69,440 4,915,222
Disposals (3,649 ) (82,235 ) (469,573 )
Grants - - (3,046 )
Transfer to ownership - - 5,109,970
At 31 January 2023 325,947 278,001 25,956,030
DEPRECIATION
At 1 August 2021 101,968 84,154 8,676,995
Charge for period 26,441 61,835 2,084,186
Eliminated on disposal - (33,940 ) (394,505 )
Transfer to ownership - - -
At 31 January 2023 128,409 112,049 10,366,676
NET BOOK VALUE
At 31 January 2023 197,538 165,952 15,589,354
At 31 July 2021 208,629 206,642 7,726,462

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 August 2021
and 31 January 2023 15,789
NET BOOK VALUE
At 31 January 2023 15,789
At 31 July 2021 15,789

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Arvensis Packaging Films Limited
Registered office: Unit 3, Airedale Park, Royd Ings Avenue, Keighley, BD21 4BZ
Nature of business: The company ceased to trade 1 August 2016
%
Class of shares: holding
ordinary 100.00
2023 2021
£    £   
Aggregate capital and reserves 200 200

PFF Packaging Limited
Registered office: Unit 3, Airedale Park, Royd Ings Avenue, Keighley, BD21 4BZ
Nature of business: Manufacture of thermoformed packaging
%
Class of shares: holding
ordinary 100.00
2023 2021
£    £   
Aggregate capital and reserves 3,095,255 3,036,070
Profit for the period/year 59,185 111,460

PFF Packaging (North East) Limited
Registered office: Unit 3, Airedale Park, Royd Ings Avenue, Keighley, BD21 4BZ
Nature of business: Manufacture of thermoformed packaging
%
Class of shares: holding
ordinary 100.00
2023 2021
£    £   
Aggregate capital and reserves (402,330 ) 2,939,206
(Loss)/profit for the period/year (3,341,536 ) 3,309,654

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

11. FIXED ASSET INVESTMENTS - continued

Intelligent Packaging Solutions Limited
Registered office: Unit 3, Airedale Park, Royd Ings Avenue, Keighley, BD21 4BZ
Nature of business: The company ceased to trade 1 August 2016
%
Class of shares: holding
ordinary 100.00
2023 2021
£    £   
Aggregate capital and reserves 100 100

PFF Packaging Group Limited
Registered office: Unit 3, Airedale Park, Royd Ings Avenue, Keighley, BD21 4BZ
Nature of business: The company a former holding company and
%
Class of shares: holding
ordinary 100.00
2023 2021
£    £   
Aggregate capital and reserves 98 98

PFF Health Limited
Registered office: Unit 3, Airedale Park, Royd Ings Avenue, Keighley, BD21 4BZ
Nature of business: Dormant company
%
Class of shares: holding
ordinary 100.00
2023 2021
£    £   
Aggregate capital and reserves 1 1

PFF Packaging (Sedgefield) Limited
Registered office: Unit 3 Airedale Park, Royd Ings Avenue, Keighley, England, BD21 4BZ
Nature of business: The company ceased to trade 30 September 2022
%
Class of shares: holding
ordinary 100.00
2023 2021
£    £   
Aggregate capital and reserves 5,662,931 8,859,311
Loss for the period/year (1,739,090 ) (638,208 )


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

12. STOCKS

Group
2023 2021
£    £   
Raw materials 1,793,021 927,605
Packaging 234,173 133,371
Machine spares 228,962 228,962
Finished goods 2,450,094 1,520,086
4,706,250 2,810,024

13. DEBTORS

Group
2023 2021
£    £   
Amounts falling due within one year:
Trade debtors 6,767,531 5,706,933
Amounts owed by associates 816,478 793,040
Other debtors 199,514 2,990
Shareholder loan 1,751 1,751
Directors' loan accounts 95,671 83,831
Tax on overdrawn loan accounts 7,146 7,146
Prepayments and accrued income 321,062 268,500
8,209,153 6,864,191

Amounts falling due after more than one year:
Other debtors 153,761 -

Aggregate amounts 8,362,914 6,864,191

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2021
£    £   
Bank loans and overdrafts (see note 16) 505,549 233,333
Hire purchase contracts (see note 17) 1,066,353 719,337
Trade creditors 7,693,997 6,278,092
Amounts owed to associates 398,557 408,339
Tax - 261,859
Social security and other taxes 206,892 174,486
VAT 352,132 963,232
Other creditors 154,712 99,079
Deferred consideration on
acquisition 500,000 -
Debt factoring advances 5,823,419 4,726,536
Directors' loan accounts 10,943 -
Accruals and deferred income 486,871 540,818
Deferred government grants 10,628 37,317
17,210,053 14,442,428

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2021
£    £   
Bank loans (see note 16) - 272,223
Hire purchase contracts (see note 17) 3,814,166 403,098
Deferred consideration on
business acquisition 250,000 -
4,064,166 675,321

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2021
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 349,993 -
Bank loans - 233,333
CBILS due after one year 155,556 -
505,549 233,333
Amounts falling due between one and two years:
Bank loans - 1-2 years - 233,333
Amounts falling due between two and five years:
Bank loans - 2-5 years - 38,890

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2021
£    £   
Net obligations repayable:
Within one year 1,066,353 719,337
Between one and five years 3,814,166 403,098
4,880,519 1,122,435

Group
Non-cancellable operating leases
2023 2021
£    £   
Within one year 882,906 719,337
Between one and five years 2,583,623 403,098
In more than five years 1,466,667 -
4,933,196 1,122,435

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

18. PROVISIONS FOR LIABILITIES

Group
2023 2021
£    £   
Deferred tax 1,680,859 1,019,066

Group
Deferred
tax
£   
Balance at 1 August 2021 1,019,066
Provided during period 661,793
Balance at 31 January 2023 1,680,859

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2021
value: £    £   
8,800 Ordinary A £1 8,800 8,800
3,831 Ordinary B £1 3,831 3,831
3,158 Ordinary C £1 3,158 3,158
15,789 15,789

20. RESERVES

Group
Profit
and loss Other
account reserves Totals
£    £    £   

At 1 August 2021 5,450,898 479,888 5,930,786
Deficit for the period (2,855,003 ) (2,855,003 )
At 31 January 2023 2,595,895 479,888 3,075,783

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

20. RESERVES - continued

Company
Profit
and loss
account
£   

Profit for the period -
At 31 January 2023 -


21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £251,758 (2021: £203,946). Contributions totalling £27,802 (2021: £25,698) were payable to the fund at the year end and are included in creditors.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 January 2023 and the year ended 31 July 2021:

2023 2021
£    £   
Andrew Robert Bairstow and Michelle Annette Bairstow
Balance outstanding at start of period 96,091 20,282
Amounts advanced 897 75,809
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 96,988 96,091

Kenton Scott Robbins
Balance outstanding at start of period 2,275 2,275
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 2,275 2,275

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

23. RELATED PARTY DISCLOSURES

Mr A Bairstow and Mrs M Bairstow through their control over the majority of shares in the parent company, and together with their involvement in its day to day management, are deemed to be the controlling parties for the purpose of Financial Reporting Standard No. 102.

The company operates from premises owned by J & H Property Management Limited who is a related party due to being under the control of Mr A Bairstow and Mrs M Bairstow. Rent of £480,000 (2021: £320,000) was paid in the year. Electricity was recharged from PFF Packaging Limited to J & H Property Management of £11,695 (2021: £7,112).

As at 31 January 2023 PFF Packaging Limited was owed £926,505 (2021: £793,040) from J & H Property Management Limited.

As at 31 January 2023, Mrs Margaret Bairstow, a shareholder of the company, owed £1,751 (2021: £1,751 to PFF Packaging Group Limited.

As at 31 January 2023 Mr N Bairstow was owed £10,943 (2021: 10,943) by way of his directors loan account.

As at 31 January 2023 Mr W J Mapstone, a director of the company, was owed £14,536 (2021: £14,536) by PFF Packaging (North East) Limited.

Creditors falling due within one year, as at 31 January 2023, included the following group company balances, £200 (2021: £200) was owed to Arvensis Packaging Films Limited, £2,257,679 (2021: £303,361 was owed by) was owed to PFF Packaging Limited and £100 (2021: £100) was owed to Intelligent Packaging Solutions Limited.

As at 31 January 2023, PFF Packaging Group Limited owed £334,250 (2021: £334,250) to Sentinel House Investments Limited, which is under the control of Mr W J Mapstone.

The company trades with Fetera Limited who is a related party due to Mr A Bairstow and Mrs M Bairstow both being shareholders and Mr A Bairstow also being a director. Total purchases in the year were £297,781 (2021: £272,300) while total sales in the year were £137,935 (2021: £Nil). As at 31 January 2023 £17,431 (2021: £53,722) was owed to Fetera Limited by PFF Packaging Limited