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REGISTERED NUMBER: 13216818 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

PFF GROUP LIMITED

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


PFF GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







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 YEAR ENDED 31 JANUARY 2024

The directors present their strategic report of the company and the group for the year ended 31 January 2024.

REVIEW OF BUSINESS
The primary activities of the group continued to be the manufacture of plastic food packaging.
Turnover for the year was £36m. Pro-rating the previous period's turnover to 12 months (£39m), this is a decrease of 7.7% year on year. During the year, the focus for the Group was improving the EBITDA performance of the business. This meant moving away from unprofitable business and making space to grow with enhanced margin products.
The Group broke even at an EBITDA level in the year. It was another challenging year for the Group, but a significant improvement on the previous 18-month period. The business suffered from escalating costs due to the cost-of-living crisis and a lack of skilled labour in the UK market. This was also coupled with soft retail demand in the second half of the year due to the impact of the cost of living on consumers.
The Group responded to those cost challenges proactively in Q3 and Q4 by cutting operating costs within the business to reflect the lower demand being seen. This was vital to make sure the Group could sustain itself but was done so as not to hamper anticipated growth in 24/25. The full benefit of this work was seen in Q1 of 24/25 with the Group returning to strong EBITDA profitability.


Underlying EBITDA reconciliation £m
Reported EBITDA (0.1)
Washington transition to Sedgefield 0.2
PFF Health exceptional costs 0.0
Sirap exceptional electricity costs 0.0
Cost saving expenses 0.1
Underlying EBITDA 0.2

The Group incurred £0.2m on exceptional costs to close the Washington site and move to Sedgefield. This included redundancy costs, dual running costs and costs incurred to move equipment between the two sites.
The Group also incurred £0.1m of costs in relation to redundancies and other cost saving activities as the Group worked to return to profitability for 24/25. This has had the desired effect with the Group recording strong EBITDA profitability in every month so far in 24/25.

During the year, we have carried out an impairment review of all of our assets to ensure they are fairly reflected in line with FRS 102. Following the completion of our contract to manufacture aprons for the NHS in 2022, we haven't secured any further work to date in this area. We continue to seek new work and are confident of significant future contracts. The directors have made the decision, however, to be prudent and write down the value of the health assets by £550k to their net realisable value. This has no impact on the cashflow position of the Group or on the trading EBITDA performance, which has recovered well from the previous period.


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Raw material prices continue to be a key risk to the business. 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. The cost-of-living crisis and the various conflicts around the world have led to high inflation, which has 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 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 %



FUTURE PROSPECTS
Following a difficult period, the Group is now in a strong position to grow again and increase profitability.
Tough decisions were taken in the year to reduce the cost base of the Group. This has set the organisation up well to deliver strong profitability in 24/25, which has been borne out by the EBITDA performance year to date.
The Group is expecting a good level of growth in the year as new customer projects come to fruition.

ON BEHALF OF THE BOARD:





A R Bairstow - Director


18 October 2024

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024.

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

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

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

Other changes in directors holding office are as follows:

L G Wilkinson - appointed 5 October 2023

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.

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.

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


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


18 October 2024

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 year ended 31 January 2024 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 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

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.

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


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 four, 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 discussion 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.

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.


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

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

18 October 2024

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024

Year Ended Period
31.1.24 1.8.21 to 31.1.23
Notes £    £    £    £   

TURNOVER 35,908,356 57,995,932

Cost of sales 26,031,137 42,791,158
GROSS PROFIT 9,877,219 15,204,774

Distribution costs 1,886,725 2,923,794
Administrative expenses 8,187,835 12,604,827
10,074,560 15,528,621
(197,341 ) (323,847 )

Other operating income 18,525 27,472
OPERATING LOSS 4 (178,816 ) (296,375 )

Exceptional loss due to
relocation of Washington site 5 (108,007 ) (1,365,109 )
Impairment of health assets 5 (550,000 ) -
(836,823 ) (1,661,484 )

Interest receivable and similar income - 406
(836,823 ) (1,661,078 )

Interest payable and similar expenses 6 905,894 810,890
LOSS BEFORE TAXATION (1,742,717 ) (2,471,968 )

Tax on loss 7 (811,512 ) 383,035
LOSS FOR THE FINANCIAL YEAR (931,205 ) (2,855,003 )
Loss attributable to:
Owners of the parent (931,205 ) (2,855,003 )

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

Period
1.8.21
Year Ended to
31.1.24 31.1.23
Notes £    £   

LOSS FOR THE YEAR (931,205 ) (2,855,003 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(931,205

)

(2,855,003

)

Total comprehensive income attributable to:
Owners of the parent (931,205 ) (2,855,003 )

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

CONSOLIDATED BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 (1,084,669 ) (2,711,671 )
Tangible assets 10 13,076,114 15,589,354
Investments 11 - -
11,991,445 12,877,683

CURRENT ASSETS
Stocks 12 3,204,740 4,706,250
Debtors 13 7,129,321 8,362,914
Cash at bank and in hand 681 99,803
10,334,742 13,168,967
CREDITORS
Amounts falling due within one year 14 16,134,148 17,210,053
NET CURRENT LIABILITIES (5,799,406 ) (4,041,086 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,192,039

8,836,597

CREDITORS
Amounts falling due after more than
one year

15

(3,235,191

)

(4,064,166

)

PROVISIONS FOR LIABILITIES 18 (796,481 ) (1,680,859 )
NET ASSETS 2,160,367 3,091,572

CAPITAL AND RESERVES
Called up share capital 19 15,789 15,789
Other reserves 20 479,888 479,888
Profit and loss account 20 1,664,690 2,595,895
SHAREHOLDERS' FUNDS 2,160,367 3,091,572

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





A R Bairstow - Director


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

COMPANY BALANCE SHEET
31 JANUARY 2024

2024 2023
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 18 October 2024 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 YEAR ENDED 31 JANUARY 2024

Called up Profit
share and loss Other Total
capital account reserves equity
£    £    £    £   
Balance at 1 August 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

Changes in equity
Total comprehensive income - (931,205 ) - (931,205 )
Balance at 31 January 2024 15,789 1,664,690 479,888 2,160,367

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 August 2021 15,789 - 15,789

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

Changes in equity
Balance at 31 January 2024 15,789 - 15,789

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

Period
1.8.21
Year Ended to
31.1.24 31.1.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,185,132 (3,017,306 )
Interest paid (359,909 ) (258,138 )
Interest element of hire purchase
payments paid

(337,466

)

(329,809

)
Finance costs paid (208,519 ) (222,943 )
Tax paid (2,022 ) (228,606 )
Net cash from operating activities 277,216 (4,056,802 )

Cash flows from investing activities
Purchase of intangible fixed assets - 9,188
Purchase of tangible fixed assets (560,756 ) (4,332,489 )
Sale of tangible fixed assets 944,759 93,881
Interest received - 406
Net cash from investing activities 384,003 (4,229,014 )

Cash flows from financing activities
Loan repayments in year (155,556 ) (350,000 )
Capital repayments in year (553,460 ) (2,127,569 )
Amount introduced by directors 89,125 -
Amount withdrawn by directors - (897 )
Advances on hire purchase agreements - 5,885,653
Net cash from financing activities (619,891 ) 3,407,187

Increase/(decrease) in cash and cash equivalents 41,328 (4,878,629 )
Cash and cash equivalents at
beginning of year

2

(250,190

)

4,628,439

Cash and cash equivalents at end of
year

2

(208,862

)

(250,190

)

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.8.21
Year Ended to
31.1.24 31.1.23
£    £   
Loss before taxation (1,742,717 ) (2,471,968 )
Depreciation charges (87,415 ) (30,878 )
Profit on disposal of fixed assets (31,194 ) (18,813 )
Impairment of fixed assets 550,000 -
Government grants - (23,643 )
Finance costs 905,894 810,890
Finance income - (406 )
(405,432 ) (1,734,818 )
Decrease/(increase) in stocks 1,501,510 (1,896,226 )
Decrease/(increase) in trade and other debtors 719,216 (1,312,263 )
(Decrease)/increase in trade and other creditors (630,162 ) 1,926,001
Cash generated from operations 1,185,132 (3,017,306 )

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:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 681 99,803
Bank overdrafts (209,543 ) (349,993 )
(208,862 ) (250,190 )
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


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 99,803 (99,122 ) 681
Bank overdrafts (349,993 ) 140,450 (209,543 )
(250,190 ) 41,328 (208,862 )
Debt
Finance leases (4,880,519 ) 553,460 (4,327,059 )
Debts falling due within 1 year (155,556 ) 155,556 -
(5,036,075 ) 709,016 (4,327,059 )
Total (5,286,265 ) 750,344 (4,535,921 )

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

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.

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

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

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 year 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 year 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.

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.

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

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
Year Ended to
31.1.24 31.1.23
£    £   
Wages and salaries 7,962,262 11,898,475
Social security costs 802,972 1,418,293
Other pension costs 245,652 324,001
9,010,886 13,640,769

The average number of employees during the year was as follows:
Period
1.8.21
Year Ended to
31.1.24 31.1.23

Distribution & Selling 13 22
Production 182 233
Administration 25 23
220 278

The average number of employees by undertakings that were proportionately consolidated during the year was 220 (2023 - 278 ) .

Period
1.8.21
Year Ended to
31.1.24 31.1.23
£    £   
Directors' remuneration 588,467 746,000
Directors' pension contributions to money purchase schemes 55,850 86,325

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
Period
1.8.21
Year Ended to
31.1.24 31.1.23
£    £   
Emoluments etc 120,000 180,000
Pension contributions to money purchase schemes 12,000 18,000

4. OPERATING LOSS

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

Period
1.8.21
Year Ended to
31.1.24 31.1.23
£    £   
Hire of plant and machinery 354,520 216,955
Other operating leases 470,743 785,000
Depreciation - owned assets 1,537,253 2,084,186
Loss/(profit) on disposal of fixed assets 41,984 (18,813 )
Goodwill amortisation (1,627,002 ) (2,115,062 )
Auditors' remuneration 23,600 59,709
Foreign exchange differences 121 43,301

5. EXCEPTIONAL ITEMS
Period
1.8.21
Year Ended to
31.1.24 31.1.23
£    £   
Exceptional items - (4,826 )
Exceptional loss due to
relocation of Washington site (108,007 ) (1,365,109 )
Impairment of health assets (550,000 ) -
(658,007 ) (1,369,935 )

During the year, we have carried out an impairment review of all of our assets to ensure they are fairly reflected in line with FRS 102. Following the completion of our contract to manufacture aprons for the NHS in 2022, we haven't secured any further work to date in this area. We continue to seek new work and are confident of significant future contracts. The directors have made the decision, however, to be prudent and write down the value of the health assets by £550k to their net realisable value. This has no impact on the cashflow position of the Group or on the trading EBITDA performance, which has recovered well from the previous period.

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.8.21
Year Ended to
31.1.24 31.1.23
£    £   
Bank interest 35,361 34,926
Debt factoring interest 273,539 125,202
Other interest 51,009 98,010
Hire purchase interest 337,466 329,809
Interest on debt factoring
advances 208,519 222,943
905,894 810,890

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
Period
1.8.21
Year Ended to
31.1.24 31.1.23
£    £   
Current tax:
UK corporation tax 2,022 (207,914 )

Deferred tax (813,534 ) 590,949
Tax on loss (811,512 ) 383,035

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.


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 (4,367,658 )
AMORTISATION
At 1 February 2023 (1,655,987 )
Amortisation for year (1,627,002 )
At 31 January 2024 (3,282,989 )
NET BOOK VALUE
At 31 January 2024 (1,084,669 )
At 31 January 2023 (2,711,671 )

10. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 February 2023 875,590 568,613 23,907,879
Additions - - 560,756
Disposals (875,590 ) - (20,066 )
At 31 January 2024 - 568,613 24,448,569
DEPRECIATION
At 1 February 2023 (108,821 ) 368,974 9,866,065
Charge for year - 32,973 1,436,471
Eliminated on disposal 108,821 - (20,066 )
Impairments - - 550,000
At 31 January 2024 - 401,947 11,832,470
NET BOOK VALUE
At 31 January 2024 - 166,666 12,616,099
At 31 January 2023 984,411 199,639 14,041,814

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2023 325,947 278,001 25,956,030
Additions - - 560,756
Disposals (12,238 ) - (907,894 )
At 31 January 2024 313,709 278,001 25,608,892
DEPRECIATION
At 1 February 2023 128,409 112,049 10,366,676
Charge for year 30,759 37,050 1,537,253
Eliminated on disposal (9,906 ) - 78,849
Impairments - - 550,000
At 31 January 2024 149,262 149,099 12,532,778
NET BOOK VALUE
At 31 January 2024 164,447 128,902 13,076,114
At 31 January 2023 197,538 165,952 15,589,354

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 15,789
NET BOOK VALUE
At 31 January 2024 15,789
At 31 January 2023 15,789

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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
2024 2023
£    £   
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
2024 2023
£    £   
Aggregate capital and reserves 2,596,814 3,095,255
(Loss)/profit for the year/period (498,441 ) 59,185

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
2024 2023
£    £   
Aggregate capital and reserves (2,385,262 ) (402,330 )
Loss for the year/period (1,982,932 ) (3,341,536 )

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
2024 2023
£    £   
Aggregate capital and reserves 100 100

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

11. FIXED ASSET INVESTMENTS - continued

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
2024 2023
£    £   
Aggregate capital and reserves (13,678 ) 98
Loss for the year/period (13,776 ) -

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
2024 2023
£    £   
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
2024 2023
£    £   
Aggregate capital and reserves 5,898,991 5,662,931
Profit/(loss) for the year/period 236,060 (1,739,090 )


12. STOCKS

Group
2024 2023
£    £   
Raw materials 1,737,258 1,793,021
Packaging 160,450 234,173
Machine spares 228,962 228,962
Finished goods 1,078,070 2,450,094
3,204,740 4,706,250

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

13. DEBTORS

Group
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 5,847,407 6,767,531
Amounts owed by associates 706,249 816,478
Other debtors 51,267 199,514
Shareholder loan 1,751 1,751
Directors' loan accounts 6,546 95,671
Tax on overdrawn loan accounts 7,146 7,146
Prepayments and accrued income 355,194 321,062
6,975,560 8,209,153

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

Aggregate amounts 7,129,321 8,362,914

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 209,543 505,549
Hire purchase contracts (see note 17) 1,341,868 1,066,353
Trade creditors 6,213,920 7,693,997
Amounts owed to associates - 398,557
Social security and other taxes 507,441 206,892
VAT 911,577 352,132
Other creditors 145,886 154,712
Deferred consideration on
acquisition 500,000 500,000
Debt factoring advances 5,190,207 5,823,419
Directors' loan accounts 10,943 10,943
Accruals and deferred income 1,094,473 486,871
Deferred government grants 8,290 10,628
16,134,148 17,210,053

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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

Group
2024 2023
£    £   
Hire purchase contracts (see note 17) 2,985,191 3,814,166
Deferred consideration on
business acquisition 250,000 250,000
3,235,191 4,064,166

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 209,543 349,993
CBILS due after one year - 155,556
209,543 505,549

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,341,868 1,066,353
Between one and five years 2,985,191 3,814,166
4,327,059 4,880,519

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,203,229 882,906
Between one and five years 4,508,331 2,583,623
In more than five years 1,856,250 1,466,667
7,567,810 4,933,196

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 796,481 1,680,859

Group
Deferred
tax
£   
Balance at 1 February 2023 1,680,859
Provided during year (884,378 )
Balance at 31 January 2024 796,481

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
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 February 2023 2,595,895 479,888 3,075,783
Deficit for the year (931,205 ) (931,205 )
At 31 January 2024 1,664,690 479,888 2,144,578

Company
Profit
and loss
account
£   

Profit for the year -
At 31 January 2024 -


PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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 £245,652 (2023:£324,001). Contributions totalling £37,873 (2023: £27,802) 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 year ended 31 January 2024 and the period ended 31 January 2023:

2024 2023
£    £   
Andrew Robert Bairstow and Michelle Annette Bairstow
Balance outstanding at start of year 96,988 96,091
Amounts advanced - 897
Amounts repaid (75,906 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,082 96,988

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

PFF GROUP LIMITED (REGISTERED NUMBER: 13216818)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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 £341,250 (2023: £480,,000) was paid in the year. Electricity was recharged from PFF Packaging Limited to J & H Property Management of £Nil (2023: £11,695).

As at 31 January 2023 PFF Packaging Limited was owed £745,229 (2023: £926,505) from J & H Property Management Limited.

As at 31 January 2024, Mrs Margaret Bairstow, a shareholder of the company, owed £Nil (2023: £1,751 to PFF Packaging Group Limited.

As at 31 January 2024 Mr N Bairstow was owed £10,943 (2023: 10,943) by way of his directors loan account.

As at 31 January 2024Mr W J Mapstone, a director of the company, was owed £14,536 (2023: £14,536) by PFF Packaging (North East) Limited.

Creditors falling due within one year, as at 31 January 2024, included the following group company balances, £200 (2023: £200) was owed to Arvensis Packaging Films Limited, £2,271,456 (2023: £2,257,679 was owed by) was owed to PFF Packaging Limited and £100 (2023: £100) was owed to Intelligent Packaging Solutions Limited.

As at 31 January 2024, PFF Packaging Group Limited owed £Nil (2023: £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 £Nil (2023: £297.781) while total sales in the year were £Nil (2023: £137,395l). As at 31 January 2024 £330 (2023: £17,431) was owed to Fetera Limited by PFF Packaging Limited