REGISTERED NUMBER: 07810519 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements |
for the Period 1 October 2023 to 31 December 2024 |
for |
KPFF Limited |
REGISTERED NUMBER: 07810519 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements |
for the Period 1 October 2023 to 31 December 2024 |
for |
KPFF Limited |
KPFF Limited (Registered number: 07810519) |
Contents of the Consolidated Financial Statements |
for the Period 1 October 2023 to 31 December 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Accountants | 4 |
Consolidated Income Statement | 5 |
Consolidated Balance Sheet | 6 |
Company Balance Sheet | 8 |
Notes to the Consolidated Financial Statements | 10 |
KPFF Limited |
Company Information |
for the Period 1 October 2023 to 31 December 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 102 |
No.1 Old Hall Street |
Liverpool |
Merseyside |
L3 9HF |
KPFF Limited (Registered number: 07810519) |
Report of the Director |
for the Period 1 October 2023 to 31 December 2024 |
The director presents his report with the financial statements of the company and the group for the period 1 October 2023 to 31 December 2024. |
REVIEW OF BUSINESS |
The group's principal activities during the period continued to be the procurement, production and sale of frozen food products. |
The fifteen months to 31 December 2024 was a very significant period for KPFF Limited, as the business increase its turnover from £5,344,346 for 9 months ending 30th Sept 2023 to £11,979,373 for 15 months ending 31st December 2024. |
The business now has two main focus points: |
One of the key focus points this financial year was to utilise any surplus capacity at the facilities in Birkenhead by providing a logistics service to key customers, generating revenue from storage and handling of £710k during the period to 31st December 2024. The warehouse and coldstore is now at full capacity and continues to receive £20k per week from its logistics services with long-term contracts already agreed for both the Coldstore and Dry warehouse. |
The second point of focus is to supply some of our 180 frozen products into as many independent accounts as possible. As of December 2024, the business is supplying into over 3,000 stores, some direct and others through retailers central distribution networks or independent frozen wholesalers. The current customer base consists of: Nisa, Booker, Bestway / Batleys, Parfett's, Premier, Costcutter, Londis, Go Local, Budgens, Farmfoods, Poundland, Spar Depots (Blakemore's, James Hall & CJ Lang), Butchers, Farm Shops, Factory Shops, Independent Discounters, etc..) with the possibility of supplying to over 20,000 independents as part of the ultimate business strategy. Of the 180 frozen products we supply 40 are produced by other manufacturers around the world (China, Belgium, France, Germany, UK and Ireland) under our brands and distributed through our distribution center in Birkenhead. |
New product development is key to the growth and development of KPFF and this year saw the introduction of the UK's first range of Air fryer Meals. These meals are now available in over 2,000 stores and are currently selling over 25,000 meals per week which is expected to reach to over 50,000 meals per week within the next six months. |
As we have capacity to pack over half a million packs per week, we also Co-pack frozen products for some large Frozen Food Wholesalers for both the retail and foodservice markets. |
Our strategy for 2025 is simple. Keep improving the range of products packed in our facility in Birkenhead and product packed under our brands by other manufacturers around the world. In addition to this we will continue to open more accounts and increase distribution. |
DIRECTOR |
KPFF Limited (Registered number: 07810519) |
Report of the Director |
for the Period 1 October 2023 to 31 December 2024 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
KPFF Limited |
Report of the Accountants to the Director of |
KPFF Limited |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the period ended 31 December 2024 set out on pages five to seventeen and you consider that the company and the group are exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
The Hampden Partnership Limited |
Suite 102 |
No.1 Old Hall Street |
Liverpool |
Merseyside |
L3 9HF |
24 January 2025 |
KPFF Limited (Registered number: 07810519) |
Consolidated Income Statement |
for the Period 1 October 2023 to 31 December 2024 |
Period | Period |
1.10.23 | 1.1.23 |
to | to |
31.12.24 | 30.9.23 |
as | restated |
Notes | £ | £ |
TURNOVER | 11,320,034 | 5,344,346 |
Cost of sales | 8,272,707 | 4,492,865 |
GROSS PROFIT | 3,047,327 | 851,481 |
Administrative expenses | 2,567,814 | 1,775,283 |
479,513 | (923,802 | ) |
Other operating income | 21,799 | 723,524 |
OPERATING PROFIT/(LOSS) | 4 | 501,312 | (200,278 | ) |
Profit/loss on sale of invest | 5 | - | 242,640 |
501,312 | (442,918 | ) |
Interest receivable and similar income |
309 |
93 |
501,621 | (442,825 | ) |
Interest payable and similar expenses |
34,925 |
16,190 |
PROFIT/(LOSS) BEFORE TAXATION | 466,696 | (459,015 | ) |
Tax on profit/(loss) | (29,668 | ) | (337,411 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 496,364 | (121,604 | ) |
KPFF Limited (Registered number: 07810519) |
Consolidated Balance Sheet |
31 December 2024 |
31.12.24 | 30.9.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 972,440 | 593,840 |
Tangible assets | 9 | 779,754 | 868,630 |
Investments | 10 | 10,241 | 10,241 |
1,762,435 | 1,472,711 |
CURRENT ASSETS |
Stocks | 2,282,735 | 1,310,768 |
Debtors | 11 | 1,030,415 | 876,255 |
Cash at bank and in hand | 51,174 | 151,133 |
3,364,324 | 2,338,156 |
CREDITORS |
Amounts falling due within one year | 12 | 2,599,339 | 2,173,509 |
NET CURRENT ASSETS | 764,985 | 164,647 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,527,420 |
1,637,358 |
CREDITORS |
Amounts falling due after more than one year |
13 |
(403,634 |
) |
(133,326 |
) |
PROVISIONS FOR LIABILITIES | (257,640 | ) | (134,250 | ) |
NET ASSETS | 1,866,146 | 1,369,782 |
KPFF Limited (Registered number: 07810519) |
Consolidated Balance Sheet - continued |
31 December 2024 |
31.12.24 | 30.9.23 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 1,195,303 | 1,195,303 |
Retained earnings | 670,843 | 174,479 |
1,866,146 | 1,369,782 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. |
The director acknowledges his responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the director and authorised for issue on 24 January 2025 and were signed by: |
N G Davis - Director |
KPFF Limited (Registered number: 07810519) |
Company Balance Sheet |
31 December 2024 |
31.12.24 | 30.9.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
KPFF Limited (Registered number: 07810519) |
Company Balance Sheet - continued |
31 December 2024 |
31.12.24 | 30.9.23 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Company's profit/(loss) for the financial year |
374,073 |
(357,313 |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
KPFF Limited (Registered number: 07810519) |
Notes to the Consolidated Financial Statements |
for the Period 1 October 2023 to 31 December 2024 |
1. | STATUTORY INFORMATION |
KPFF Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing 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. |
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 |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
KPFF Limited (Registered number: 07810519) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
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. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of the stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
The average number of employees by undertakings that were proportionately consolidated during the period was 11 (2023 - 10 ) . |
KPFF Limited (Registered number: 07810519) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
Period | Period |
1.10.23 | 1.1.23 |
to | to |
31.12.24 | 30.9.23 |
as | restated |
£ | £ |
Depreciation - owned assets | 213,313 | 286,225 |
Development costs amortisation | 89,978 | 54,000 |
5. | EXCEPTIONAL ITEMS |
Period | Period |
1.10.23 | 1.1.23 |
to | to |
31.12.24 | 30.9.23 |
as | restated |
£ | £ |
Profit/loss on sale of invest | - | (242,640 | ) |
The exceptional item is the non-recurring expenditure in relation to closed stores including rent, rates and energy costs. |
In 2022 the group disposed of a number of retail stores as part of a change of strategy to focus on wholesale and distribution. The fixed assets from the stores were disposed of and a loss on the carrying amount of the assets was recognised. |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
7. | PRIOR YEAR ADJUSTMENT |
During the year the management team reviewed the carrying value of assets and found the following:- |
Land and Buildings previously depreciated over three years whereas lease is for ten years |
Depreciation not charged in 2023 (53,422) |
Depreciation overcharged in 2022 458,623 |
Stock |
Stocks at 30 September 2023 overvalued (167,936) |
Accruals |
Rates accrual at 30 September 2023 understated 19,542 |
KPFF Limited (Registered number: 07810519) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Other |
intangible |
assets |
£ |
COST |
At 1 October 2023 | 719,822 |
Additions | 468,578 |
At 31 December 2024 | 1,188,400 |
AMORTISATION |
At 1 October 2023 | 125,982 |
Charge for period | 89,978 |
At 31 December 2024 | 215,960 |
NET BOOK VALUE |
At 31 December 2024 | 972,440 |
At 30 September 2023 | 593,840 |
Company |
Other |
intangible |
assets |
£ |
COST |
At 1 October 2023 |
Additions |
At 31 December 2024 |
AMORTISATION |
At 1 October 2023 |
Charge for period |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 30 September 2023 |
KPFF Limited (Registered number: 07810519) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2023 | 2,575,204 |
Additions | 168,224 |
Disposals | (216,035 | ) |
At 31 December 2024 | 2,527,393 |
DEPRECIATION |
At 1 October 2023 | 1,706,574 |
Charge for period | 213,313 |
Eliminated on disposal | (172,248 | ) |
At 31 December 2024 | 1,747,639 |
NET BOOK VALUE |
At 31 December 2024 | 779,754 |
At 30 September 2023 | 868,630 |
Company |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 30 September 2023 |
KPFF Limited (Registered number: 07810519) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
10. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 31 December 2024 | 10,241 |
NET BOOK VALUE |
At 31 December 2024 | 10,241 |
At 30 September 2023 | 10,241 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 30 September 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Oops! Clearance Limited |
Registered office: United Kingdom |
Nature of business: Retail Outlet |
% |
Class of shares: | holding |
Ordinary Shares | 100.00 |
Wm Kellett (Formby) Limited |
Registered office: United Kingdom |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
KPFF Limited (Registered number: 07810519) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.24 | 30.9.23 | 31.12.24 | 30.9.23 |
as restated |
as restated |
£ | £ | £ | £ |
Trade debtors | 657,257 | 264,895 |
Amounts owed by group undertakings | - | - |
Other debtors | 373,158 | 611,360 |
1,030,415 | 876,255 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.24 | 30.9.23 | 31.12.24 | 30.9.23 |
as restated |
as restated |
£ | £ | £ | £ |
Bank loans and overdrafts | 105,416 | 142,994 |
Hire purchase contracts | 31,533 | 22,451 |
Trade creditors | 1,805,807 | 1,268,456 |
Amounts owed to associates | 18,195 | 18,195 | 18,195 | 18,195 |
Taxation and social security | 33,022 | 28,391 |
Other creditors | 605,366 | 693,022 |
2,599,339 | 2,173,509 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.12.24 | 30.9.23 | 31.12.24 | 30.9.23 |
as restated |
as restated |
£ | £ | £ | £ |
Bank loans | - | 133,326 |
Hire purchase contracts | 35,644 | - |
Other creditors | 367,990 | - |
403,634 | 133,326 |
KPFF Limited (Registered number: 07810519) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.12.24 | 30.9.23 | 31.12.24 | 30.9.23 |
as restated |
as restated |
£ | £ | £ | £ |
Hire purchase contracts | 67,177 | 22,451 | 67,177 | 22,451 |
Bank loans | 114,327 | 276,320 | 114,327 | 276,320 |
181,504 | 298,771 |
The bank loan is secured by a fixed and floating charge over the assets of the company and the hire purchase creditor by a charge over the relevant assets. |