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THE PITREAVIE GROUP LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

 
THE PITREAVIE GROUP LIMITED
 

COMPANY INFORMATION


Directors
Mr G Delaney (resigned 10 January 2025)
Mr J O Diamond (resigned 10 January 2025)
Mr S Heslop 
Mrs J A Russell 
Mr P D Atkinson (appointed 10 January 2025)
Mr I Gray (appointed 10 January 2025)
Mr J MacDonald (appointed 10 January 2025)




Registered number
SC501026



Registered office
6 Grayshill Road

Cumbernauld

Glasgow

G68 9HQ




Independent auditors
Sumer Auditco Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
THE PITREAVIE GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 7
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13 - 14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 38


 
THE PITREAVIE GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction
 
The directors have pleasure in presenting their strategic report for the year ended 31 March 2025.

Business review
 
Principal activity - the group operated from four separate locations, two in Cumbernauld, one in Aberdeen and one in Glenrothes. Cumbernauld being the primary site for the manufacture of all corrugate boxes and distribution. Aberdeen manufacturing a range of timber and plywood crates and flight cases, Glenrothes being the manufacturing location for both Sorba Freeze chilled products, distribution and added value assembly.
The company was acquired in January 2025 by MacFarlane Group UK Ltd a wholly owned subsidiary of MacFarlane Group PLC listed on the London Stock Exchange.
EBITDA on a like for like basis was marginally ahead of last year at £2.03m despite some challenging trading conditions.
Turnover increased by 3.4% to £25m (2023/24 £24.15m) with gross profit increasing marginally to £7.44m reflecting inflationary pressures throughout the cost base.
There were strong performances in both the corrugate and cases divisions which saw YOY increases of 8.2% and 31% respectively.
In terms of manufacturing output, we are also pleased to report that the group exceeded its plan with 75% of the revenue derived from products manufactured internally and is expected to increase further in the coming year.
During the year the business consolidated the two ERP systems within the business to a single operating system ,simplifying processes throughout the group.

Principal risks and uncertainties
 
The directors continually monitor any risks facing the group which are deemed to be normal commercial risks which are primarily raw material price fluctuations, competitor activity and movements in energy prices.
All risks are reviewed through the extensive management review process to assess the impact and any necessary mitigation required.
The business is very focussed on delivering excellent customer service to support its broad customer base and further develop the business.
Staff retention and the ongoing recruitment of capable and knowledgeable staff continues to be a focus to help support the overall capability of the business in terms of managing its customers and suppliers.
To offset the risk of cyber-attacks the business has reviewed and upgraded its procedures, employee awareness training and IT equipment. This has been completed in conjunction with the companies IT partner.
Exposure to credit risk continues to be minimal with the appropriate insurances and robust internal processes.

Financial key performance indicators
 
Overall revenues were £25m with resulting profit after tax £584k and EBITDA £1.74m, overall gross margins were maintained year on year.

Page 1

 
THE PITREAVIE GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Environmental, social and corporate governance
 
The group are very focused on developing an environmental, social, and corporate governance (ESG) strategy and this has now been aligned to the objectives of the Macfarlane group who follow 6 guiding pillars.
• Reducing our impact
• Supporting our customers
• Partnering with suppliers
• Caring for our colleagues
• Investing in the community
• Doing things the right way
We are committed to improving the quality of life for our workforce, their families and local communities and are mindful of the social impact our business decisions may have.


This report was approved by the board on 21 July 2025 and signed on its behalf.



................................................
Mr S Heslop
Director

Page 2

 
THE PITREAVIE GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The Pitreavie Group Limited is a holding company for a group that specialises in production and distribution of packaging and industrial supplies.

Results and dividends

The profit for the year, after taxation, amounted to £584,256 (2024 - £454,585).

Particulars of recommended dividends are detailed in the notes to the financial statements.

Directors

The directors who served during the year were:

Mr G Delaney (resigned 10 January 2025)
Mr J O Diamond (resigned 10 January 2025)
Mr S Heslop 
Mrs J A Russell 
Mr P D Atkinson (appointed 10 January 2025)
Mr I Gray (appointed 10 January 2025)
Mr J MacDonald (appointed 10 January 2025)

Page 3

 
THE PITREAVIE GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 July 2025 and signed on its behalf.
 





................................................
Mr S Heslop
Director

Page 4

 
THE PITREAVIE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PITREAVIE GROUP LIMITED
 

Opinion


We have audited the financial statements of The Pitreavie Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 March 2025 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 5

 
THE PITREAVIE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PITREAVIE GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report 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 Directors' report.


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


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 Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Page 6

 
THE PITREAVIE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PITREAVIE GROUP LIMITED (CONTINUED)


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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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 Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Gibson (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited (Statutory auditor)
Chartered Accountants
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH

21 July 2025
Page 7

 
THE PITREAVIE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

  

Turnover
 4 
24,977,515
24,145,978

Cost of sales
  
(17,535,133)
(16,778,593)

Gross profit
  
7,442,382
7,367,385

Administrative expenses
  
(6,515,426)
(6,409,071)

Other operating income
 5 
-
100,434

Operating profit
 6 
926,956
1,058,748

Interest payable and similar expenses
 9 
(404,036)
(428,010)

Profit before tax
  
522,920
630,738

Tax on profit
 10 
61,336
(176,153)

Profit for the financial year
  
584,256
454,585

Profit for the year attributable to:
  

Owners of the parent company
  
(584,256)
(454,585)

  
(584,256)
(454,585)

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 16 to 38 form part of these financial statements.

Page 8

 
THE PITREAVIE GROUP LIMITED
REGISTERED NUMBER: SC501026

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
£
£

Fixed assets
  

Intangible assets
 13 
146,983
256,407

Tangible assets
 14 
3,569,630
3,959,733

  
3,716,613
4,216,140

Current assets
  

Stocks
 16 
1,255,283
1,353,734

Debtors: amounts falling due within one year
 17 
4,370,895
4,547,191

Bank and cash balances
  
1,316,488
1,446,316

  
6,942,666
7,347,241

Creditors: amounts falling due within one year
 19 
(8,766,527)
(8,435,964)

Net current liabilities
  
 
 
(1,823,861)
 
 
(1,088,723)

Total assets less current liabilities
  
1,892,752
3,127,417

Creditors: amounts falling due after more than one year
 20 
(343,504)
(1,848,487)

Provisions for liabilities
  

Deferred taxation
 24 
(624,864)
(686,200)

  
 
 
(624,864)
 
 
(686,200)

Net assets
  
924,384
592,730


Capital and reserves
  

Called up share capital 
 25 
1,109
1,000

Share premium account
 26 
1,857,011
1,749,722

Capital redemption reserve
 26 
278
278

Profit and loss account
 26 
(934,014)
(1,158,270)

  
924,384
592,730


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 July 2025.




................................................
Mr S Heslop
Director

The notes on pages 16 to 38 form part of these financial statements.

Page 9

 
THE PITREAVIE GROUP LIMITED
REGISTERED NUMBER: SC501026

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
£
£

Fixed assets
  

Investments
 15 
2,843,186
2,843,186

  
2,843,186
2,843,186

Current assets
  

Debtors: amounts falling due within one year
 17 
8,713
8,701

Bank and cash balances
  
108,593
1,261

  
117,306
9,962

Creditors: amounts falling due within one year
 19 
(1,040,823)
(1,040,824)

Net current liabilities
  
 
 
(923,517)
 
 
(1,030,862)

Total assets less current liabilities
  
1,919,669
1,812,324

  

  

Net assets
  
1,919,669
1,812,324


Capital and reserves
  

Called up share capital 
 25 
1,109
1,000

Share premium account
 26 
1,857,011
1,749,722

Capital redemption reserve
 26 
278
278

Profit and loss account brought forward
  
61,324
175,923

Profit for the year
  
359,947
1,395,401

Other changes in the profit and loss account

  

(360,000)
(1,510,000)

Profit and loss account carried forward
  
61,271
61,324

  
1,919,669
1,812,324


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 July 2025.


................................................
Mr S Heslop
Director

The notes on pages 16 to 38 form part of these financial statements.

Page 10

 
THE PITREAVIE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2024
1,000
1,749,722
278
(1,158,270)
592,730


Comprehensive income for the year

Profit for the year
-
-
-
584,256
584,256

Dividends: Equity capital
-
-
-
(360,000)
(360,000)

Shares issued during the year
109
107,289
-
-
107,398


At 31 March 2025
1,109
1,857,011
278
(934,014)
924,384



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2023
1,141
1,749,722
137
(102,855)
1,648,145


Comprehensive income for the year

Profit for the year (as restated)
-
-
-
454,585
454,585

Dividends: Equity capital
-
-
-
(360,000)
(360,000)

Purchase of own shares
-
-
141
(1,150,000)
(1,149,859)

Shares cancelled during the year
(141)
-
-
-
(141)


At 31 March 2022 (as restated)
1,000
1,749,722
278
(1,158,270)
592,730


The notes on pages 16 to 38 form part of these financial statements.

Page 11

 
THE PITREAVIE GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2024
1,000
1,749,722
278
61,324
1,812,324


Comprehensive income for the year

Profit for the year
-
-
-
359,947
359,947

Dividends: Equity capital
-
-
-
(360,000)
(360,000)

Shares issued during the year
109
107,289
-
-
107,398


At 31 March 2025
1,109
1,857,011
278
61,271
1,919,669



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


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2023
1,141
1,749,722
137
175,923
1,926,923


Comprehensive income for the year

Profit for the year
-
-
-
1,395,401
1,395,401

Dividends: Equity capital
-
-
-
(360,000)
(360,000)

Purchase of own shares
-
-
141
(1,150,000)
(1,149,859)

Shares cancelled during the year
(141)
-
-
-
(141)


At 31 March 2024
1,000
1,749,722
278
61,324
1,812,324


The notes on pages 16 to 38 form part of these financial statements.

Page 12

 
THE PITREAVIE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
584,256
454,585

Adjustments for:

Amortisation of intangible assets
109,424
109,424

Depreciation of tangible assets
706,334
783,028

(Gain)/loss on disposal of tangible assets
(9,035)
18,954

Government grants
-
(100,434)

Interest paid
404,036
428,010

Taxation charge
(61,336)
176,153

Decrease in stocks
98,451
502,424

Decrease in debtors
176,296
413,263

(Decrease) in creditors
(92,322)
(833,698)

Increase in amounts owed to groups
1,256,554
-

Corporation tax (paid)/received
(37,660)
35,479

Net cash generated from operating activities

3,134,998
1,987,188


Cash flows from investing activities

Purchase of tangible fixed assets
(471,575)
(687,356)

Sale of tangible fixed assets
164,379
53,484

Government grants received
-
100,434

HP interest paid
(58,503)
(48,290)

Net cash from investing activities

(365,699)
(581,728)
Page 13

 
THE PITREAVIE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


2025
2024

£
£



Cash flows from financing activities

Issue of ordinary shares
107,398
-

Share buy back
-
(1,150,000)

New secured loans
-
650,000

Repayment of loans
(1,713,413)
(524,751)

New HP/finance leases
-
690,831

Repayment of HP/ finance leases
(442,778)
(273,639)

Dividends paid
(360,000)
(360,000)

Interest paid
(345,533)
(379,720)

Net movement on invoice financing facilities
(144,801)
282,974

Net cash used in financing activities
(2,899,127)
(1,064,305)

Net (decrease)/increase in cash and cash equivalents
(129,828)
341,155

Cash and cash equivalents at beginning of year
1,446,316
1,105,161

Cash and cash equivalents at the end of year
1,316,488
1,446,316


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,316,488
1,446,316

1,316,488
1,446,316


The notes on pages 16 to 38 form part of these financial statements.

Page 14

 
THE PITREAVIE GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025




At 1 April 2024
Cash flows
At 31 March 2025
£

£

£

Cash at bank and in hand

1,446,316

(129,828)

1,316,488

Invoice financing facilities

(2,984,991)

(144,801)

(3,129,792)

Debt due after 1 year

(1,194,575)

1,194,575

-

Debt due within 1 year

(518,838)

518,838

-

Finance leases

(970,930)

442,778

(528,152)


(4,223,018)
1,881,562
(2,341,456)

The notes on pages 16 to 38 form part of these financial statements.

Page 15

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

The Pitreavie Group Limited is a private company, limited by shares, registered in Scotland. The address of the registered office is 6 Grayshill Road, Cumbernauld, Glasgow, G68 9HQ.
The financial statements are prepared in Sterling which is the functional currency of the entity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

  
2.2

Consolidation

The financial statements consolidate the financial statements of The Pitreavie Group Limited and all of its subsidiary undertakings. 
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. 
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual statement of comprehensive income.

 
2.3

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

 
2.4

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 16

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.5

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.


Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. 

  
2.6

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

  
2.7

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. 
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. 

  
2.8

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. 
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. 

Page 17

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.9

Intangible assets

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Tenants improvement
-
25% straight line or over the remaining term of the lease
Plant and machinery
-
10/25% straight line
Motor vehicles
-
25% straight line
Fixtures, fittings and equipment
-
10/25% straight line
Tools
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 18

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

  
2.12

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. 

  
2.13

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.14

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payment, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. 
Lease payments are appropriated between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charge are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. 

 
2.15

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 19

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

  
2.16

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

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

  
2.18

Business combinations

Business combinations are accounted for using the purchase method.
The cost of a business combination is measured as the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination.
Where control is achieved in stages, the cost of the business combination is the aggregate of the fair values of the assets given, liabilities incurred or assumed, and equity instruments issued at the date of each transaction in the series
.
Where the business combination requires an adjustment to the cost contingent on future events, the estimated amount of that adjustment is included in the cost of the combination at the acquisition date providing it is probable and can be measured reliably. Where it is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration is treated as an adjustment to the cost of the combination. If such expected future events do not occur, or the estimate needs to be revised, the cost of the business combination is adjusted accordingly. The unwinding of any discounting is recognised as a finance cost in profit or loss in the period it arises.

Page 20

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.19

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.20

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.21

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.22

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.23

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 21

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.24

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.25

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.26

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
- Determining whether there are indicators of impairment of the group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future, and by their nature, will rarely equal the related actual outcome. They key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
- Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
-Stocks
Stock is valued at the lower of cost and net realisable value. This includes any provisions for slow moving or obsolete stock. Calculation of such provisions requires judgements to be made on various aspects of stock based on forecasts and historical trading.
-Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
 

Page 23

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Turnover

The whole of the turnover is attributable to the principle business activity as described in the strategic report.

Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
24,815,717
23,747,507

Rest of Europe
157,094
315,461

Rest of the world
4,704
83,010

24,977,515
24,145,978



5.


Other operating income

2025
2024
£
£

Government grant income
-
100,434

-
100,434



6.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Amortisation of intangible assets
109,424
109,424

Depreciation of tangible assets
706,334
783,028

(Gains)/loss on disposals of tangible assets
(9,035)
18,954

Exchange differences
(1,956)
869

Other operating lease rentals
846,456
797,916

Fees payable to the company's auditor for the audit of the company's financial statements
1,470
1,100

Fees payable to the company's auditor for the audit of the company's
subsidiaries
15,750
15,000

Page 24

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2025
2024
£
£


Wages and salaries
5,631,871
5,300,803

Social security costs
534,878
489,459

Cost of defined contribution scheme
202,520
213,338

6,369,269
6,003,600





The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2025
        2024
        2025
        2024
            No.
            No.
            No.
            No.









Management and adminstration
55
55
5
4



Distribution
27
27
-
-



Production
75
72
-
-

157
154
5
4


8.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
286,917
268,043

Group contributions to defined contribution pension schemes
140,435
88,755

427,352
356,798


During the year retirement benefits were accruing to 3 directors (2024 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £111,303 (2024 - £92,082).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £65,359 (2024 - £11,500).

Page 25

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


Interest payable and similar expenses

As restated
2025
2024
£
£


Bank interest payable
135,806
158,181

Finance leases and hire purchase contracts
58,503
48,290

Other interest payable
209,727
221,539

404,036
428,010


10.


Taxation


2025
2024
£
£

Corporation tax


Adjustments in respect of previous periods
-
(35,479)


-
(35,479)


Total current tax
-
(35,479)

Deferred tax


Origination and reversal of timing differences
(61,336)
211,632

Total deferred tax
(61,336)
211,632


(61,336)
176,153
Page 26

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
522,920
630,738


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
130,730
157,685

Effects of:


Corporation Tax adjustments in respect of prior periods
-
(35,479)

Deferred Tax adjustments in respect of prior periods
-
20,821

Expenses not deductible for tax purposes
3,204
5,430

Tax deduction arising from exercise of employee options
(232,047)
-

Effect of amortisation of goodwill on consolidation
27,356
27,356

Other differences leading to an increase (decrease) in the tax charge
9,417
-

Adjustments to the deferred tax rate from 19%
4
340

Total tax charge for the year
(61,336)
176,153


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2025
2024
£
£


Dividends paid during the year
360,000
360,000


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £359,947 (2024 - £1,395,401).

Page 27

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2024
1,094,243



At 31 March 2025

1,094,243



Amortisation


At 1 April 2024
837,836


Charge for the year on owned assets
109,424



At 31 March 2025

947,260



Net book value



At 31 March 2025
146,983



At 31 March 2024
256,407





Page 28

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

14.


Tangible fixed assets

Group






Tenant  improve-ments
Plant and machinery
Motor vehicles
Fixtures,  fittings and  equipment
Tools
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2024
484,220
4,242,498
185,638
969,133
769,747
6,651,236


Additions
106,926
138,622
-
186,630
39,397
471,575


Disposals
(69,118)
(133,946)
(185,638)
(14,732)
-
(403,434)



At 31 March 2025

522,028
4,247,174
-
1,141,031
809,144
6,719,377



Depreciation


At 1 April 2024
372,782
1,034,584
43,023
654,471
586,643
2,691,503


Charge for the year on owned assets
63,997
311,763
40,425
219,655
70,494
706,334


Disposals
(69,118)
(82,479)
(83,448)
(13,045)
-
(248,090)



At 31 March 2025

367,661
1,263,868
-
861,081
657,137
3,149,747



Net book value



At 31 March 2025
154,367
2,983,306
-
279,950
152,007
3,569,630



At 31 March 2024
111,438
3,207,914
142,615
314,662
183,104
3,959,733



The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2025
2024
£
£



Plant and machinery
963,263
1,001,063

Motor vehicles
-
115,741

Furniture, fittings and equipment
-
89,214

963,263
1,206,018

Page 29

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2024
2,843,186



At 31 March 2025
2,843,186





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Pitreavie Packaging Limited
6 Grayshill Road, Cumbernauld, Glasgow, G98 9HQ
Ordinary
100%


16.


Stocks

Group
Group
2025
2024
£
£

Raw materials
269,380
384,384

Work in progress
6,518
50,790

Finished goods and goods for resale
979,385
918,560

1,255,283
1,353,734


Page 30

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

17.


Debtors

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£


Trade debtors
3,996,883
3,554,246
-
-

Other debtors
374,012
992,945
-
-

Deferred taxation
-
-
8,713
8,701

4,370,895
4,547,191
8,713
8,701


Included within other debtors due within one year are loans to the following directors:
Mr J Diamond £Nil (2024 - £185,645)
Mr G Delaney £Nil (2024 - £329,917)
Mr S Heslop £Nil (2024 - £75,755)
These loans were interest free and repayable on demand.


18.


Cash and cash equivalents

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Cash at bank and in hand
1,316,488
1,446,316
108,593
1,261

1,316,488
1,446,316
108,593
1,261


Page 31

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Bank loans
-
518,838
-
-

Trade creditors
3,028,939
3,373,516
-
-

Amounts owed to group undertakings
1,256,554
-
1,040,823
1,035,224

Other taxation and social security
625,463
616,449
-
-

Obligations under finance lease and hire purchase contracts
184,648
317,018
-
-

Other creditors
3,670,923
3,604,543
-
-

Accruals and deferred income
-
5,600
-
5,600

8,766,527
8,435,964
1,040,823
1,040,824


Included in bank loans is a balance of £Nil (2024: £518,838) which is secured by a floating charge over the Group's assets.
Obligations under finance leases and hire purchase contracts of £184,648 (2024: £317,018) are secured over the assets to which they relate.
Included in other creditors is a bank invoice finance facility of £3,129,792 (2024: £2,984,991) which is secured by a floating charge over the whole of the property, assets and rights of the Group.


20.


Creditors: Amounts falling due after more than one year

Group
Group
2025
2024
£
£

Bank loans
-
1,194,575

Net obligations under finance leases and hire purchase contracts
343,504
653,912

343,504
1,848,487


Included in bank loans is a balance of £Nil (2024: £1,194,575) which is secured by a floating charge over the Group's assets. 
Obligations under finance lease and hire purchase contracts of £343,504 (2024: £653,912) are secured over the assets to which they relate to.



Page 32

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2025
2024
£
£

Amounts falling due within one year

Bank loans
-
518,838


-
518,838

Amounts falling due 1-2 years

Bank loans
-
511,168


-
511,168

Amounts falling due 2-5 years

Bank loans
-
683,407


-
683,407


-
1,713,413



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2025
2024
£
£

Within one year
184,648
317,018

Between 1-5 years
343,504
653,912

528,152
970,930

Page 33

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

23.


Financial instruments

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,316,488
1,446,316
108,593
1,261

Financial assets that are debt instruments measured at amortised cost
4,370,895
4,537,191
-
-

5,687,383
5,983,507
108,593
1,261


Financial liabilities

Financial liabilities measured at amortised cost
6,735,463
6,977,997
-
-


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise trade and other creditors. 

Page 34

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

24.


Deferred taxation


Group



2025
2024


£

£






At beginning of year
(686,200)
(474,568)


Charged to profit or loss
61,336
(211,632)



At end of year
(624,864)
(686,200)

Company


2025
2024


£

£






At beginning of year
8,701
7,622


Charged to profit or loss
12
1,079



At end of year
8,713
8,701

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Accelerated capital allowances
(765,779)
(862,503)
-
-

Unused tax losses
136,087
163,232
8,713
8,701

Other short term timing differences
4,828
13,071
-
-

(624,864)
(686,200)
8,713
8,701

Page 35

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

25.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



3,000 (2024 - 3,000) Ordinary A Shares shares of £0.10 each
300.0
300.0
3,000 (2024 - 3,000) Ordinary B Shares shares of £0.10 each
300.0
300.0
2,000 (2024 - 2,000) Ordinary C Shares shares of £0.10 each
200.0
200.0
2,000 (2024 - 2,000) Ordinary D Shares shares of £0.10 each
200.0
200.0
1,092 (2024 - Nil) Ordinary F Shares shares of £0.10 each
109.2
-

1,109.2

1,000.0


During the year The Pitreavie Group Limited issued 1,092 ordinary F shares of £0.10 each for a total consideration of £107,398, giving a total share premium of £107,289.


26.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Capital redemption reserve

This reserve records the nominal value of shares cancelled. 

Profit and loss account

This reserve records retained earnings and accumulated losses. 


27.


Share-based payments

The company operates an equity-settled EMI share option scheme for one of its directors and other employees. The vesting conditions for employees are that they must be an eligible employee, and have neither given nor received notice of termination of their employment up until the vesting date, which is the earlier of:
• A listing of shares on a recognised investment exchange, or
• A change of control or takeover event, or
• A sale of the whole or substantially the whole of the business of the Group, or
• A resolution for the voluntary winding up of the company.
The options are exercisable at a price of £98.35 per share. The options shall expire if they remain unexercised after a period of ten years from the date of grant.
During the year 1,092 options were exercised, therefore at the year end, there were no outstanding options.

Page 36

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

28.


Capital commitments




At 31 March 2025 the Group and Company had capital commitments as follows:


Group
Group
2025
2024
£
£

Contracted for but not provided in these financial statements
-
15,394

-
15,394


29.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £278,878/ (2024 - £145,508). Contributions totalling £49,987 (2024 - £67,239) were payable to the fund at the balance sheet date. 


30.


Commitments under operating leases

At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2025
2024
£
£

Not later than 1 year
719,157
691,196

Later than 1 year and not later than 5 years
2,161,959
2,458,589

Later than 5 years
-
372,897

2,881,116
3,522,682


31.


Related party transactions

Group 
As at 31 March 2025, UK Massage Chairs Limited owed the group £Nil (2024 - £19,618). The group received £19,618 in repayments of the loan during the year. The loan is interest free and has no repayment terms. Two of the directors of the group were also directors in UK Massage Chairs Limited. 
Company 
The company has taken advantage of the exemption available within FRS 102 from disclosing related party transactions with other companies that are wholly owned by the group headed by Macfarlane Group PLC.
The directors are key management personnel, and their remuneration is disclosed in note 8. 

Page 37

 
THE PITREAVIE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

32.


Controlling party

From 10 January 2025, the ultimate controlling party is Macfarlane Group PLC, a public company registered in Scotland, whose registered office is 3 Park Gardens, Glasgow, G3 7YE. 

Page 38