Purpak Group Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10336133 (England and Wales)

PURPAK GROUP LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G G Levy

A Zuccheri

G Perugini

G Calder

REGISTERED OFFICE:

Unit 2B

Snetterton Park

Snetterton

Norwich

NR16 2JU

REGISTERED NUMBER:

10336133 (England and Wales)

AUDITORS:

Blick Rothenberg Audit LLP

Chartered Accountants, Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH

FIXED ASSETS

Tangible assets

5

1,787

2,337

Investments

6

356,580

364,852

358,367

367,189

CURRENT ASSETS

Stocks

55,680

211,929

Debtors

7

1,557,358

670,599

Cash at bank

85,212

64,268

1,698,250

946,796

CREDITORS

Amounts falling due within one year

8

(990,149

)

(327,790

)

NET CURRENT ASSETS

708,101

619,006

TOTAL ASSETS LESS CURRENT LIABILITIES

1,066,468

986,195

CREDITORS

Amounts falling due after more than one year

9

(9,457,640

)

(8,709,961

)

NET LIABILITIES

(8,391,172

)

(7,723,766

)

CAPITAL AND RESERVES

Called up share capital

10

Profit and Loss Account

(8,391,182

)

(7,723,776

)

(8,391,172

)

(7,723,766

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

G Calder - Director

1.	STATUTORY INFORMATION

Purpak 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 Company Information page.

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

A summary of the significant accounting policies adopted by the company is given in the following paragraphs. The policies have been consistently applied to all years present, unless stated otherwise.

Unless indicated otherwise in the accounting policies below, the financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern basis

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has received a letter of financial support from its parent company.

Preparation of consolidated financial statements

The financial statements contain information about Purpak Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Pak Engineering Group Ltd, Unit 2b, Snetterton Park Harling Road, Snetterton, Norwich, England, NR16 2JU.

Turnover

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

Revenue for the sale of equipment and parts is recognised when the vendor has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Tangible fixed assets

Tangible fixed assets are stated at their historical cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

- 20% on cost

On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in profit or loss, and included in administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Provision is made for obsolete and slow moving items, where appropriate.

At each balance sheet 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.

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

The Company's policies for its major classes of financial assets and financial liabilities are set out below.

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Investments

Investments in subsidiary companies are initially recorded at cost, being the fair value of the consideration given and including acquisition costs associated with the investment. The investments are reviewed for impairment on an annual basis and provision is made where there has been a permanent diminution in their value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Tax credits are charged to the profit and loss account, as taxation, once received.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses are included within administrative expenses in the profit and loss account. Where such exchange differences result in a net gain, a credit is recognised within administrative expenses; where they result in a net loss, a charge is recognised.

Pension costs and other post-retirement benefits

Once the contributions have been paid the Company 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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Warranties

Under the terms of contract for sale the company provides to make good, by repair or replacement, defects in the machines that it installs.

No provision has been made as the amount of the obligation cannot be estimated reliably and costs of warranty claims are charged to the profit and loss account as incurred.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the group’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

6,781

DEPRECIATION

At 1 January 2024

4,444

Charge for year

550

At 31 December 2024

4,994

NET BOOK VALUE

At 31 December 2024

1,787

At 31 December 2023

2,337

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

364,852

Exchange differences

(8,272

)

At 31 December 2024

356,580

NET BOOK VALUE

At 31 December 2024

356,580

At 31 December 2023

364,852

The directors have assessed the recoverable amounts of the investments at the balance sheet date as being more than their carrying value.

7.

DEBTORS

2024

2023

£

Amounts falling due within one year:

Trade debtors

79,798

235,163

Amounts owed by group undertakings

912,852

301,385

Other debtors

558,909

103,472

1,551,559

640,020

2024

2023

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

5,799

30,579

Aggregate amounts

1,557,358

670,599

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

78,926

62,030

Amounts owed to group undertakings

320,901

159,570

Taxation and social security

3,647

20,204

Other creditors

586,675

85,986

990,149

327,790

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Amounts owed to group undertakings

9,457,640

8,709,961

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The auditor's report included an other matter, with reference to the comparative figures being unaudited. The audit report was signed on 30 September 2025 by Simon Mayston (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

11.	RELATED PARTY DISCLOSURES

Included in amounts falling due within one year are amounts due from direct subsidiaries of £881,778 (2023: £156,246) of these amounts £25,200 (2023: £NiL) are subject to a loan agreement and are interest bearing. Amounts due from other group undertakings amounting to £31,074 (2023: £145,139) are due on demand and no interest is charged.

Included in amounts falling due after one year are amounts due from direct subsidiaries of £5,799 (2023: £30,579) which is subject to a loan agreement and is interest bearing.

Included in amounts falling due within one year are net amounts due to other group undertakings amounting to £320,901 (2023: £159,570). These amounts are due on demand and no interest is charged.

Included in amounts falling due within more than one year are amounts to other group undertakings amounting to £9,457,640 (2023: £8,709,961). These amounts are subject to a loan agreement and are interest bearing.

All the day to day trading between the companies are being conducted under normal market conditions.

12.	ULTIMATE PARENT COMPANY

The ultimate parent company is Pak Engineering Group Limited, registered office: Unit 2b, Snetterton Park, Harling

Road, Norfolk, Norwich, England NR16 2 JU.

PurPak Group Limited is included in the consolidated group accounts drawn up by Pak Engineering Group Ltd. The financial statements of Pak Engineering Group Ltd showing the consolidated group accounts, can be obtained from the parent's registered office: Unit 2b, Snetterton Park Harling Road, Snetterton, Norwich, England, NR16 2JU.

13.	DEFERRED TAXATION

No deferred tax asset has been recognised in respect of the tax losses carried forward as there is insufficient evidence as to whether the asset will be recoverable. At 31 December 2024 there was a potential deferred tax asset amounting to approximately £1,690,000 (2023: £1,590,000) in respect of these losses. The balance carried forward is after amounts used in group companies.