PFAF (BLACKPOOL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Company Registration No. 00576186 (England and Wales)
PAGES FOR FILING WITH REGISTRAR
PFAF (BLACKPOOL) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PFAF (BLACKPOOL) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
41,013
46,024
Investment property
5
5,739,217
5,739,217
Investments
6
1,350,001
1,350,001
7,130,231
7,135,242
Current assets
Debtors
7
1,885,056
1,934,315
Cash at bank and in hand
7,211
6,025
1,892,267
1,940,340
Creditors: amounts falling due within one year
8
(793,294)
(915,527)
Net current assets
1,098,973
1,024,813
Total assets less current liabilities
8,229,204
8,160,055
Creditors: amounts falling due after more than one year
9
(3,400,632)
(3,408,703)
Provisions for liabilities
(493,309)
(487,376)
Net assets
4,335,263
4,263,976
Capital and reserves
Called up share capital
7,200
7,200
Capital redemption reserve
2,800
2,800
Profit and loss reserves
4,325,263
4,253,976
Total equity
4,335,263
4,263,976
PFAF (BLACKPOOL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 September 2025 and are signed on its behalf by:
A C Fox
Director
Company registration number 00576186 (England and Wales)
PFAF (BLACKPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

PFAF (Blackpool) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Olympic Court, Whitehills Business Park, Blackpool, Lancashire, FY4 5GU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of investment properties at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents rents received, excluding VAT.
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance/10% straight line
Fixtures, fittings & equipment
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

PFAF (BLACKPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

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

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

PFAF (BLACKPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
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 stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PFAF (BLACKPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
3
3
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 and 31 March 2025
75,204
Depreciation and impairment
At 1 April 2024
29,180
Depreciation charged in the year
5,011
At 31 March 2025
34,191
Carrying amount
At 31 March 2025
41,013
At 31 March 2024
46,024
5
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
5,739,217

The fair value of the investment properties has been arrived at on the basis of a formal valuation of the companies industrial and commercial sites carried out in 2021 by Lambert Smith Hampton Group Limited, along with the directors' assessments of fair values at 31 March 2025.

6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
1,350,001
1,350,001
PFAF (BLACKPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
38,602
68,823
Amounts owed by group undertakings
1,562,636
1,526,296
Other debtors
283,818
339,196
1,885,056
1,934,315
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
34,167
33,189
Amounts owed to group undertakings
473,630
546,885
Taxation and social security
29,884
59,101
Other creditors
255,613
276,352
793,294
915,527

The bank loans are secured by first and second legal charges over certain company properties.

Hire purchase liabilities are secured upon the asset to which they relate.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,376,751
3,377,832
Other creditors
23,881
30,871
3,400,632
3,408,703
Creditors which fall due after five years are payable as follows:
Payable by instalments
-
2,912
Payable other than by instalments
3,376,751
3,377,832
3,376,751
3,380,744

The bank loans are secured by first and second legal charges over certain company properties.

Hire purchase liabilities are secured upon the asset to which they relate.

10
Distributable Reserves

Included within the Profit and Loss Account reserve is an amount of £2,902,058 (2024: £2,902,058) which is considered to be non-distributable. This figure represents the fair value adjustments made to Investment Properties net of any related deferred tax.

PFAF (BLACKPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
11
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
473,630
542,800
Other related parties
207,543
227,617

The following amounts were outstanding at the reporting end date:

2025
Balance
Amounts owed by related parties
£
Entities with control, joint control or significant influence over the company
1,228
Entities over which the entity has control, joint control or significant influence
1,562,636
Other related parties
253,332
2024
Balance
Amounts owed in previous period
£
Entities with control, joint control or significant influence over the company
4,085
Entities over which the entity has control, joint control or significant influence
1,526,296
Other related parties
313,332
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