REGISTERED NUMBER: 02859663 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Petrow Food Industries Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J C Petrow

REGISTERED OFFICE:

Spitalfields House

Phoenix Road

Haverhill

CB9 7AE

REGISTERED NUMBER:

02859663 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

5,055,575

5,318,250

5,055,575

5,318,250

CURRENT ASSETS

Stocks

964,106

1,227,060

Debtors

6

502,409

640,150

Cash at bank and in hand

125,953

40,447

1,592,468

1,907,657

CREDITORS

Amounts falling due within one year

7

25,050,060

21,068,282

NET CURRENT LIABILITIES

(23,457,592

)

(19,160,625

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(18,402,017

)

(13,842,375

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(18,403,017

)

(13,843,375

)

(18,402,017

)

(13,842,375

)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 December 2025 and were signed by:

J C Petrow - Director

1.	STATUTORY INFORMATION

Petrow Food Industries 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Land and buildings

-

at varying rates on cost

Plant and machinery etc

-

at varying rates on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company, PFI, will continue operating for at least 12 months from the date of approval of these financial statements. PFI incurred a loss for the year and has net liabilities at the date of reporting. Without the continued financial support of the ultimate beneficial owners there remains a doubt about PFI's ability to continue as a going concern. The parent company has agreed to a restructuring of PFI which involved additional loans for capital investment, management changes and a streamlining of operations which is being implemented.

This, it is believed, will enable PFI to become profitable. Until this is achieved and for at least 12 months from the date of signing of the financial statements the parent company will continue to provide financial support which will enable PFI to meet its obligations as they fall due.

In view of this, and considering the changes which are being implemented within the company, the directors are confident that the company has adequate resources and the management team in place to operate for the foreseeable future and have therefore prepared the financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 88 (2023 - 73 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

100,000

AMORTISATION

At 1 January 2024

and 31 December 2024

100,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

1,072,652

6,304,868

7,377,520

Additions

-

761,037

761,037

Disposals

-

(219,012

)

(219,012

)

Impairments

-

(360,059

)

(360,059

)

At 31 December 2024

1,072,652

6,486,834

7,559,486

DEPRECIATION

At 1 January 2024

299,142

1,760,128

2,059,270

Charge for year

24,987

419,654

444,641

At 31 December 2024

324,129

2,179,782

2,503,911

NET BOOK VALUE

At 31 December 2024

748,523

4,307,052

5,055,575

At 31 December 2023

773,510

4,544,740

5,318,250

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

427,148

517,464

Other debtors

75,261

122,686

502,409

640,150

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

283,898

338,657

Amounts owed to group undertakings

21,199,978

20,081,470

Taxation and social security

63,523

57,843

Other creditors

3,502,661

590,312

25,050,060

21,068,282

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

The Report of the Auditors was unqualified.

We draw attention to the going concern accounting policy in note 2 of these financial statements, which refers to the funding situation of the company. Our opinion is not modified in respect of this matter.

Mark Stothard BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited