Company registration number 03292802 (England and Wales)
PROMATIC INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PROMATIC INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
J Hall
J Goodhart
B Jardine
M Martelli
M Sambrook
G Thompson-Jones
Company number
03292802
Registered office
Unit 1 Hooton Road
Hooton
South Wirral
CH66 7PA
Auditor
WR Partners
Drake House
Gadbrook Park
Northwich
Cheshire
CW9 7RA
Business address
Unit 1 Hooton Road
Hooton
South Wirral
CH66 7PA
PROMATIC INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 32
PROMATIC INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the year ended 31 December 2022.

Review of the business

The company is engaged in the manufacture and distribution of Clay Pigeon Traps and associated products to global markets. There have been no changes in the company’s activities in the year under review.

 

The statement of comprehensive income is set out on page 11 and shows turnover for the year of £10,592,628 (2021 - £10,297,756) and a profit for the year after tax of £2,983,563 (2021 - £570,730).

 

In the year Dividends totalling £1,724,138 were received (2021 – Nil) and Dividends paid out during the year of £2,850,000 (2021 – Nil).

 

The company was awarded as an ISSF official partner of Clay Target Machinery in September 2021, to the end of 2024. This partnership allows the group to explore new growth regions whilst continuing to strengthen the brand by offering support to the Individual members throughout the events.

 

During the year, 2022 the company delivered sales into new regions in line with the group’s growth strategy generating an increase in gross margin of 2.4% and increasing EBITDA by 67% against 2021. Whilst the impact of the in-direct trade effects of Russia’s invasion of Ukraine at the beginning of the year caused inflationary pressure worldwide and contributed to key component increases the company was able to absorb some of the rises with better buying and management of cost overheads. Administrative expenses include foreign exchange losses of £169,680 (2021 £203,501).

 

The French subsidiary strengthens into its second year and is performing as the board projected.

 

The company continues to generate cash as it was able to support the group with a significant net cash dividend of £1,125,862 in line with the strategy. This meant net assets only increased marginally in the year, even so the balance sheet is relatively healthy and strengthening with reserves of £8,310,862. There have been no events since the statement of financial position date which materially affect the position of the company.

 

PROMATIC INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Principal risks and uncertainties

The market for the manufacture and distribution of Clay Pigeon Traps and associated products on a worldwide basis is competitive. The company is a market leader and seeks to manage the risk of losing market share to key competitors by the provision of better quality products with a wider range and market leading price competitiveness.

 

Sales to Europe are made in euros and to the USA in US dollars. The company also purchases products from around the globe in various currencies. The company is therefore exposed to movements in exchange rates. The directors monitor the net exposure and take steps on pricing and sourcing to reduce the impact of currency movements.

The main financial risks arising from the company’s activities are credit risk and exchange rate risk. These are monitored by the board of directors and were not considered to be significant at the statement of financial position date.

 

The company’s policy in respect of credit risk, is to require appropriate credit checks on potential customers before sales are made.

 

Other Risks

The threat of a recession towards the end of 2023 is considered to be an uncertainty facing the company with the continuing volatility in raw material pricing and significant increases in labour costs coupled with a continued shortage of skills in the market.

 

The company will be exposed to higher Interest rate rises for new lending in 2023, nevertheless the risk is low as new expenditure is not deemed significant.

 

It is the opinion of the management and Boards that the company has a level of resilience which can weather a recession (as supported by the financial modelling of different future states).

Climate change

The Company understands the importance of a green future and works closely with supply partners and customers to produce minor impacts to the environment by aiming for a zero-reject policy and eliminating as much waste as possible through recycling mechanisms. In addition, the company has introduced a new company car policy to purchase vehicles with low carbon emissions or Hybrid vehicles and encourages employees to participate with company incentives.

 

The company saw the need to remove the risk of rising utility costs post pandemic due to supply and demand and was able to secure a long-term fixed price contract at 2020 rates in May 2021.

PROMATIC INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Future developments

The business plans for the company is being executed according to the respective group growth strategies and opportunities for acquisition and strategic partnerships continue to be sought to complement organic growth.

 

Financial key performance indicators

The key performance indicators for the business which include our EBITDA, order book, gross margin, cash generation and market mix analysis are all very positive for the year ahead.

 

In 2022, Promatic International Limited has achieved a gross margin of 37.1% (2021 – 34.7%), an EBITDA of £1,394,341 (2021 - £836,441) and a cash outflow of £931,514 (2021 - £544,974).

On behalf of the board

J Hall
Director
19 October 2023
PROMATIC INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company continued to be that of the manufacture and distribution of Clay Pigeon Traps and associated products to global markets.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £2,850,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Hall
J Goodhart
B Jardine
M Martelli
I Molesworth
(Resigned 9 June 2023)
M Sambrook
G Thompson-Jones
(Appointed 1 February 2022)
Auditor

The auditor, WR Partners, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

PROMATIC INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Matters covered in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of matters that the directors consider to be of strategic importance to the company.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

PROMATIC INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
Identified risks

Credit risk

Credit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The group is mainly exposed to credit risk from credit sales. It is group policy to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. Each new customer is analysed individually for creditworthiness before the group's standard payment and delivery terms and conditions are offered.

 

A monthly review of the trade receivables' ageing analysis is undertaken and customers' credit is reassessed periodically. Existing customers that become "high risk" as a result of the periodic reassessment are placed on a restricted customer list and future credit sales are made only with approval of the local management, otherwise payment in advance is required.

 

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs of working capital, finance charges and principle repayments on its debt instruments and to invest cash assets safely and profitably.

 

Management receives cash flow projections on a monthly basis as well as information regarding cash balances. At the end of the financial year, these projections indicated that the group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances.

 

Cash flow interest rate risk

The group is exposed to cash flow interest rate risk from borrowings at a variable rate. During the periods under review, the group's borrowings at variable rate were denominated in Pound Sterling.

 

Foreign exchange risk

Foreign exchange risk arises when individual group entities enter into transactions denominated in a currency other than their functional currency. The group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency (primarily US Dollars or Pound Sterling) with the cash generated from their own operations in that currency.

 

The group is predominantly exposed to currency risk on sales made in US dollars.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J Hall
Director
19 October 2023
PROMATIC INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PROMATIC INTERNATIONAL LIMITED
- 7 -
Opinion

We have audited the financial statements of Promatic International Limited (the 'company') for the year ended 31 December 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.

PROMATIC INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PROMATIC INTERNATIONAL LIMITED
- 8 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

PROMATIC INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PROMATIC INTERNATIONAL LIMITED
- 9 -
Auditor's 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 auditor's 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations and the UK General Data Protection Regulation (GDPR).

We understood how the company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed internal records and correspondence and the results of our testing in other areas to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there may be susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

PROMATIC INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PROMATIC INTERNATIONAL LIMITED
- 10 -
Fran Johnson BSc BFP FCA
Senior Statutory Auditor
For and on behalf of WR Partners
20 October 2023
Chartered Accountants
Statutory Auditor
Drake House
Gadbrook Park
Northwich
Cheshire
CW9 7RA
PROMATIC INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
2022
2021
Notes
£
£
Turnover
3
10,592,628
10,297,756
Cost of sales
(6,663,123)
(6,721,384)
Gross profit
3,929,505
3,576,372
Administrative expenses
(2,727,794)
(3,059,341)
Other operating income
-
0
78,927
Operating profit
4
1,201,711
595,958
Interest receivable and similar income
8
1,733,137
2,568
Interest payable and similar expenses
9
(960)
(5,102)
Profit before taxation
2,933,888
593,424
Tax on profit
10
49,675
(22,694)
Profit for the financial year
2,983,563
570,730

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PROMATIC INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 12 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1
1
Tangible assets
12
391,937
541,712
Investments
13
535,269
535,269
927,207
1,076,982
Current assets
Stocks
16
697,821
858,103
Debtors
17
6,713,385
6,579,868
Cash at bank and in hand
1,409,485
2,340,999
8,820,691
9,778,970
Creditors: amounts falling due within one year
18
(1,437,036)
(2,678,653)
Net current assets
7,383,655
7,100,317
Net assets
8,310,862
8,177,299
Capital and reserves
Called up share capital
22
10,000
10,000
Profit and loss reserves
23
8,300,862
8,167,299
Total equity
8,310,862
8,177,299

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
J Hall
Director
Company registration number 03292802 (England and Wales)
PROMATIC INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
10,000
7,596,569
7,606,569
Year ended 31 December 2021:
Profit and total comprehensive income
-
570,730
570,730
Balance at 31 December 2021
10,000
8,167,299
8,177,299
Year ended 31 December 2022:
Profit and total comprehensive income
-
2,983,563
2,983,563
Dividends
15
-
(2,850,000)
(2,850,000)
Balance at 31 December 2022
10,000
8,300,862
8,310,862
PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
1
Accounting policies
Company information

Promatic International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Hooton Road, Hooton, South Wirral, CH66 7PA.

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.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Promatic Holdings Limited. These consolidated financial statements are available from Companies House.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Promatic International Limited is a wholly owned subsidiary of Promatic Holdings Limited and the results of Promatic International Limited are included in the consolidated financial statements of Promatic Holdings Limited which are available from Companies House.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information including the annual budget and future cash flows for a period of 12 months from the date of the approval of the financial statements in making their assessment.

 

The Directors assess the Group as a whole as well as individual statutory entities and have stress tested their cash flow forecasts for risks that could impact trading performance, including a severe downturn in consumer spending. Based on this analysis and supported further by an assessment of mitigating actions available to reduce costs and conserve cash and liquidity, the directors conclude that the company will maintain sufficient cash resources to meet its liabilities as they fall due.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -

Amortisation 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:

Intellectual property rights
20% per annum on cost
1.6
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:

Freehold land and buildings
20% per annum on cost (Buildings only)
Leasehold improvements
10% per annum on cost or over the lease term if shorter
Plant and equipment
15% to 25% per annum on cost
Fixtures and fittings
20% per annum on cost
Motor vehicles
25% per annum on cost

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.

1.7
Fixed asset investments

Interests in subsidiaries 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. Investments in subsidiaries are measured at cost less accumulated impairment. The cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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.

1.11
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.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
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 payments 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -
1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. The total of tangible fixed assets held under hire purchase agreements is disclosed in note 12 and the value of hire purchase liabilities is disclosed in note 19 to these financial statements.

Impairment

Determine whether there are indicators of impairment of the company's tangible and intangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. There are no impairments against tangible and intangible fixed assets at the current or comparative balance sheet date.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Intangible fixed assets

Intangible assets are amortised over their useful lives taking into account residual values, where appropriate. The expected useful life of the intellectual property rights are reviewed annually taking into account their contribution to the order book and the revenue and profits which the intellectual property rights are providing to the company. The net book value of intangible fixed assets is disclosed in note 11 to these financial statements.

Tangible fixed assets

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The expected useful life of the assets are reviewed annually taking into account their contribution to the order book and the revenue and profits which the assets are providing to the company. The net book value of tangible fixed assets is disclosed in note 12 to these financial statements.

Stocks

Where appropriate, slow moving stocks are written down to their net realisable value. The assessment of net realisable value takes account of factors such as the availability of outlet channels and the value realised, historically, for similar products at that stage of their life cycle. At the balance sheet date an impairment against stocks of £361,582 (2021 - £300,000) is recognised.

Debtors

In assessing the provision for doubtful debts, factors taken into account include debtors' age profile, their historical payment performance and available credit data. The value of doubtful debt provisions in these financial statements is £50,520 (2021 - £71,931).

3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
2,090,006
2,197,151
Rest of Europe
3,049,763
1,573,657
Rest of the world
5,452,859
6,526,948
10,592,628
10,297,756
PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Turnover and other revenue
(Continued)
- 23 -
2022
2021
£
£
Other revenue
Interest income
8,999
2,568
Dividends received
1,724,138
-
Grants received
-
78,927
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
169,680
203,501
Research and development costs
422,955
594,598
Government grants
-
(78,927)
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
10,000
Depreciation of owned tangible fixed assets
192,630
205,483
Profit on disposal of tangible fixed assets
(23,437)
(5,043)
Amortisation of intangible assets
-
35,000
Operating lease charges
103,532
110,054
5
Audit costs

Fees totalling £13,000 (2021 - £13,000) for the audit of the other group undertakings are borne by Promatic International Limited.

6
Employees

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

2022
2021
Number
Number
Production
43
43
Sales
11
14
Management and administration
8
8
Total
62
65
PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

2022
2021
£
£
Wages and salaries
2,206,392
2,492,981
Social security costs
247,501
302,978
Pension costs
137,464
112,973
2,591,357
2,908,932
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
170,322
387,410
Company pension contributions to defined contribution schemes
20,122
56,003
190,444
443,413

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2021 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
n/a
124,567
Company pension contributions to defined contribution schemes
n/a
43,986

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
572
85
Interest receivable from group companies
8,427
2,483
Total interest revenue
8,999
2,568
Income from fixed asset investments
Income from shares in group undertakings
1,724,138
-
0
Total income
1,733,137
2,568
9
Interest payable and similar expenses
2022
2021
£
£
Interest on bank overdrafts and loans
-
741
Interest on finance leases and hire purchase contracts
960
4,361
960
5,102
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
-
0
40,835
Adjustments in respect of prior periods
(49,675)
-
0
Total current tax
(49,675)
40,835
Deferred tax
Origination and reversal of timing differences
-
0
(18,141)
Total tax (credit)/charge
(49,675)
22,694
PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Taxation
(Continued)
- 26 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
2,933,888
593,424
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
557,439
112,751
Tax effect of expenses that are not deductible in determining taxable profit
12,005
3,226
Tax effect of income not taxable in determining taxable profit
(327,586)
-
0
Group relief
(150,773)
-
0
Permanent capital allowances in excess of depreciation
13,385
23,519
Amortisation on assets not qualifying for tax allowances
-
0
6,650
Research and development tax credit
(104,470)
(105,311)
Under/(over) provided in prior years
(49,675)
-
0
Deferred tax adjustments
-
0
(18,141)
Taxation (credit)/charge for the year
(49,675)
22,694

Factors that may affect future tax charges

An increase in the future main corporation tax rate to 25% from 1 April 2023 from the previously enacted 19% was announced in the budget on 3 March 2021 and substantively enacted on 24 May 2021. The deferred tax balance at the year end has been calculated based on the rate at the year end date.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
11
Intangible fixed assets
Intellectual property rights
£
Cost
At 1 January 2022 and 31 December 2022
532,378
Amortisation and impairment
At 1 January 2022 and 31 December 2022
532,377
Carrying amount
At 31 December 2022
1
At 31 December 2021
1
12
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2022
69,319
574,681
528,905
445,587
427,347
2,045,839
Additions
-
0
-
0
-
0
43,489
-
0
43,489
Disposals
(69,319)
-
0
(180)
(21,457)
(99,405)
(190,361)
At 31 December 2022
-
0
574,681
528,725
467,619
327,942
1,898,967
Depreciation and impairment
At 1 January 2022
69,319
270,074
384,722
388,653
391,359
1,504,127
Depreciation charged in the year
-
0
62,903
68,573
36,603
24,551
192,630
Eliminated in respect of disposals
(69,319)
-
0
(180)
(21,338)
(98,890)
(189,727)
At 31 December 2022
-
0
332,977
453,115
403,918
317,020
1,507,030
Carrying amount
At 31 December 2022
-
0
241,704
75,610
63,701
10,922
391,937
At 31 December 2021
-
0
304,607
144,183
56,934
35,988
541,712
PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Tangible fixed assets
(Continued)
- 28 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2022
2021
£
£
Plant and equipment
-
0
66,749
Motor vehicles
-
0
7,449
-
74,198
13
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
14
535,269
535,269
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Promatic Inc
801 Mid America Drive, Plattsburg, MO 64477, USA
Ordinary
100.00
Promatic France SAS
La Croix De Glatigny, Zone Artisanale, 61250, Lonrai, France
Ordinary
100.00
15
Dividends
2022
2021
£
£
Ordinary dividend paid
2,850,000
-
0
PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
16
Stocks
2022
2021
£
£
Raw materials and consumables
492,501
528,851
Finished goods and goods for resale
205,320
329,252
697,821
858,103

There is no material difference between the replacement cost of stocks and the amounts stated above.

Impairment losses totalling £61,582 (2021 - £Nil) were recognised in profit and loss during the year due to slow moving and obsolete stock.

17
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
650,640
684,133
Corporation tax recoverable
69,900
8,520
Amounts owed by group undertakings
5,760,047
5,692,698
Other debtors
56,845
43,629
Prepayments and accrued income
132,613
107,548
6,670,045
6,536,528
Deferred tax asset (note 20)
43,340
43,340
6,713,385
6,579,868

Amounts owed by group undertakings accrue interest at 2% and are repayable on demand.

PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
18
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Obligations under finance leases
19
-
0
34,292
Trade creditors
959,419
1,157,758
Amounts owed to group undertakings
22,800
1,089,303
Taxation and social security
82,561
71,090
Other creditors
78,298
18,901
Accruals and deferred income
293,958
307,309
1,437,036
2,678,653

Amounts owed to group undertakings are due on demand and interest free.

19
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
34,292
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2022
2021
Balances:
£
£
Accelerated capital allowances
43,340
43,340
There were no deferred tax movements in the year.
PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 31 -
21
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
137,464
112,973

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10,000
10,000
10,000
10,000

Called up share capital represents the nominal value of the shares issued.

23
Profit and loss reserves

The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.

24
Financial commitments, guarantees and contingent liabilities

The company is party to cross guarantees in relation to various loan notes and bank facilities made available to other companies in the group. The amounts outstanding in respect of the guarantees as at 31 December 2022 are £3,001,692 (2021 - £1,900,667).

25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2022
2021
£
£
Within one year
106,277
111,752
Between two and five years
283,568
285,919
In over five years
-
0
70,031
389,845
467,702
PROMATIC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 32 -
26
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2022
2021
2022
2021
£
£
£
£
Other related parties
287,693
81,246
365,640
252,383
Non executive fee paid
2022
2021
£
£
Other related parties
10,000
10,000

The company is a wholly owned subsidiary of the group headed by Promatic Holdings Limited and has taken advantage of the exemption conferred by section of section 33.1A of FRS 102 not to disclose transactions with Promatic Holdings Limited or any other wholly owned subsidiaries within the group.

2022
2021
Amounts due to related parties
£
£
Key management personnel
8,887
5,543
27
Ultimate controlling party

The immediate parent company is Promatic Group Limited, a company registered in England and Wales.

The ultimate parent company and controlling party of the company is RAM (102) Limited, a company registered in England and Wales.

The smallest group to which the company's results are consolidated is that of Promatic Holdings Limited. The largest group to which the company's results are consolidated is that of RAM (102) Limited.

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