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es2022-12-31
REGISTERED NUMBER: 05449383 (England and Wales)















PRASCO UK LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


PRASCO UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: K D Waugh
M Bourne
D Gibson





SECRETARY: K D Waugh





REGISTERED OFFICE: Unit 4 Alpha Court
Capitol Park
Thorne
Doncaster
South Yorkshire
DN8 5TZ





REGISTERED NUMBER: 05449383 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

FAIR REVIEW OF THE BUSINESS
Prasco UK Limited is a prominent Company in the UK accident repair industry, collaborating with key stakeholders such as insurance companies, work providers, and retail sectors. Our operations are centred on a modern facility located in South Yorkshire, delivering top-tier services to customers nationwide.

Financial highlights for the 12-month period show a rise in turnover from £12.9 million to £14.5 million. Additionally, the gross profit margin improved from 40.7% to 44.1%.Challenges faced in the prior period stemming from increased freight costs and currency fluctuations have eased, leading to improved trading results.

PRINCIPAL RISKS AND UNCERTAINTIES
The primary risk revolves around the sustained availability of parts, influenced by political uncertainties in regions supplying to the UK, potentially leading to inflated freight costs and currency risks.

Efficient stock management: Practices are implemented to minimise the impact of price fluctuations and limitation of supply. This includes monitoring market trends, maintaining optimal inventory levels, and adjusting procurement strategies accordingly.

Cost Control Measures: We continuously review our operating expenses and implement cost-saving measures to offset any adverse effects of price increases on our margins.

Monitoring and Analysis: We closely monitor currency markets and conduct regular analysis to assess potential risks and opportunities associated with exchange rate movements. This proactive approach enables us to make informed decisions and take timely actions to mitigate currency risk.

Secondary risks include a decline in accident repairs due to enhanced vehicle safety features and the growing trend towards eCommerce, necessitating a deeper understanding of technology.

Our Company recognises the paramount importance of having an experienced and knowledgeable management team and board of directors to mitigate various risks inherent in our industry. Leveraging their expertise and strategic insight, we adopt proactive measures to address potential challenges and uncertainties. Key elements of our risk mitigation strategy include:

Strategic Decision Making: Our experienced management team and directors possess a deep understanding of the industry landscape and market dynamics. Through strategic decision-making processes, they anticipate potential risks and opportunities, guiding the company towards sustainable growth and resilience.

Risk Assessment and Planning: Regular risk assessments are conducted under the guidance of our seasoned management team and directors. They identify, evaluate, and prioritize risks, allowing us to develop comprehensive risk mitigation plans tailored to our specific business objectives and operating environment.

Continual Monitoring and Adaptation: Our management team and directors remain vigilant in monitoring market trends, regulatory changes, and emerging risks. They proactively adapt our strategies and operations to mitigate evolving threats and capitalise on emerging opportunities, ensuring agility and responsiveness in a dynamic business environment.

Talent Development and Succession Planning: Investing in talent development and succession planning is a priority for our Company. By nurturing a pipeline of skilled professionals and grooming future leaders, we mitigate the risk of key personnel attrition and ensure continuity in leadership, maintaining stability and consistency in our strategic direction.

Stakeholder Engagement and Communication: Transparent communication and engagement with stakeholders, including investors, employees, customers, and regulatory bodies, are facilitated by our experienced management team and directors. By fostering trust and collaboration, we enhance risk awareness, facilitate timely risk mitigation actions, and strengthen our resilience to external pressures.


PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

KEY PERFORMANCE INDICATORS
Operating in a competitive market, our directors and senior management are committed to maintaining and enhancing customer service and satisfaction levels, thereby ensuring operational efficiencies and meeting KPIs.Financial key performance indicators critical for future growth include:

a) Gross profit margin;
b) Ratio of administrative expenses to turnover;
c) Ratio of operating profit to turnover.

For the current year under review , those KPI`s were measured as follows:
2023 2022

Gross profit margin 40.7% 40.7%
Administrative expenses to turnover 36.2% 36.4%
Operating profit to turnover 8.0% 4.3%

Non-financial Key Performance Indicators (KPIs) are also essential for assessing the operational efficiency, customer satisfaction, and overall performance of the business. The management measure the following non-financial KPI's:

a) Order fulfilment rate;
b) Stock turnover;


PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE DEVELOPMENTS
The industry landscape is evolving rapidly with advancements in vehicle technology, notably towards electric, hybrid, and autonomous driving.

Prasco UK Limited is dedicated to continual investment in processes, staff training, and technological advancements to stay at the forefront of the industry. This commitment ensures ongoing relationships with existing and future partners, driving growth and performance.Key future developments include:

Expansion of Product Range: We recognise the importance of offering a comprehensive range of products to meet the evolving needs of our customers. Therefore, we will continue to invest in expanding our product portfolio, incorporating new car model parts.

Investment in Technology: Embracing technological advancements is crucial for maintaining competitiveness in the rapidly evolving automotive industry. We will continue to invest in technology-driven solutions, such as e-commerce platforms, inventory management systems, and data analytics tools, to streamline operations, improve efficiency, and enhance customer experience.

Focus on Customer Service: Our commitment to delivering exceptional customer service remains unwavering. We will continue to prioritise customer satisfaction by providing efficient order processing, and timely delivery of high-quality car parts. Building strong and enduring relationships with our customers will be instrumental in driving long-term success and loyalty.

Talent Development: Our success is driven by the dedication and expertise of our team members. Therefore, we remain committed to investing in talent development programs, training initiatives, and employee empowerment strategies to nurture a skilled workforce capable of driving innovation and achieving our strategic objectives.

By pursuing these future developments, our car parts wholesaler aims to solidify the Company's position as a leading player in the industry, delivering value to customers, driving sustainable growth, and creating long-term value for all stakeholders.

ON BEHALF OF THE BOARD:





K D Waugh - Director


19 April 2024

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale trade of motor vehicle parts and accessories.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

K D Waugh
M Bourne
D Gibson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




K D Waugh - Director


19 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRASCO UK LIMITED


Opinion
We have audited the financial statements of Prasco UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRASCO UK LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRASCO UK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.

As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances
of non-compliance with laws and regulations and fraud;
- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws
and regulations;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual
combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of
business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Review of correspondence with regulators in so far as they are related to the financial statements;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRASCO UK LIMITED


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




Kelvin Fitton BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

24 April 2024

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 14,466,932 12,930,436

Cost of sales 8,086,183 7,665,573
GROSS PROFIT 6,380,749 5,264,863

Administrative expenses 5,238,607 4,705,152
1,142,142 559,711

Other operating income 8,592 674
OPERATING PROFIT 4 1,150,734 560,385

Interest receivable and similar income 10 6
1,150,744 560,391

Interest payable and similar expenses 5 76,090 65,884
PROFIT BEFORE TAXATION 1,074,654 494,507

Tax on profit 6 315,756 79,714
PROFIT FOR THE FINANCIAL YEAR 758,898 414,793

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 758,898 414,793


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

758,898

414,793

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 1,213,692 986,076

CURRENT ASSETS
Stocks 8 3,591,796 3,743,407
Debtors 9 1,878,340 1,645,144
Cash at bank and in hand 41,133 76,429
5,511,269 5,464,980
CREDITORS
Amounts falling due within one year 10 3,500,726 3,716,546
NET CURRENT ASSETS 2,010,543 1,748,434
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,224,235

2,734,510

CREDITORS
Amounts falling due after more than one
year

11

(291,717

)

(676,294

)

PROVISIONS FOR LIABILITIES 15 (302,758 ) (187,354 )
NET ASSETS 2,629,760 1,870,862

CAPITAL AND RESERVES
Called up share capital 16 400,000 400,000
Retained earnings 17 2,229,760 1,470,862
SHAREHOLDERS' FUNDS 2,629,760 1,870,862

The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by:





K D Waugh - Director


PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 400,000 1,056,069 1,456,069

Changes in equity
Total comprehensive income - 414,793 414,793
Balance at 31 December 2022 400,000 1,470,862 1,870,862

Changes in equity
Total comprehensive income - 758,898 758,898
Balance at 31 December 2023 400,000 2,229,760 2,629,760

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,889,464 628,008
Interest paid (25,351 ) (25,134 )
Interest element of hire purchase payments
paid

(50,739

)

(40,750

)
Tax paid (42,221 ) (71,777 )
Net cash from operating activities 1,771,153 490,347

Cash flows from investing activities
Purchase of tangible fixed assets (169,253 ) (196,588 )
Sale of tangible fixed assets 108,071 102,700
Interest received 10 6
Net cash from investing activities (61,172 ) (93,882 )

Cash flows from financing activities
Capital repayments in year (1,310,718 ) (454,668 )
Group balances (434,559 ) (44,513 )
Net cash from financing activities (1,745,277 ) (499,181 )

Decrease in cash and cash equivalents (35,296 ) (102,716 )
Cash and cash equivalents at beginning of
year

2

76,429

179,145

Cash and cash equivalents at end of year 2 41,133 76,429

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,074,654 494,507
Depreciation charges 322,137 296,609
Loss/(profit) on disposal of fixed assets 18,147 (25,776 )
Finance costs 76,090 65,884
Finance income (10 ) (6 )
1,491,018 831,218
Decrease/(increase) in stocks 151,614 (273,713 )
Increase in trade and other debtors (233,196 ) (1,995 )
Increase in trade and other creditors 480,028 72,498
Cash generated from operations 1,889,464 628,008

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 41,133 76,429
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 76,429 179,145


PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank
and in hand 76,429 (35,296 ) 41,133
76,429 (35,296 ) 41,133
Debt
Finance leases (419,938 ) 363,881 - (562,777 )
Debts falling due
within 1 year (1,283,518 ) 823,503 - (460,015 )
Debts falling due
after 1 year (123,333 ) 123,333 - -
(1,826,789 ) 1,310,717 - (1,022,792 )
Total (1,750,360 ) 1,275,421 - (981,659 )

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Prasco UK 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. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on cost and 20% on cost
Computer equipment - Straight line over 3 years

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

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.

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,561,882 1,916,158
Social security costs 18,635 168,641
Other pension costs 176,798 152,693
2,757,315 2,237,492

The average number of employees during the year was as follows:
2023 2022

Sales 14 12
Directors 2 2
Purchasing 5 5
Admin 3 3
Drivers 31 31
Warehouse 21 21
76 74

2023 2022
£    £   
Directors' remuneration 240,691 162,985
Directors' pension contributions to money purchase schemes 38,935 31,100

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
2023
£   
Emoluments etc 120,443
Pension contributions to money purchase schemes 36,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 6,238 6,640
Depreciation - owned assets 87,652 81,743
Depreciation - assets on hire purchase contracts 234,487 214,865
Loss/(profit) on disposal of fixed assets 18,147 (25,776 )
Auditors' remuneration 12,785 11,480
Foreign exchange differences (84,742 ) 99,118
Operating lease expense 353,590 385,338

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 22,218 25,134
HMRC interest & penalties 3,133 -
Hire purchase 50,739 40,750
76,090 65,884

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 200,352 42,221

Deferred tax 115,404 37,493
Tax on profit 315,756 79,714

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,074,654 494,507
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

252,769

93,956

Effects of:
Expenses not deductible for tax purposes 1,834 2,023
Income not taxable for tax purposes - (3,801 )
Adjustments to tax charge in respect of previous periods - 2,135
Difference in deferred tax rate 62,493 8,263
Enhanced capital allowances (1,340 ) (22,862 )
Total tax charge 315,756 79,714

7. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 419,936 561,361 1,008,110 459,368 2,448,775
Additions - 14,402 651,805 9,766 675,973
Disposals - - (474,858 ) - (474,858 )
At 31 December 2023 419,936 575,763 1,185,057 469,134 2,649,890
DEPRECIATION
At 1 January 2023 288,784 306,317 433,501 434,097 1,462,699
Charge for year 27,968 39,267 240,972 13,932 322,139
Eliminated on disposal - - (348,640 ) - (348,640 )
At 31 December 2023 316,752 345,584 325,833 448,029 1,436,198
NET BOOK VALUE
At 31 December 2023 103,184 230,179 859,224 21,105 1,213,692
At 31 December 2022 131,152 255,044 574,609 25,271 986,076

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 172,804 727,817 900,621
Additions - 506,720 506,720
Disposals - (345,402 ) (345,402 )
At 31 December 2023 172,804 889,135 1,061,939
DEPRECIATION
At 1 January 2023 46,584 284,491 331,075
Charge for year 19,032 215,455 234,487
Eliminated on disposal - (245,461 ) (245,461 )
At 31 December 2023 65,616 254,485 320,101
NET BOOK VALUE
At 31 December 2023 107,188 634,650 741,838
At 31 December 2022 126,220 443,326 569,546

8. STOCKS
2023 2022
£    £   
Stocks 3,591,796 3,743,407

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,665,576 1,452,946
Other debtors 80,758 83,992
Prepayments 132,006 108,206
1,878,340 1,645,144

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 12) - 120,000
Other loans (see note 12) 460,015 1,163,518
Hire purchase contracts (see note 13) 271,060 210,358
Trade creditors 1,460,855 1,286,151
Amounts owed to associates - 91,178
Tax 200,352 42,221
Social security and other taxes 54,024 38,940
VAT 477,220 420,680
Accrued expenses 577,200 343,500
3,500,726 3,716,546

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 12) - 123,333
Hire purchase contracts (see note 13) 291,717 209,580
Amounts owed to associates - 343,381
291,717 676,294

12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 120,000
Invoice financing 460,015 1,163,518
460,015 1,283,518

Amounts falling due between one and two years:
Bank loans - 1-2 years - 120,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 3,333

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 271,060 210,358
Between one and five years 291,717 209,580
562,777 419,938

Non-cancellable operating leases
2023 2022
£    £   
Within one year 385,033 352,947
Between one and five years 1,540,132 1,540,132
In more than five years 1,411,788 1,860,993
3,336,953 3,754,072

14. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 243,333
Invoice financing 460,015 1,163,518
Hire purchase contracts 562,777 419,938
1,022,792 1,826,789

The bank loan is secured by a fixed charge over the bank balances of the Company.

The invoice discounting facility is secured by fixed and floating charge over the assets of the Company.

The trade debtor balance subject to invoice financing at the year end is £1,675,538 (2022: £1,393,057)

Hire purchase contracts are secured over the relevant assets.

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 302,758 187,354

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 187,354
Provided during year 56,239
Change in tax rates 59,165
Balance at 31 December 2023 302,758

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
400,000 Ordinary £1 400,000 400,000

17. RESERVES
Retained
earnings
£   

At 1 January 2023 1,470,862
Profit for the year 758,898
At 31 December 2023 2,229,760

18. RELATED PARTY DISCLOSURES

Prasco S.P.A
Shareholder
During the year the company made purchases of £505,403 (2022: £1,567,200) from Prasco S.P.A. At the balance sheet date £351,565 (2022: £559,930) was due to Prasco S.P.A. Prasco UK Limited had a loan due to Prasco S.P.A of £NIL (2022: £443,557).

TJ Paint & Panel Ltd
Director in common
During the year the company made purchases of £31,064 from TJ Paint & Panel Ltd. At the balance sheet date £2,006 was due to TJ Paint & Panel Ltd. Prasco UK Limited made sales of £4,410 to the company. At te balance sheet date a balance was due from the company of £854.

D Gibson
Director
During the year services were charged to the company of £43,261 (2022: £55,427). A balance was due at the year end of £5,031 (2022: £2,310).

S Waugh
Related Party
During the year services were charged to the company of £30,000 (2022: £30,000).

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


19. ULTIMATE CONTROLLING PARTY

There is no single ultimate controlling party.