IRIS Accounts Production v23.2.0.158 NI601511 Board of Directors 31.12.22 1.1.22 31.12.22 31.12.22 the sale and distribution of chilled food and the provision of rented warehouse space, vehicles and equipment. true true true false true true false false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureNI6015112021-12-31NI6015112022-12-31NI6015112022-01-012022-12-31NI6015112020-12-31NI6015112021-01-012021-12-31NI6015112021-12-31NI601511ns16:NorthernIreland2022-01-012022-12-31NI601511ns15:PoundSterling2022-01-012022-12-31NI601511ns11:Director12022-01-012022-12-31NI601511ns11:Consolidated2022-12-31NI601511ns11:ConsolidatedGroupCompanyAccounts2022-01-012022-12-31NI601511ns11:PrivateLimitedCompanyLtd2022-01-012022-12-31NI601511ns11:FRS102ns11:Consolidated2022-01-012022-12-31NI601511ns11:Auditedns11:Consolidated2022-01-012022-12-31NI601511ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-01-012022-12-31NI601511ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-01-012022-12-31NI601511ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-01-012022-12-31NI601511ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2022-01-012022-12-31NI601511ns11:FullAccounts2022-01-012022-12-31NI601511ns6:Subsidiary12022-01-012022-12-31NI601511ns6:Subsidiary22022-01-012022-12-31NI601511ns6:Subsidiary32022-01-012022-12-31NI601511ns11:OrdinaryShareClass12022-01-012022-12-31NI601511ns11:Consolidated2022-01-012022-12-31NI601511ns11:Director22022-01-012022-12-31NI601511ns11:RegisteredOffice2022-01-012022-12-31NI601511ns11:Consolidated2021-01-012021-12-31NI601511ns6:CurrentFinancialInstruments2022-12-31NI601511ns6:CurrentFinancialInstruments2021-12-31NI601511ns6:ShareCapital2022-12-31NI601511ns6:ShareCapital2021-12-31NI601511ns6:RetainedEarningsAccumulatedLosses2022-12-31NI601511ns6:RetainedEarningsAccumulatedLosses2021-12-31NI601511ns6:ShareCapital2020-12-31NI601511ns6:RetainedEarningsAccumulatedLosses2020-12-31NI601511ns6:RetainedEarningsAccumulatedLosses2021-01-012021-12-31NI601511ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-31NI601511ns6:PlantMachinery2022-01-012022-12-31NI601511ns6:FurnitureFittings2022-01-012022-12-31NI6015111ns6:Subsidiary12022-01-012022-12-31NI601511ns6:Subsidiary12022-12-31NI601511ns6:Subsidiary12021-12-31NI601511ns6:Subsidiary12021-01-012021-12-31NI601511ns6:Subsidiary232022-01-012022-12-31NI601511ns6:Subsidiary22022-12-31NI601511ns6:Subsidiary22021-12-31NI601511ns6:Subsidiary22021-01-012021-12-31NI6015115ns6:Subsidiary32022-01-012022-12-31NI601511ns6:Subsidiary32022-12-31NI601511ns6:Subsidiary32021-12-31NI601511ns6:Subsidiary32021-01-012021-12-31NI601511ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-31NI601511ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-31NI601511ns11:OrdinaryShareClass12022-12-31NI601511ns6:RetainedEarningsAccumulatedLosses2021-12-31
REGISTERED NUMBER: NI601511 (Northern Ireland)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2022

for

PRM Group Ltd

PRM Group Ltd (Registered number: NI601511)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


PRM Group Ltd

Company Information
for the Year Ended 31 December 2022







DIRECTORS: Mr Philip R Morrow
Mrs N Lynne Morrow



REGISTERED OFFICE: Rathdown Road
Lissue Industrial Estate
Moira Road
Lisburn
Co. Antrim
BT28 2RE



REGISTERED NUMBER: NI601511 (Northern Ireland)



AUDITORS: McCleary & Company Ltd
Chartered Accountants and Registered Auditors
Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB



BANKERS: Bank of Ireland
22 Market Square
Lisburn
Co. Antrim
BT28 1AG



SOLICITORS: MacCorkell Legal & Commercial
Garvey Studios
8-10 Longstone Street
Lisburn
BT28 1TP

PRM Group Ltd (Registered number: NI601511)

Group Strategic Report
for the Year Ended 31 December 2022

The directors present their strategic report of the company and the group for the year ended 31 December 2022.

The principal activity of the company in the year under review was that of the holding company for PRM Distribution Ltd, PRM Enterprises Ltd and PRM Ireland Ltd, three wholly owned subsidiaries.

REVIEW OF BUSINESS
The Company was not trading during the year but was a holding company. The Group results for the year show a pre-tax profit of £358,970 (2021 - £1,599,554) and turnover of £41,975,897 (2020 - £38,386,266).

FUTURE OUTLOOK
The commercial environment is expected to remain competitive in 2023, however we remain confident that we will maintain our current level of performance in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent distributors, employee retention and product availability.

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

ON BEHALF OF THE BOARD:





Mr Philip R Morrow - Director


22 December 2023

PRM Group Ltd (Registered number: NI601511)

Report of the Directors
for the Year Ended 31 December 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

Mr Philip R Morrow
Mrs N Lynne Morrow

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

PRM Group Ltd (Registered number: NI601511)

Report of the Directors
for the Year Ended 31 December 2022


AUDITORS
The auditors, McCleary & Company Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr Philip R Morrow - Director


22 December 2023

Report of the Independent Auditors to the Members of
PRM Group Ltd

Opinion
We have audited the financial statements of PRM Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2022 and of the group's 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 group 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 group's and the parent 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 Group 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.

Report of the Independent Auditors to the Members of
PRM Group Ltd


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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
PRM Group Ltd


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:

Having considered the nature of the business and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to breaches of health and safety laws, employment law and environmental regulations. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that do not have a direct impact on the preparation of the financial statements but compliance with which may be fundamental to the Company's ability to operate such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to fixed asset valuation and misstatement of inter-company balances. Audit procedures performed included:

- Assessment of compliance with key laws and regulations;
- Enquiry of those charged with governance including any known or suspected instances of non-compliance with laws and regulations, potential litigation and fraud;
- Identifying and testing journal entries for appropriateness, evaluating the rationale for significant transactions outside what is normal for the company and assessing whether the judgments made in making accounting estimates are indicative of potential bias, in order to assess the risk of fraud through management override of controls;
- Analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Challenging assumptions and judgments made by management in significant accounting estimates;
- Reviewing the disclosures in the financial statements against the specific legal requirements.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures outlined above. We are less likely to become aware of instances with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

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
PRM Group Ltd


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.




John McCleary (Senior Statutory Auditor)
for and on behalf of McCleary & Company Ltd
Chartered Accountants and Registered Auditors
Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB

22 December 2023


McCleary & Company Ltd.

PRM Group Ltd (Registered number: NI601511)

Consolidated
Income Statement
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   

TURNOVER 3 41,975,897 38,386,266

Cost of sales (39,663,086 ) (35,528,276 )
GROSS PROFIT 2,312,811 2,857,990

Distribution costs (588,961 ) (499,224 )
Administrative expenses (1,629,353 ) (1,040,772 )
94,497 1,317,994

Other operating income 313,576 311,788
OPERATING PROFIT 5 408,073 1,629,782


Interest payable and similar expenses 6 (49,103 ) (30,228 )
PROFIT BEFORE TAXATION 358,970 1,599,554

Tax on profit 7 (71,929 ) (304,141 )
PROFIT FOR THE FINANCIAL
YEAR

287,041

1,295,413
Profit attributable to:
Owners of the parent 287,041 1,295,413

PRM Group Ltd (Registered number: NI601511)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   

PROFIT FOR THE YEAR 287,041 1,295,413


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

287,041

1,295,413

Total comprehensive income attributable to:
Owners of the parent 287,041 1,295,413

PRM Group Ltd (Registered number: NI601511)

Consolidated Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
FIXED ASSETS
Tangible assets 9 4,381,416 4,050,880
Investments 10 - -
Investment property 11 2,125,000 2,125,000
6,506,416 6,175,880

CURRENT ASSETS
Stocks 12 677,528 342,924
Debtors 13 6,339,256 3,489,079
Cash at bank and in hand 920 1,771,407
7,017,704 5,603,410
CREDITORS
Amounts falling due within one year 15 (4,183,698 ) (2,722,100 )
NET CURRENT ASSETS 2,834,006 2,881,310
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,340,422

9,057,190

PROVISIONS FOR LIABILITIES 18 (5,124 ) (8,933 )
NET ASSETS 9,335,298 9,048,257

CAPITAL AND RESERVES
Called up share capital 19 30,008 30,008
Retained earnings 20 9,305,290 9,018,249
SHAREHOLDERS' FUNDS 9,335,298 9,048,257

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by:





Mr Philip R Morrow - Director


PRM Group Ltd (Registered number: NI601511)

Company Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
CURRENT ASSETS
Debtors 13 704 704
Investments 14 30,006 30,006
Cash at bank 4,441 29,537
35,151 60,247
CREDITORS
Amounts falling due within one year 15 (6,006 ) (30,998 )
NET CURRENT ASSETS 29,145 29,249
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,145

29,249

CAPITAL AND RESERVES
Called up share capital 19 30,008 30,008
Retained earnings 20 (863 ) (759 )
SHAREHOLDERS' FUNDS 29,145 29,249

Company's loss for the financial year (104 ) (96 )

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by:





Mr Philip R Morrow - Director


PRM Group Ltd (Registered number: NI601511)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 30,008 7,722,836 7,752,844

Changes in equity
Total comprehensive income - 1,295,413 1,295,413
Balance at 31 December 2021 30,008 9,018,249 9,048,257

Changes in equity
Total comprehensive income - 287,041 287,041
Balance at 31 December 2022 30,008 9,305,290 9,335,298

PRM Group Ltd (Registered number: NI601511)

Company Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 30,008 (663 ) 29,345

Changes in equity
Total comprehensive income - (96 ) (96 )
Balance at 31 December 2021 30,008 (759 ) 29,249

Changes in equity
Total comprehensive income - (104 ) (104 )
Balance at 31 December 2022 30,008 (863 ) 29,145

PRM Group Ltd (Registered number: NI601511)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,680,579 ) 1,285,031
Interest paid (49,103 ) (30,228 )
Tax paid (285,019 ) (297,331 )
Net cash from operating activities (3,014,701 ) 957,472

Cash flows from investing activities
Purchase of tangible fixed assets (412,845 ) (86,508 )
Sale of tangible fixed assets - 200,023
Net cash from investing activities (412,845 ) 113,515

Cash flows from financing activities
Amount withdrawn by directors (25,000 ) -
Net cash from financing activities (25,000 ) -

(Decrease)/increase in cash and cash equivalents (3,452,546 ) 1,070,987
Cash and cash equivalents at beginning
of year

2

1,520,926

449,939

Cash and cash equivalents at end of
year

2

(1,931,620

)

1,520,926

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.22 31.12.21
£    £   
Profit before taxation 358,970 1,599,554
Depreciation charges 82,340 22,856
Finance costs 49,103 30,228
490,413 1,652,638
(Increase)/decrease in stocks (334,604 ) 427,930
(Increase)/decrease in trade and other debtors (2,850,177 ) 1,139,746
Increase/(decrease) in trade and other creditors 13,789 (1,935,283 )
Cash generated from operations (2,680,579 ) 1,285,031

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 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 920 1,771,407
Bank overdrafts (1,932,540 ) (250,481 )
(1,931,620 ) 1,520,926
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 1,771,407 1,709,510
Bank overdrafts (250,481 ) (1,259,571 )
1,520,926 449,939


PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 1,771,407 (1,770,487 ) 920
Bank overdrafts (250,481 ) (1,682,059 ) (1,932,540 )
1,520,926 (3,452,546 ) (1,931,620 )
Total 1,520,926 (3,452,546 ) (1,931,620 )

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

PRM Group Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost and 20% on cost
Fixtures and fittings - 33% on cost, 25% on cost, 20% on cost, 15% on cost and 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Consolidated 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.

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.22 31.12.21
£    £   
United Kingdom 16,248,988 15,331,877
Europe 25,726,909 23,054,389
41,975,897 38,386,266

4. EMPLOYEES AND DIRECTORS
31.12.22 31.12.21
£    £   
Wages and salaries 1,065,366 1,037,213
Social security costs 102,397 95,312
Other pension costs 81,323 81,352
1,249,086 1,213,877

The average number of employees during the year was as follows:
31.12.22 31.12.21

Management 5 5
Administration 35 35
Selling 2 1
42 41

The average number of employees by undertakings that were proportionately consolidated during the year was 14 (2021 - 14 ) .

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

4. EMPLOYEES AND DIRECTORS - continued

31.12.22 31.12.21
£    £   
Directors' remuneration 155,100 145,241
Directors' pension contributions to money purchase schemes 4,800 6,078

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

Money purchase schemes 1 1

5. OPERATING PROFIT

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

31.12.22 31.12.21
£    £   
Depreciation - owned assets 82,309 22,856
Auditors' remuneration 31,016 21,855
Auditors' remuneration for non audit work 3,000 3,000
Foreign exchange differences 126,110 (161,897 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.22 31.12.21
£    £   
Bank interest 1,045 907
Other interest 47,095 29,321
Interest on overdue
corporation tax 963 -
49,103 30,228

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.22 31.12.21
£    £   
Current tax:
UK corporation tax 75,738 337,440

Deferred tax (3,809 ) (33,299 )
Tax on profit 71,929 304,141

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

7. 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:

31.12.22 31.12.21
£    £   
Profit before tax 358,970 1,599,554
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2021 - 19 %)

68,204

303,915

Effects of:
Expenses not deductible for tax purposes 5,935 3,162
Depreciation in excess of capital allowances 1,599 32,908
Adjustments to tax charge in respect of previous periods - (2,545 )
Movement in deferred tax provision (3,809 ) (33,299 )
Total tax charge 71,929 304,141

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2022 3,936,721 355,316 363,915 4,655,952
Additions 153,591 250,000 9,254 412,845
At 31 December 2022 4,090,312 605,316 373,169 5,068,797
DEPRECIATION
At 1 January 2022 - 301,316 303,756 605,072
Charge for year - 78,000 4,309 82,309
At 31 December 2022 - 379,316 308,065 687,381
NET BOOK VALUE
At 31 December 2022 4,090,312 226,000 65,104 4,381,416
At 31 December 2021 3,936,721 54,000 60,159 4,050,880

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

9. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 December 2022 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2020 2,200,000 - - 2,200,000
Cost 1,890,312 605,316 373,169 2,868,797
4,090,312 605,316 373,169 5,068,797

Freehold property consists of office space at Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn. This property was valued at an open market value on 31 December 2014 of £2,200,000 by Brian Nixon (FRICS) of Whelan Commercial Ltd acting as independent valuers on behalf of PRM Enterprises Ltd. The valuation report was prepared on 21 May 2015. At the balance sheet date it is felt that this still reflects the fair value of the property.

10. FIXED ASSET INVESTMENTS

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

PRM Distribution Ltd
Registered office: Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, Co Antrim, BT28 2RE.
Nature of business: Sale & Distribution of chilled food
%
Class of shares: holding
Ordinary 100.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 1,635,860 1,624,696
Profit for the year 11,164 228,438

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

10. FIXED ASSET INVESTMENTS - continued

PRM Enterprises Ltd
Registered office: Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, Co Antrim, BT28 2RE.
Nature of business: Warehousing, asset hire
%
Class of shares: holding
Ordinary 100.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 1,586,933 1,495,678
Profit for the year 91,255 137,657

PRM Ireland Limited
Registered office: Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, Co Antrim, BT28 2RE.
Nature of business: Sale & Distribution of chilled food
%
Class of shares: holding
Ordinary 100.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 6,113,367 5,928,639
Profit for the year 184,728 926,413


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2022
and 31 December 2022 2,139,724
DEPRECIATION
At 1 January 2022
and 31 December 2022 14,724
NET BOOK VALUE
At 31 December 2022 2,125,000
At 31 December 2021 2,125,000

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

11. INVESTMENT PROPERTY - continued

Group

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2020 (697,639 )
Cost 2,837,363
2,139,724

Investment property consists of warehousing at Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn and Altnagelvin Industrial Estate, Londonderry. The property was valued at an open market value on 31 December 2014 of £2,125,000 by Brian Nixon (FRICS) of Whelan Commercial Ltd acting as independent valuers on behalf of PRM Enterprises Ltd. The valuation report was prepared on 21 May 2015. At the balance sheet date it is felt that this still reflects the fair value of the property.

12. STOCKS

Group
31.12.22 31.12.21
£    £   
Stocks 677,528 342,924

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Trade debtors 3,046,816 2,944,338 - -
Other debtors 3,132,195 509,734 704 704
VAT 98,080 12,882 - -
Prepayments and accrued income 62,165 22,125 - -
6,339,256 3,489,079 704 704

14. CURRENT ASSET INVESTMENTS

Company
31.12.22 31.12.21
£    £   
Shares in group undertakings 30,006 30,006

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,932,540 250,481 8 -
Trade creditors 1,269,478 1,680,390 - -
Tax 130,705 339,986 - -
Social security and other taxes 31,392 34,557 - -
Other creditors 761,796 350,476 1,000 1,000
Directors' current accounts 4,998 29,998 4,998 29,998
Accrued expenses 52,789 36,212 - -
4,183,698 2,722,100 6,006 30,998

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,932,540 250,481 8 -

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.22 31.12.21
£    £   
Bank overdraft 1,932,540 250,481

The Bank holds a legal charge over the site at Lissue Industrial Estate, Rathdown Road, Lisburn and also a legal charge over the property at Unit 4 Glenaden Complex, Altnagelvin Industrial Estate, Londonderry.

18. PROVISIONS FOR LIABILITIES

Group
31.12.22 31.12.21
£    £   
Deferred tax 5,124 8,933

PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2022 8,933
Movement in year due to:
Accelerated Capital Allowances (3,809 )
Balance at 31 December 2022 5,124

Recognised deferred tax assets, as indicated by balances shown within brackets above, are included in Other debtors.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
30,008 Ordinary £1 30,008 30,008

20. RESERVES

Group
Retained
earnings
£   

At 1 January 2022 9,018,249
Profit for the year 287,041
At 31 December 2022 9,305,290

Company
Retained
earnings
£   

At 1 January 2022 (759 )
Deficit for the year (104 )
At 31 December 2022 (863 )


PRM Group Ltd (Registered number: NI601511)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

21. RELATED PARTY DISCLOSURES

During the period to 31 December 2022 PRM Distribution Ltd, PRM Enterprises Ltd and PRM Ireland Ltd had the following transactions with companies which are under the common control of the Directors and shareholders of PRM Group Ltd.

PRM Distribution Ltd

During the year PRM Distribution Ltd sold goods to the value of £168,722 (2021 £310,000), purchased goods to the value of £2,933,457 (2021 £2,392,075),and paid the following charges to these companies: rent for premises £24,000 (2021 £24,000), warehouse and distribution charges £214,632 (2021 £206,099), haulage charges £460,527 (2021 £854,249), motor vehicle hire £45,004 (2021 £35,246) and maintenance and security charges £39,342 (2021 £102,481). PRM Distribution also charged these companies a management charge amounting to £406,883 (2021 £448,199). and received interest on inter-company lending of £40,250 (2021 £32,303).

PRM Distribution Ltd operated current accounts with these companies. At the year end the balance due to PRM Enterprises and RPM Motorsports Ltd amounted to £40,000 and £25,000 respectively, with £150,000, £200,000 and 205,000 due form PRM Logistics Ltd, PRM Haulage Ltd and PRM Transport Ltd respectively.

PRM Enterprises Ltd

During the year PRM Enterprises Ltd charged these companies a total of £225,250 (2021 £210,000) for the rent of premises and £60,000 for the hire of plant and machinery. PRM Enterprises Ltd also incurred a management charge of £10,084 (2021 £8,087) and interest on intercompany lending of £210,000 (2020 £159,828) from these companies.

The Company purchased plant and equipment for £250,000 from Cottage Desserts Ltd. The Company also operated current accounts with these companies. The balance due at the year end from PRM Distribution Ltd and Cottage Desserts Ltd amounted to £40,000 and £60,000 respectively.

PRM Ireland Ltd

During the year PRM Ireland Ltd sold goods to these companies for a total of £Nil (2021 £1,807,500) and also received interest amounting to £188,289 (2021 £190,852) in relation to intercompany lending. PRM Ireland Ltd also purchased goods to the value of £168,722 (2021 £2,867,368), incurred a management charge of £92,133 (2021 £134,843), and a warehousing and distribution service of £1,884,045 (2021 £1,872,244) in relation to these companies.

At the year end the company was owed £1,938,625 from PRM Ireland Sales Ltd and owed £60,000 to PRM Logistics Ltd, £246,000 to PRM Haulage Ltd and £55,000 to RPM Motorsport Ltd.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the Directors due to their equity shareholding in the company.