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REGISTERED NUMBER: 06724413 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Promec Engineering Ltd

Promec Engineering Ltd (Registered number: 06724413)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Promec Engineering Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: R Johns
D Loader
A Pinder





REGISTERED OFFICE: Unit 1 Severn Link Distribution Centre
Newhouse Farm Industrial Estate
Chepstow
NP16 6UN





REGISTERED NUMBER: 06724413 (England and Wales)





ACCOUNTANTS: Verinder Powell Associates Ltd
Suite 5 Corum 2
Corum Office Park
Crown Way
Warmley
Bristol
BS30 8FJ

Promec Engineering Ltd (Registered number: 06724413)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 344,984 265,393

CURRENT ASSETS
Stocks 42,200 34,000
Debtors 5 1,296,378 872,364
Cash at bank and in hand 310,780 414,069
1,649,358 1,320,433
CREDITORS
Amounts falling due within one year 6 1,134,521 1,027,386
NET CURRENT ASSETS 514,837 293,047
TOTAL ASSETS LESS CURRENT LIABILITIES 859,821 558,440

CREDITORS
Amounts falling due after more than one
year

7

(131,628

)

(84,358

)

PROVISIONS FOR LIABILITIES (66,430 ) (72,555 )
NET ASSETS 661,763 401,527

CAPITAL AND RESERVES
Called up share capital 199 199
Capital redemption reserve 45 45
Retained earnings 661,519 401,283
661,763 401,527

Promec Engineering Ltd (Registered number: 06724413)

Balance Sheet - continued
31 October 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:





R Johns - Director


Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Promec Engineering Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

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

There have been no material departures from the Financial Reporting Standard 102 1A.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Improvements to property- 10% on cost
Plant and machinery- 15% on reducing balance
Fixtures and fittings- 15% on reducing balance and 25% on reducing balance
Motor vehicles- 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 58,558 206,227 56,840 231,642 553,267
Additions - 18,404 8,373 137,150 163,927
Disposals - (2,526 ) (693 ) (20,991 ) (24,210 )
At 31 October 2023 58,558 222,105 64,520 347,801 692,984
DEPRECIATION
At 1 November 2022 43,345 113,697 35,795 95,037 287,874
Charge for year 4,418 15,113 5,293 55,289 80,113
Eliminated on disposal - (1,353 ) (569 ) (18,065 ) (19,987 )
At 31 October 2023 47,763 127,457 40,519 132,261 348,000
NET BOOK VALUE
At 31 October 2023 10,795 94,648 24,001 215,540 344,984
At 31 October 2022 15,213 92,530 21,045 136,605 265,393

Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 743,729 619,128
Other debtors 552,649 253,236
1,296,378 872,364

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts - 62,749
Hire purchase contracts 49,483 23,929
Trade creditors 398,028 415,583
Taxation and social security 468,297 316,056
Other creditors 218,713 209,069
1,134,521 1,027,386

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts 131,628 84,358

Included in bank loans in notes 6 and 7 is a combined balance of £Nil (2022 - £62,749) which is guaranteed by the government and unsecured.

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Hire purchase contracts 181,111 108,287

Assets held under hire purchase contracts are secured against the assets to which they relate.

9. PENSION COMMITMENTS

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. Contributions totalling £10,618 (2022 - £6,809) were payable to the fund at the reporting date.

Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. OFF BALANCE SHEET COMMITMENTS

At the year end the company had future minimum lease payments due under non-cancellable operating leases totalling £437,051 (2022 - £548,892).

11. RELATED PARTY DISCLOSURES

Loans from related parties



Key
management


Total
2023 £ £
At start of period 35,270 35,270
Advanced 448,558 448,558
Repaid (483,460 ) (483,460 )
At end of period 368 368


Key
management


Total
2022 £ £
At start of period 11,599 11,599
Advanced 212,876 212,876
Repaid (189,205 ) (189,205 )
At end of period 35,270 35,270

Loans from key management are interest free and repayable on demand. Interest is charged on loan balances owing to the company that exceed £10,000. Interest is charged at the HMRC prevailing rate.