Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 NI623807 Mr Philip Rex Morrow true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI623807 2022-12-31 NI623807 2023-12-31 NI623807 2023-01-01 2023-12-31 NI623807 frs-core:CurrentFinancialInstruments 2023-12-31 NI623807 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 NI623807 frs-core:OtherResidualIntangibleAssets 2023-12-31 NI623807 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 NI623807 frs-core:OtherResidualIntangibleAssets 2022-12-31 NI623807 frs-core:ShareCapital 2023-12-31 NI623807 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI623807 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI623807 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 NI623807 frs-bus:SmallEntities 2023-01-01 2023-12-31 NI623807 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 NI623807 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI623807 1 2023-01-01 2023-12-31 NI623807 frs-bus:Director1 2023-01-01 2023-12-31 NI623807 frs-countries:NorthernIreland 2023-01-01 2023-12-31 NI623807 2021-12-31 NI623807 2022-12-31 NI623807 2022-01-01 2022-12-31 NI623807 frs-core:CurrentFinancialInstruments 2022-12-31 NI623807 frs-core:ShareCapital 2022-12-31 NI623807 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: NI623807
PRM Brands Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
McCleary & Company Ltd.
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: NI623807
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 20,000
- 20,000
CURRENT ASSETS
Debtors 5 1 34,665
Cash at bank and in hand 394,029 343,169
394,030 377,834
Creditors: Amounts Falling Due Within One Year 6 (20,536 ) (84,870 )
NET CURRENT ASSETS (LIABILITIES) 373,494 292,964
TOTAL ASSETS LESS CURRENT LIABILITIES 373,494 312,964
NET ASSETS 373,494 312,964
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 373,493 312,963
SHAREHOLDERS' FUNDS 373,494 312,964
Page 1
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Philip Rex Morrow
Director
15 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PRM Brands Ltd is a private company, limited by shares, incorporated in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are initially measured at cost.  After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Patents and licences are bein amortised evenly to profit and loss account over its estimated economic life of 5 years.
2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. 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.
3. Average Number of Employees
Average number of employees during the year was: NIL (2022: NIL)
- -
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4. Intangible Assets
Other
£
Cost
As at 1 January 2023 117,600
As at 31 December 2023 117,600
Amortisation
As at 1 January 2023 97,600
Provided during the period 20,000
As at 31 December 2023 117,600
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 20,000
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 1 34,665
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 68,800
Other creditors 1,920 3,250
Taxation and social security 18,616 12,820
20,536 84,870
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
8. Related Party Transactions
During the year to 31 December 2023 the company had the following transactions with PRM Ireland Ltd a company under common control.
The company buys and sells all products to and from PRM Ireland Ltd. The company earned a gross profit of £89,505 for this rebranding work.  The company also operated a current account with PRM Ireland Ltd.  At the year end the amount due from PRM Ireland Ltd was Nil (2022:Nil).
9. Ultimate Controlling Party
The ultimate controlling party is the Director due to his equity shareholding in the company.
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