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REGISTERED NUMBER: 09635995 (England and Wales)














Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 30 November 2023

for

PREMO HOLDINGS LIMITED

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


PREMO HOLDINGS LIMITED

Company Information
for the Year Ended 30 November 2023







Director: D Keenan



Secretary: M Barker



Registered office: Durham Way South
Aycliffe Business Park
Newton Aycliffe
Co. Durham
DL5 6XN



Registered number: 09635995 (England and Wales)



Senior statutory auditor: Simon Davies MMath FCA



Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Strategic Report
for the Year Ended 30 November 2023

The director presents her strategic report for the year ended 30 November 2023.

Review of business
The company's principal activities are that of a holding company. The principal activity of its subsidiaries is the manufacture of architectural fabrications in the UK. The profit for the year reflects continued profitability of the group as a whole. The management team strive to run the business as efficiently as possible and this will continue in the year ahead.

The business uses a number of key performance indicators in assessing and driving performance, as shown below for its largest subsidiary which generates a majority of the income in this company.

2023 2022
Gross profit margin 16.16% 14.29%
Operating profit margin 3.67% 4.37%
Liquidity (current ratio) 1.86 1.79

Although there has been a decrease in turnover, the overall gross margin for the group has increased by 2.19% in the year, this is due to increased factory efficiencies and effective utilisation of materials and labour. The cross training of the labour force has resulted in more flexible and adaptable workforce which has led to factory cost savings. The reduction in operating margin is a result of the reduced turnover and the inflationary increases imposed on the overhead of the company, although the level of increases is less than the average rate of UK CPI inflation.

The business also continues to closely manage its working capital and this is reflected in the liquidity ratio, which has increased in the year despite the challenges faced.

Principal risks and uncertainties
The company and its subsidiaries operate in a competitive market and the majority of its output serves one main customer. The company manages this risk by providing a high standard of service and quality. This ensures that the company is crucial to its customer's operations. There is a close relationship and the pipeline of current work is very transparent.

Risks to the market in which the company operates inherently come from the competitive nature of the industry, with factors such as price of raw materials, labour only subcontractors and competitor margins. These risks are mitigated well by the company by ensuring each job is completed to an excellent standard. Risks within the macro environment, being supply chain and price of materials always remains at the forefront of the company's discussions and strategy of a fixed price policy being adhered to where possible. The stabilising of material along with the normalisation of prices has enabled the company to effectively price and forecast margins for new contracts. Inflationary increases have been priced into current tendering process and the company continues to operate a fix priced policy for the main system components.

The group continues to have a strong order book and benefits from good relationships with customers and suppliers which has helped limit the impact on performance and will ensure the group continues to be profitable.

Review of developments
With a strong forward order book the directors believe that the company will continue to trade profitably for the foreseeable future.


PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Strategic Report
for the Year Ended 30 November 2023

Future developments
We expect that sustainable growth will continue beyond 2023 as the group continues its close relationship with its main customer. The group is continuing to closely manage the changing dynamics of the industry and is continuing to review the amount of work outsourced to improve margins.

The company continues to develop and invest in innovation in order to give the best product and supply offering to its clients.

On behalf of the board:





D Keenan - Director


30 August 2024

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Report of the Director
for the Year Ended 30 November 2023

The director presents her report with the financial statements of the company for the year ended 30 November 2023.

Principal activities
The principal activities of the company in the year under review were those of a holding company and the hire of tangible fixed assets.

Dividends
No dividends will be distributed for the year ended 30 November 2023.

Directors
D Keenan has held office during the whole of the period from 1 December 2022 to the date of this report.

Other changes in directors holding office are as follows:

D Knowles and B D Stevens ceased to be directors after 30 November 2023 but prior to the date of this report.

Statement of director's responsibilities
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 director is 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





D Keenan - Director


30 August 2024

Report of the Independent Auditors to the Members of
Premo Holdings Limited

Opinion
We have audited the financial statements of Premo Holdings Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 30 November 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
We draw attention to Note 2 of the financial statements, which describes the rationale for the basis of preparation of the financial statements. Our opinion is not modified in respect of this matter.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Premo Holdings 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sectors in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,
data protection compliance, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.
These procedures did not identify any potentially material actual or suspected non-compliance.

Report of the Independent Auditors to the Members of
Premo Holdings Limited

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- reviewed material journal entries to identify unusual transactions or posting by unusual users;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the company's legal advisors.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

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.

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.




Simon Davies MMath FCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

30 August 2024

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Statement of Comprehensive
Income
for the Year Ended 30 November 2023

30/11/23 30/11/22
Notes £    £   

Turnover 3 127,563 149,412

Administrative expenses 51,906 65,354
75,657 84,058

Other operating income 169,992 169,992
Operating profit 5 245,649 254,050

Income from shares in group undertakings - 250,000
245,649 504,050

Interest payable and similar expenses 6 71,111 38,070
Profit before taxation 174,538 465,980

Tax on profit 7 38,026 51,045
Profit for the financial year 136,512 414,935

Other comprehensive income - -
Total comprehensive income for the year 136,512 414,935

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Balance Sheet
30 November 2023

30/11/23 30/11/22
Notes £    £    £    £   
Fixed assets
Tangible assets 9 2,011,732 2,056,784
Investments 10 200 200
2,011,932 2,056,984

Current assets
Debtors 11 1,013,315 932,753
Cash at bank and in hand 7,638 707
1,020,953 933,460
Creditors
Amounts falling due within one year 12 225,265 225,554
Net current assets 795,688 707,906
Total assets less current liabilities 2,807,620 2,764,890

Creditors
Amounts falling due after more than one
year

13

(896,308

)

(977,872

)

Provisions for liabilities 16 (22,403 ) (34,621 )
Net assets 1,888,909 1,752,397

Capital and reserves
Called up share capital 17 101 101
Capital redemption reserve 18 2 2
Retained earnings 18 1,888,806 1,752,294
Shareholders' funds 1,888,909 1,752,397

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





D Keenan - Director


PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 101 1,587,359 2 1,587,462

Changes in equity
Dividends - (250,000 ) - (250,000 )
Total comprehensive income - 414,935 - 414,935
Balance at 30 November 2022 101 1,752,294 2 1,752,397

Changes in equity
Total comprehensive income - 136,512 - 136,512
Balance at 30 November 2023 101 1,888,806 2 1,888,909

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Premo Holdings 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.

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

The financial statements have been prepared under the going concern basis of accounting.

A majority of the group's turnover is derived from its main customer. The group has received written assurances from its main customer that it has sufficient secured workload to support the group for at least 12 months from the date of signing of the audit report. Whilst written assurances have been provided, there is no legally binding agreement to pass work in place and this therefore represents a fundamental uncertainty. The director believes that there is a good commercial rationale for this work to be passed to the group and foresees no reason why such work would not be provided and has therefore chosen to adopt the going concern basis of accounting.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Premo Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Keenan Holdings Limited, Keenan House 22-26 Stockport Road, Stockport Road, Altrincham, England, WA15 8EX.

Copies of the consolidated financial statements are filed with and are available from Companies House.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the hire of plant or premise rental is recognised by reference to the period of hire at the balance sheet date.

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

No depreciation is charged against Freehold Property on the basis that the building is maintained to a level where the residual value is not expected to be materially different to the historical cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

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

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

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

30/11/23 30/11/22
£    £   
Hire of fixed assets 127,563 149,412
127,563 149,412

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 November 2023 nor for the year ended 30 November 2022.

The average number of employees during the year was as follows:
30/11/23 30/11/22

Directors 3 3

30/11/23 30/11/22
£    £   
Directors' remuneration - -

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. OPERATING PROFIT

The operating profit is stated after charging:

30/11/23 30/11/22
£    £   
Depreciation - owned assets 45,052 48,833
Loss on disposal of fixed assets - 8,946
Auditors' remuneration 3,659 3,485

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30/11/23 30/11/22
£    £   
Bank loan interest 71,056 38,070
Interest payable 55 -
71,111 38,070

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/11/23 30/11/22
£    £   
Current tax:
UK corporation tax 50,244 51,730

Deferred tax (12,218 ) (685 )
Tax on profit 38,026 51,045

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

30/11/23 30/11/22
£    £   
Profit before tax 174,538 465,980
Profit multiplied by the standard rate of corporation tax in the UK of
23.011% (2022 - 19%)

40,163

88,536

Effects of:
Income not taxable for tax purposes - (47,500 )
Depreciation in excess of capital allowances 10,081 10,694
Deferred tax movement (12,218 ) (685 )
Total tax charge 38,026 51,045

8. DIVIDENDS
30/11/23 30/11/22
£    £   
Ordinary shares of £1 each
Paid during the year - 250,000

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022
and 30 November 2023 1,876,575 422,755 134,048
DEPRECIATION
At 1 December 2022 - 296,016 84,815
Charge for year - 31,685 12,308
At 30 November 2023 - 327,701 97,123
NET BOOK VALUE
At 30 November 2023 1,876,575 95,054 36,925
At 30 November 2022 1,876,575 126,739 49,233

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 3,977 12,202 2,449,557
DEPRECIATION
At 1 December 2022 3,229 8,713 392,773
Charge for year 187 872 45,052
At 30 November 2023 3,416 9,585 437,825
NET BOOK VALUE
At 30 November 2023 561 2,617 2,011,732
At 30 November 2022 748 3,489 2,056,784

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 200
NET BOOK VALUE
At 30 November 2023 200
At 30 November 2022 200

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. FIXED ASSET INVESTMENTS - continued

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

Premo Fabrications Limited
Registered office: Durham Way South, Aycliffe Business Park, Newton Aycliffe, Co. Durham, DL5 6XN
Nature of business: Aluminium fabricator
%
Class of shares: holding
Ordinary 100.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 2,869,425 2,546,012
Profit for the year 323,413 409,455

Premo Aluminium Limited
Registered office: Durham Way South, Aycliffe Business Park, Newton Aycliffe, Co. Durham, England, DL5 6XN
Nature of business: Aluminium windows and doors manufacturer
%
Class of shares: holding
Ordinary 100.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 585,676 480,422
Profit/(loss) for the year 105,254 (43,419 )

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Amounts owed by group undertakings 1,013,315 910,904
Prepayments and accrued income - 21,849
1,013,315 932,753

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Bank loans and overdrafts (see note 14) 103,109 98,286
Trade creditors - 2,473
Amounts owed to group undertakings 48,000 48,000
Tax 50,299 51,730
VAT 14,858 16,328
Directors' current accounts 3,470 3,470
Accrued expenses 5,529 5,267
225,265 225,554

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/11/23 30/11/22
£    £   
Bank loans (see note 14) 896,308 977,872

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

14. LOANS

An analysis of the maturity of loans is given below:

30/11/23 30/11/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 103,109 98,286

Amounts falling due between one and two years:
Bank loans 108,168 103,109

Amounts falling due between two and five years:
Bank loans 357,407 340,689

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 430,733 534,074

Interest is charged at 2.5% per annum.

15. SECURED DEBTS

The following secured debts are included within creditors:

30/11/23 30/11/22
£    £   
Bank loans 999,417 1,076,158

The loan is secured via a fixed and floating charge over all assets.

16. PROVISIONS FOR LIABILITIES
30/11/23 30/11/22
£    £   
Deferred tax 22,403 34,621

Deferred
tax
£   
Balance at 1 December 2022 34,621
Accelerated capital allowances (12,218 )
Balance at 30 November 2023 22,403

It is currently estimated that £13,840 (2022: £11,209) of this balance will reverse within the next accounting period.

PREMO HOLDINGS LIMITED (REGISTERED NUMBER: 09635995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/11/23 30/11/22
value: £    £   
100 Ordinary £1 100 100
1 Ordinary A £1 1 1
101 101

Ordinary shares carry full voting rights, the right to participate in any dividend distribution as recommended by the directors, on a pro rata basis with regard to total number of Ordinary shares in issue, and the right to participate in a distribution arising from a winding up of the company.

Ordinary A shares do not carry any voting rights or right to participate in a distribution arising from a winding up of the company but do carry the right to participate in any dividend distribution as recommended by the directors, on a pro rata basis with regard to total number of Ordinary A shares in issue.

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2022 1,752,294 2 1,752,296
Profit for the year 136,512 136,512
At 30 November 2023 1,888,806 2 1,888,808

19. ULTIMATE PARENT COMPANY

Keenan Holdings Limited is regarded by the director as being the company's ultimate parent company.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Keenan.