REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
PREMO ALUMINIUM LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
PREMO ALUMINIUM LIMITED |
PREMO ALUMINIUM LIMITED (REGISTERED NUMBER: 09470145) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PREMO ALUMINIUM LIMITED |
Company Information |
for the Year Ended 30 November 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
Accountants and Statutory Auditor |
43 Coniscliffe Road |
Darlington |
Co. Durham |
DL3 7EH |
PREMO ALUMINIUM LIMITED (REGISTERED NUMBER: 09470145) |
Abridged Balance Sheet |
30 November 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
PREMO ALUMINIUM LIMITED (REGISTERED NUMBER: 09470145) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Premo Aluminium Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the going concern basis of accounting. |
A majority of the company's turnover is derived from its main customer. The company has received written assurances from its main customer that it has sufficient secured workload to support the company 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 company and foresees no reason why such work would not be provided and has therefore chosen to adopt the going concern basis of accounting. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The policies adopted for the recognition of turnover is as follows: |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
PREMO ALUMINIUM LIMITED (REGISTERED NUMBER: 09470145) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
PREMO ALUMINIUM LIMITED (REGISTERED NUMBER: 09470145) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 | 510,000 |
DEPRECIATION |
At 1 December 2022 | 102,000 |
Charge for year | 51,000 |
At 30 November 2023 | 153,000 |
NET BOOK VALUE |
At 30 November 2023 | 357,000 |
At 30 November 2022 | 408,000 |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/11/23 | 30/11/22 |
£ | £ |
Hire purchase contracts | 190,183 | 281,983 |
Hire purchase liabilities are secured against the asset to which they relate. |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
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. |
for and on behalf of |
7. | CONTINGENT LIABILITIES |
The company is party to a multilateral guarantee for all group companies and companies under common ownership for debts owed to HSBC. At the year-end date there is a £999,416 (2022: £1,076,158) loan with HSBC in the financial statement of the parent company. |
PREMO ALUMINIUM LIMITED (REGISTERED NUMBER: 09470145) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
8. | RELATED PARTY DISCLOSURES |
Other related parties |
30/11/2023 | 30/11/2022 |
£ | £ |
Sales | 2,105,701 | 639,910 |
Amount due from related parties | 1,410,018 | 810,940 |
Other related parties relate to companies controlled by close persons of D Keenan. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
10. | ULTIMATE PARENT COMPANY |
The parent of the smallest group for which consolidated financial statements are drawn up and of which this company is a member is Keenan Holdings Limited, whose registered office is Keenan House 22-26 Stockport Road, Stockport Road, Altrincham, England, WA15 8EX. |