IRIS Accounts Production v24.2.0.383 09470145 director 1.12.22 30.11.23 30.11.23 30/8/24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh094701452022-11-30094701452023-11-30094701452022-12-012023-11-30094701452021-11-30094701452021-12-012022-11-30094701452022-11-3009470145ns15:EnglandWales2022-12-012023-11-3009470145ns14:PoundSterling2022-12-012023-11-3009470145ns10:Director12022-12-012023-11-3009470145ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3009470145ns10:SmallEntities2022-12-012023-11-3009470145ns10:Audited2022-12-012023-11-3009470145ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3009470145ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3009470145ns10:AbridgedAccounts2022-12-012023-11-3009470145ns10:CompanySecretary12022-12-012023-11-3009470145ns10:RegisteredOffice2022-12-012023-11-3009470145ns5:CurrentFinancialInstruments2023-11-3009470145ns5:CurrentFinancialInstruments2022-11-3009470145ns5:Non-currentFinancialInstruments2023-11-3009470145ns5:Non-currentFinancialInstruments2022-11-3009470145ns5:ShareCapital2023-11-3009470145ns5:ShareCapital2022-11-3009470145ns5:RetainedEarningsAccumulatedLosses2023-11-3009470145ns5:RetainedEarningsAccumulatedLosses2022-11-3009470145ns5:PlantMachinery2022-12-012023-11-3009470145ns5:FurnitureFittings2022-12-012023-11-30
REGISTERED NUMBER: 09470145 (England and Wales)














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: D Keenan



Secretary: M Barker



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



Registered number: 09470145 (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 ALUMINIUM LIMITED (REGISTERED NUMBER: 09470145)

Abridged Balance Sheet
30 November 2023

30/11/23 30/11/22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 562,230 644,516

Current assets
Stocks 3,851 10,637
Debtors 1,462,392 905,222
Cash at bank and in hand 67,715 59,790
1,533,958 975,649
Creditors
Amounts falling due within one year 1,273,776 778,763
Net current assets 260,182 196,886
Total assets less current liabilities 822,412 841,402

Creditors
Amounts falling due after more than one
year

(96,189

)

(190,183

)

Provisions for liabilities (140,547 ) (170,797 )
Net assets 585,676 480,422

Capital and reserves
Called up share capital 100 100
Retained earnings 585,576 480,322
Shareholders' funds 585,676 480,422

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 30 August 2024 and were signed by:





D Keenan - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance

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 26 (2022 - 27 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022 848,211
Additions 2,887
At 30 November 2023 851,098
DEPRECIATION
At 1 December 2022 203,695
Charge for year 85,173
At 30 November 2023 288,868
NET BOOK VALUE
At 30 November 2023 562,230
At 30 November 2022 644,516

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.

Simon Davies MMath FCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP

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 D Keenan.

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.