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Premier Moulding Machinery Limited
Filleted accounts
31 December 2023
Company registration number: 10543573
Premier Moulding Machinery Limited
Directors and other information
Directors C Edlund-Reeve
J Reeve
J C Reeve
Company number 10543573
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Auditor Cox Hinkins Audit Services Limited
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Premier Moulding Machinery Limited
Directors responsibilities statement
Year ended 31st December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Premier Moulding Machinery Limited
Balance sheet
31st December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 144,065 20,945
_______ _______
144,065 20,945
Current assets
Stocks 669,285 421,225
Debtors 6 915,968 1,065,466
Cash at bank and in hand 1,995,904 2,606,894
_______ _______
3,581,157 4,093,585
Creditors: amounts falling due
within one year 7 ( 2,173,370) ( 2,177,259)
_______ _______
Net current assets 1,407,787 1,916,326
_______ _______
Total assets less current liabilities 1,551,852 1,937,271
Provisions for liabilities 8 ( 17,891) ( 4,797)
_______ _______
Net assets 1,533,961 1,932,474
_______ _______
Capital and reserves
Called up share capital 10 1 1
Profit and loss account 1,533,960 1,932,473
_______ _______
Shareholders funds 1,533,961 1,932,474
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
J C Reeve
Director
Company registration number: 10543573
Premier Moulding Machinery Limited
Notes to the financial statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be the sale of precision moulding machinery and ancillaries .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on satisfactory installation of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is recognised when the service has been carried out in accordance with contracted terms, the amount of revenue can be measured reliably and it is probable that the associated economic benefits will flow to the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10% Straight line per annum
Plant and machinery - 25% Reducing balance per annum
Fittings fixtures and equipment - 25% Reducing balance per annum
Motor vehicles - 25% Reducing balance per annum
Tooling - 25% Reducing balance per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. Financial assets that are measured at cost and amortised and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
4. Employee numbers
The company does not employ staff directly. All staff costs are recharged by fellow group companies.
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Tooling Total
£ £ £ £ £ £
Cost
At 1st January 2023 - 23,103 25,639 3,812 - 52,554
Additions 51,916 23,681 20,357 23,495 23,885 143,334
_______ _______ _______ _______ _______ _______
At 31st December 2023 51,916 46,784 45,996 27,307 23,885 195,888
_______ _______ _______ _______ _______ _______
Depreciation
At 1st January 2023 - 15,285 13,190 3,134 - 31,609
Charge for the year 2,622 5,016 5,647 4,575 2,354 20,214
_______ _______ _______ _______ _______ _______
At 31st December 2023 2,622 20,301 18,837 7,709 2,354 51,823
_______ _______ _______ _______ _______ _______
Carrying amount
At 31st December 2023 49,294 26,483 27,159 19,598 21,531 144,065
_______ _______ _______ _______ _______ _______
At 31st December 2022 - 7,818 12,449 678 - 20,945
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 282,840 172,220
Amounts owed by group undertakings and undertakings in which the company has a participating interest 8,200 125
Other debtors 624,928 893,121
_______ _______
915,968 1,065,466
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,061,416 1,194,494
Amounts owed to group undertakings and undertakings in which the company has a participating interest 538,407 309,010
Social security and other taxes ( 18) 40,778
Other creditors 573,565 632,977
_______ _______
2,173,370 2,177,259
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1st January 2023 4,797 4,797
Additions 13,094 13,094
_______ _______
At 31st December 2023 17,891 17,891
_______ _______
9. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in provisions (note 8) 17,891 4,797
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 17,891 4,797
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 73,785 73,785
Later than 1 year and not later than 5 years 122,976 196,761
_______ _______
196,761 270,546
_______ _______
12. Contingent assets and liabilities
The company's bankers hold a charge over the assets of the company by way of security for anymonies which may become due from time to time. At 31st December 2023 the liability covered by this charge amounted to £Nil (2022: £Nil). The company's bankers hold an unlimited multilateral guarantee given by Data Plastics Limited and its trading subsidiaries which includes the company. At 31 December 2023, the liability covered by these charges amounted to £Nil (2022: £Nil).
13. Summary audit opinion
The auditor's report for the year dated 10 September 2024 was unqualified.
The senior statutory auditor was Michael Howard Hinkins for and on behalf of Cox Hinkins Audit Services Limited
14. Controlling party
The company is under the control of Premier Plastics Holdings Ltd which owns 100% of the issued shares.
15. Ultimate parent undertaking
Data Plastics Limited, a company incorporated in England and Wales, is regarded by the directors as being the company's ultimate holding company and prepares consolidated accounts for the group.