IRIS Accounts Production v24.3.0.553 SC654248 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6542482023-03-31SC6542482024-03-31SC6542482023-04-012024-03-31SC6542482022-03-31SC6542482022-04-012023-03-31SC6542482023-03-31SC654248ns15:Scotland2023-04-012024-03-31SC654248ns14:PoundSterling2023-04-012024-03-31SC654248ns10:Director12023-04-012024-03-31SC654248ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC654248ns10:SmallEntities2023-04-012024-03-31SC654248ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31SC654248ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC654248ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC654248ns10:FullAccounts2023-04-012024-03-31SC654248ns10:Director22023-04-012024-03-31SC654248ns10:RegisteredOffice2023-04-012024-03-31SC654248ns5:CurrentFinancialInstruments2024-03-31SC654248ns5:CurrentFinancialInstruments2023-03-31SC654248ns5:Non-currentFinancialInstruments2024-03-31SC654248ns5:Non-currentFinancialInstruments2023-03-31SC654248ns5:ShareCapital2024-03-31SC654248ns5:ShareCapital2023-03-31SC654248ns5:RetainedEarningsAccumulatedLosses2024-03-31SC654248ns5:RetainedEarningsAccumulatedLosses2023-03-31SC654248ns5:FurnitureFittings2023-04-012024-03-31SC654248ns5:ComputerEquipment2023-04-012024-03-31SC654248ns5:PlantMachinery2023-03-31SC654248ns5:PlantMachinery2023-04-012024-03-31SC654248ns5:PlantMachinery2024-03-31SC654248ns5:PlantMachinery2023-03-31SC654248ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-012024-03-31SC654248ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-31SC654248ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SC654248ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC654248ns5:Secured2024-03-31SC654248ns5:Secured2023-03-31SC6542481ns10:Director12023-03-31SC6542481ns10:Director12022-03-31SC6542481ns10:Director12023-04-012024-03-31SC6542481ns10:Director12022-04-012023-03-31SC6542481ns10:Director12024-03-31SC6542481ns10:Director12023-03-31SC654248ns10:Director222023-03-31SC654248ns10:Director222022-03-31SC654248ns10:Director222023-04-012024-03-31SC654248ns10:Director222022-04-012023-03-31SC654248ns10:Director222024-03-31SC654248ns10:Director222023-03-31
REGISTERED NUMBER: SC654248 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Premac Group Ltd

Premac Group Ltd (Registered number: SC654248)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Premac Group Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Macleod
E R Priesty





REGISTERED OFFICE: 10 Westgarth Place
East Kilbride
Glasgow
G74 5NT





REGISTERED NUMBER: SC654248 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

Premac Group Ltd (Registered number: SC654248)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 81,399 3,101

CURRENT ASSETS
Debtors 6 251,956 108,458
Cash at bank 104,195 62,966
356,151 171,424
CREDITORS
Amounts falling due within one year 7 215,099 155,751
NET CURRENT ASSETS 141,052 15,673
TOTAL ASSETS LESS CURRENT
LIABILITIES

222,451

18,774

CREDITORS
Amounts falling due after more than one
year

8

(44,534

)

(10,835

)

PROVISIONS FOR LIABILITIES (15,924 ) (618 )
NET ASSETS 161,993 7,321

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 161,893 7,221
SHAREHOLDERS' FUNDS 161,993 7,321

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Premac Group Ltd (Registered number: SC654248)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





E R Priesty - Director


Premac Group Ltd (Registered number: SC654248)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Premac Group Ltd is a private company, limited by shares , registered in Scotland. 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. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived from building services supplied by the company.

Turnover is measured at the fair value of building services supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

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.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

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.


Premac Group Ltd (Registered number: SC654248)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. 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
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 5 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 7,270
Additions 87,768
At 31 March 2024 95,038
DEPRECIATION
At 1 April 2023 4,169
Charge for year 9,470
At 31 March 2024 13,639
NET BOOK VALUE
At 31 March 2024 81,399
At 31 March 2023 3,101

Premac Group Ltd (Registered number: SC654248)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 56,679
At 31 March 2024 56,679
DEPRECIATION
Charge for year 2,501
At 31 March 2024 2,501
NET BOOK VALUE
At 31 March 2024 54,178

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 145,428 58,047
Other debtors 106,528 50,411
251,956 108,458

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,001 5,000
Hire purchase contracts 12,116 -
Trade creditors 106,719 68,325
Taxation and social security 79,848 63,165
Other creditors 11,415 19,261
215,099 155,751

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 5,832 10,835
Hire purchase contracts 38,702 -
44,534 10,835

Premac Group Ltd (Registered number: SC654248)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 10,833 15,835
Hire purchase contracts 50,818 -
61,651 15,835

The bank loan is supported by a 100% guarantee from the UK Government.

Hire purchase contracts are secured over the assets to which they relate.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
E R Priesty
Balance outstanding at start of year 15,324 16,906
Amounts advanced 75,132 -
Amounts repaid (68,258 ) (1,582 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,198 15,324

J Macleod
Balance outstanding at start of year 15,325 16,906
Amounts advanced 57,371 -
Amounts repaid (50,498 ) (1,581 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,198 15,325

These loans are unsecured, interest free and have no fixed repayment terms.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Premac Group Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Premac Group Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Premac Group Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Premac Group Ltd and state those matters that we have agreed to state to the Board of Directors of Premac Group Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Premac Group Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Premac Group Ltd. You consider that Premac Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Premac Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


28 August 2024