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REGISTERED NUMBER: 00589981 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

P.M.D. GROUP LIMITED

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


P.M.D. GROUP LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mrs C A Blake
B J Fisher
S J D Naylor


REGISTERED OFFICE: Broad Lane
Tile Hill
Coventry
West Midlands
CV5 7AY


REGISTERED NUMBER: 00589981 (England and Wales)


SENIOR STATUTORY AUDITOR: Wayne Gutteridge FCA


AUDITORS: Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB


BANKERS: National Westminster Bank Plc
PO Box 301
24 Broadgate
Coventry
CV1 1ZZ

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

GROUP STRATEGIC REPORT
for the year ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
2023 has been a better year for the group despite the apparent drop in turnover of 6.8% to £10,090,452 (2022 £10,828,115). The prior year included six months of sales by the powder coating subsidiary which was closed in June 2022. Continuing operations recorded a modest 0.9% improvement in sales. The group has returned to profit following the impact of closure costs last year which is reflected in an increase in net assets to £3,212,000 (2022 £3,169,881).

Plating operations at PMD UK Ltd have been challenging with a slight fall in turnover and inflationary costs pressures pegging back profit levels compare to the previous year. It is anticipated market conditions will remain a challenge through 2024 but the spread of customers across numerous industry sectors will enable the Company to withstand these pressures.

PMD Chemicals Ltd has had a better result in 2023 with more focus on the UK market and the acquisition of the Trimite pre-treatment chemical division early in the year. The directors are confident margins will continue to improve and deliver consistent profit through 2024 and the future.

The reorganisation of operations in India has led to increasing activity levels in a low margin environment. The directors are seeing this improvement continue through 2024 and expect to report a return to profit in the near future.

The impact of the closure of the subsidiary Metallic Protectives Ltd was all dealt with in the 2022 financial statements and has had no impact on the results for 2023.

The directors are satisfied with the progress made in 2023 which they anticipate will continue in 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
We do not consider the company to be exposed to any material adverse risks that are specific to the nature of the group's principal activities. However, measures are in place to mitigate the impact of any risks that do arise in the ordinary course of the group's business such as the risk of fluctuations in precious metal prices, declining markets in plating and surface coatings.

We are also aware that the economy and competition may impact upon the future operations of the group.

ON BEHALF OF THE BOARD:





B J Fisher - Director


30 October 2024

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of electro-platers, electro-metallurgists and enamellers and manufacturers of plant, equipment and chemicals for the electroplating industry.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £41,000.

FUTURE DEVELOPMENTS
We are pleased that the group returned to trade profitability during the year. The group continues to operate with sufficient headroom on arranged banking facilities and this is expected to continue into the foreseeable future. We have therefore adopted the going concern basis of accounting in preparing the annual financial statements.

DIRECTORS
The directors during the year under review were:

Mrs C A Blake
B J Fisher
S J D Naylor

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





B J Fisher - Director


30 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P.M.D. GROUP LIMITED

Opinion
We have audited the financial statements of P.M.D. Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 directors' 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 group's and the parent 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P.M.D. GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business. We have concluded that there are no such key laws and regulations that are particular to the company's activities.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance.

Nevertheless, nothing has come to our attention that has given us significant cause for concern in the course of the procedures we haven undertaken in order to give our opinion on whether the financial statements are free from material misstatement, as shown above.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P.M.D. GROUP LIMITED


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.




Wayne Gutteridge FCA (Senior Statutory Auditor)
for and on behalf of Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB

30 October 2024

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 10,090,452 10,828,115

Cost of sales 5,738,124 6,620,111
GROSS PROFIT 4,352,328 4,208,004

Administrative expenses 4,114,376 5,483,790
237,952 (1,275,786 )

Other operating income 11,203 57,138
OPERATING PROFIT/(LOSS) 5 249,155 (1,218,648 )

Interest receivable and similar income 72,506 35,562
321,661 (1,183,086 )

Interest payable and similar expenses 6 181,249 90,053
PROFIT/(LOSS) BEFORE TAXATION 140,412 (1,273,139 )

Tax on profit/(loss) 7 (16,208 ) (48,142 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

156,620

(1,224,997

)
Profit/(loss) attributable to:
Owners of the parent 156,620 (1,224,997 )

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 156,620 (1,224,997 )


OTHER COMPREHENSIVE INCOME
Exchange differences on consolidation (73,501 ) 187,551
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(73,501

)

187,551
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

83,119

(1,037,446

)

Total comprehensive income attributable to:
Owners of the parent 83,119 (1,037,446 )

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

CONSOLIDATED BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 131,022 -
Tangible assets 11 1,753,168 1,665,452
Investments 12 - -
Investment property 13 - -
1,884,190 1,665,452

CURRENT ASSETS
Stocks 14 1,715,407 1,574,242
Debtors 15 2,531,814 2,683,349
Cash at bank and in hand 419,247 939,693
4,666,468 5,197,284
CREDITORS
Amounts falling due within one year 16 2,912,252 3,225,786
NET CURRENT ASSETS 1,754,216 1,971,498
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,638,406

3,636,950

CREDITORS
Amounts falling due after more than one
year

17

(295,504

)

(362,933

)

PROVISIONS FOR LIABILITIES 21 (130,902 ) (104,136 )
NET ASSETS 3,212,000 3,169,881

CAPITAL AND RESERVES
Called up share capital 22 4,100 4,100
Capital redemption reserve 23 2,500 2,500
Other reserves 23 470,140 543,641
Retained earnings 23 2,735,260 2,619,640
SHAREHOLDERS' FUNDS 3,212,000 3,169,881

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





B J Fisher - Director


P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

COMPANY BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 8,679 15,448
Investments 12 203,097 203,097
Investment property 13 1,099,676 1,099,676
1,311,452 1,318,221

CURRENT ASSETS
Debtors 15 1,179,808 1,373,134
Cash at bank 60,000 60,000
1,239,808 1,433,134
CREDITORS
Amounts falling due within one year 16 507,838 643,377
NET CURRENT ASSETS 731,970 789,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,043,422

2,107,978

CREDITORS
Amounts falling due after more than one
year

17

211,937

252,758
NET ASSETS 1,831,485 1,855,220

CAPITAL AND RESERVES
Called up share capital 22 4,100 4,100
Retained earnings 23 1,827,385 1,851,120
SHAREHOLDERS' FUNDS 1,831,485 1,855,220

Company's profit for the financial year 17,265 98,601

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





B J Fisher - Director


P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2022 4,100 3,926,637 2,500 356,090 4,289,327

Changes in equity
Dividends - (82,000 ) - - (82,000 )
Total comprehensive income - (1,224,997 ) - 187,551 (1,037,446 )
Balance at 31 December 2022 4,100 2,619,640 2,500 543,641 3,169,881

Changes in equity
Dividends - (41,000 ) - - (41,000 )
Total comprehensive income - 156,620 - (73,501 ) 83,119
Balance at 31 December 2023 4,100 2,735,260 2,500 470,140 3,212,000

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 4,100 1,834,519 1,838,619

Changes in equity
Dividends - (82,000 ) (82,000 )
Total comprehensive income - 98,601 98,601
Balance at 31 December 2022 4,100 1,851,120 1,855,220

Changes in equity
Dividends - (41,000 ) (41,000 )
Total comprehensive income - 17,265 17,265
Balance at 31 December 2023 4,100 1,827,385 1,831,485

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 755,625 (47,431 )
Interest paid (177,762 ) (82,867 )
Interest element of hire purchase payments
paid

(3,487

)

(7,186

)
Tax refunded (65,051 ) 53,163
Net cash from operating activities 509,325 (84,321 )

Cash flows from investing activities
Purchase of intangible fixed assets (196,536 ) -
Purchase of tangible fixed assets (267,870 ) (69,231 )
Sale of tangible fixed assets 65,598 62,723
Interest received 72,506 35,562
Net cash from investing activities (326,302 ) 29,054

Cash flows from financing activities
Loan repayments in year (59,158 ) (59,754 )
Capital repayments in year (6,768 ) (6,096 )
Amount withdrawn by directors - (628 )
Equity dividends paid (41,000 ) (82,000 )
Foreign exchange on consolidation (73,501 ) 187,551
Net cash from financing activities (180,427 ) 39,073

Increase/(decrease) in cash and cash equivalents 2,596 (16,194 )
Cash and cash equivalents at beginning of
year

2

10,990

27,184

Cash and cash equivalents at end of year 2 13,586 10,990

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2023 2022
£    £   
Profit/(loss) before taxation 140,412 (1,273,139 )
Depreciation charges 218,271 171,282
(Profit)/loss on disposal of fixed assets (38,201 ) 6,198
Finance costs 181,249 90,053
Finance income (72,506 ) (35,562 )
429,225 (1,041,168 )
(Increase)/decrease in stocks (141,165 ) 94,172
Decrease in trade and other debtors 160,985 606,696
Increase in trade and other creditors 306,580 292,869
Cash generated from operations 755,625 (47,431 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 419,247 939,693
Bank overdrafts (405,661 ) (928,703 )
13,586 10,990
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 939,693 974,605
Bank overdrafts (928,703 ) (947,421 )
10,990 27,184


P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 939,693 (520,446 ) 419,247
Bank overdrafts (928,703 ) 523,042 (405,661 )
10,990 2,596 13,586
Debt
Finance leases (14,209 ) 6,768 (7,441 )
Debts falling due within 1 year (88,593 ) 8,460 (80,133 )
Debts falling due after 1 year (278,500 ) 50,698 (227,802 )
(381,302 ) 65,926 (315,376 )
Total (370,312 ) 68,522 (301,790 )

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

P.M.D. Group 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 General Information page.

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 principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

The financial statements have been prepared on a going concern basis as there are no material uncertainties about the group's or company's ability to continue its operations.

Basis of consolidation
The consolidated financial statements incorporate those of PMD Group Limited and of its subsidiary undertakings. All financial statements are made up to 31 December 2023, except for PMD Chemicals Private Limited whose financial statements are made up to 31 March 2024. The consolidated financial statements incorporate the management accounts of PMD Chemicals Private Limited for the year to 31 December 2023.

Critical accounting judgements and key sources of estimation uncertainty
The significant estimates and assumptions included within these financial statements are set out below:
Accounting estimates:

i) Stock provisioning
When calculating the stock provision management considers the potential resale ability of stock items, at or above cost, when determining the associated provision required.

Accounting judgements
ii) Stock provisioning

a) Chemical stock provisions are accounted for due to significant costs that would be incurred on disposals of the chemicals.

b) Gold stock provisions are accounted for on the basis that gold will be lost during the reclamation process.

Stock provisions have been made in these financial statements. The amounts and effect are disclosed in the notes below.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold buildings - nil
Short leasehold - over the lease term
Long leasehold - 15% on cost and over the lease term
Improvements to properties - over the lease term
Plant and machinery - 15% on reducing balance
Fixtures & fittings - 33.3% on reducing balance, 15% on reducing balance and Straight line over 5 years
Motor vehicles - 33% on reducing balance
Computer equipment - 20% on reducing balance

It is the policy of the group to maintain its freehold property in a good condition and as such the directors consider that the recoverable value of the property is materially equal to its historical cost. Therefore, no depreciation is charged on freehold property with the costs of repairs and maintenance being expensed through the profit and loss in the year they are incurred.

Tangible fixed assets are stated at cost less accumulated depreciation.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.

The functional currency of PMD Chemicals Private Limited is Indian Rupee. The profit and loss account of PMD Chemicals Private Limited has been translated into Sterling using the average exchange rate for the year. The balance sheet of PMD Chemicals Private Limited has been translated into Sterling using the exchange rate prevalent at the balance sheet date.

Exchange losses on consolidation totalling £73,501 (2022: £187,551 gains) have been classified within other reserves in equity.

Leased assets and obligations
Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the term. The corresponding leasing commitments are shown as obligations to the lessor.

Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit and loss account in proportion to the remaining balance outstanding.

All other leases are "operating leases" and the annual rentals are charged to the profit and loss on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme. The amount charged to the profit and loss account in respect of pension costs and other post retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals and prepayments in the balance sheet.

Purchased goodwill and trademarks
Goodwill representing the excess of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 1 to 10 years as in the opinion of the directors this represents the period over which the goodwill is effective. Goodwill is fully amortised.

Investments
Investments are stated at historic cost less any provision for diminution in value.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

3. TURNOVER

Turnover represents sales of £8,618,095 (2022: £9,120,230) within the United Kingdom, £155,701 (2022: £145,724) to the rest of Europe and £1,316,656 to the rest of the world (2022: £1,562,161).

All turnover relates to the sale of goods.

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,153,449 2,657,659
Social security costs 204,968 228,052
Other pension costs 59,721 64,816
2,418,138 2,950,527

The average number of employees during the year was as follows:
2023 2022

Average number of employees 93 109

The group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group during the year and amounts to £59,721 (2022: £64,816). Included within other creditors are pension liabilities totalling £12,217 (2022: £12,629).

2023 2022
£    £   
Directors' remuneration 84,075 83,075

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 146,095 161,334
Depreciation - assets on hire purchase contracts 6,662 9,948
(Profit)/loss on disposal of fixed assets (38,201 ) 6,198
Goodwill amortisation 65,514 -
Foreign exchange differences 72,273 120,441
Auditors' remuneration 20,000 19,000
Operating leases - land and buildings 46,404 203,766

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 177,762 82,867
Hire purchase 3,487 7,186
181,249 90,053

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 16,677 -
PMD Chemicals Private Limited
taxation (59,651 ) (53,164 )
Total current tax (42,974 ) (53,164 )

Deferred tax 26,766 5,022
Tax on profit/(loss) (16,208 ) (48,142 )

UK corporation tax has been charged at 23.52 % (2022 - 19 %).

Reconciliation of total tax credit 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:

2023 2022
£    £   
Profit/(loss) before tax 140,412 (1,273,139 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

33,025

(241,896

)

Effects of:
Expenses not deductible for tax purposes 6,977 2,214
Income not taxable for tax purposes (1,732 ) -
Depreciation in excess of capital allowances 2,996 24,912
profits/losses taxed at other
Other tax adjustments - 125,917
Losses not utilised 34,490 82,492
tax charge
Consolidation adjustments (59,079 ) 6,361
Deferred tax adjustments (32,885 ) (48,142 )
Total tax credit (16,208 ) (48,142 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Exchange differences on consolidation (73,501 ) - (73,501 )

2022
Gross Tax Net
£    £    £   
Exchange differences on consolidation 187,551 - 187,551

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. TAXATION - continued

During the year the UK corporation tax has been charged at 23.52% (2022: 19%).

From April 2023 the UK corporation tax rate increased from 19% to 25% and is set to remain at 25% for the foreseeable future.

The effective rate for the year under review was 23.52%.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares shares of £1 each
Interim 41,000 82,000

10. INTANGIBLE FIXED ASSETS

Group
Trademarks
and
Goodwill goodwill Totals
£    £    £   
COST
At 1 January 2023 - 273,023 273,023
Additions 196,536 - 196,536
At 31 December 2023 196,536 273,023 469,559
AMORTISATION
At 1 January 2023 - 273,023 273,023
Amortisation for year 65,514 - 65,514
At 31 December 2023 65,514 273,023 338,537
NET BOOK VALUE
At 31 December 2023 131,022 - 131,022
At 31 December 2022 - - -

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short Long to
buildings leasehold leasehold properties
£    £    £    £   
COST
At 1 January 2023 1,099,676 48,613 105,152 88,913
Additions - - - 48,720
Disposals - - (105,152 ) -
At 31 December 2023 1,099,676 48,613 - 137,633
DEPRECIATION
At 1 January 2023 - 35,912 105,152 42,163
Charge for year - 6,351 - 31,828
Eliminated on disposal - - (105,152 ) -
At 31 December 2023 - 42,263 - 73,991
NET BOOK VALUE
At 31 December 2023 1,099,676 6,350 - 63,642
At 31 December 2022 1,099,676 12,701 - 46,750

Plant and Fixtures Motor Computer
machinery & fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 1,051,841 406,056 308,848 199,058 3,308,157
Additions 157,808 16,490 29,887 14,965 267,870
Disposals - - (105,033 ) - (210,185 )
At 31 December 2023 1,209,649 422,546 233,702 214,023 3,365,842
DEPRECIATION
At 1 January 2023 710,874 361,145 207,588 179,871 1,642,705
Charge for year 66,120 15,356 28,071 5,031 152,757
Eliminated on disposal - - (77,636 ) - (182,788 )
At 31 December 2023 776,994 376,501 158,023 184,902 1,612,674
NET BOOK VALUE
At 31 December 2023 432,655 46,045 75,679 29,121 1,753,168
At 31 December 2022 340,967 44,911 101,260 19,187 1,665,452

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 30,136
DEPRECIATION
At 1 January 2023 9,948
Charge for year 6,662
At 31 December 2023 16,610
NET BOOK VALUE
At 31 December 2023 13,526
At 31 December 2022 20,188



Company
Short Fixtures
leasehold & fittings Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 48,613 118,666 167,279
DEPRECIATION
At 1 January 2023 35,912 115,919 151,831
Charge for year 6,351 418 6,769
At 31 December 2023 42,263 116,337 158,600
NET BOOK VALUE
At 31 December 2023 6,350 2,329 8,679
At 31 December 2022 12,701 2,747 15,448

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 230,637
PROVISIONS
At 1 January 2023
and 31 December 2023 27,540
NET BOOK VALUE
At 31 December 2023 203,097
At 31 December 2022 203,097


P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued


PMD Group Limited holds the whole equity share capital of the following:

Name of undertaking Country of incorporation Class of share Nature of Business


Metallic Protectives Limited

England

Ordinary
Enamellers and powder
coaters
Metallic Protectives (Plating) Limited England Ordinary Electro-metallurgists
PMD (UK) Limited England Ordinary Electro-platers
Louvrability Limited England Ordinary Dormant
PMD Composite Technology Limited England Ordinary Dormant

PMD Chemicals Limited

England

Ordinary
Manufacturer of
Chemicals
PMD Limited England Ordinary Dormant
Precious Metal Depositors Limited England Ordinary Dormant
PMD Chemicals Private Limited India Ordinary Electro-platers

PMD Limited and Precious Metal Depositors Limited have never traded.

PMD Composite Technology Limited has not traded since 31 March 1990, Louvrability Limited ceased trading in January 1998, Metallic Protectives (Plating) Limited ceased trading on 30 November 2016 and Metallic Protectives Limited ceased trading in June 2022.

PMD Group Limited also held 33,000 ordinary redeemable shares of £1 each in STG Wastewater Limited, a company registered in Scotland. The investment represented a 19% holding in the share capital of the company.

The investment in STG Wastewater Limited was written off during the financial year ended 31 December 2004 as it entered into administration and the directors do not expect any distribution to arise.

0.6% of the share capital of PMD Chemicals Private Limited is owned by PMD (UK) Limited, representing an investment of £146.

Group PMD Group Limited
2023 2022 2023 2022
£ £ £ £
Investment at cost 100 100 238,237 238,237
Additions - - - -
Less provisions (100) (100) (35,140) (35,140)
- - 203,097 203,097

PMD Group Limited has guaranteed the overdrafts of Metallic Protectives Limited, PMD (UK) Limited and PMD Chemicals Limited. At 31 December 2023 the total overdrafts in the group amounted to £1,219,246 (2022: £1,406,027).

On transition to FRS102 the exemption relating to properties let to fellow group members was revoked. As such the properties once included within freehold land and buildings were reclassified to investment property.

The properties concerned were valued by the directors at the date of transition on an existing use basis. The fair value was considered to be materially equal to the carrying value on transition. The directors consider the valuation of the investment properties to be unchanged in the intervening period.

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

13. INVESTMENT PROPERTY - continued

13. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,099,676
NET BOOK VALUE
At 31 December 2023 1,099,676
At 31 December 2022 1,099,676

On transition to FRS102 the exemption relating to properties let to fellow group members was revoked. As such the properties once included within freehold land and buildings were reclassified to investment property.

The properties concerned were valued by the directors at the date of transition on an existing use basis. The fair value was considered to be materially equal to the carrying value on transition. The directors consider the valuation of the investment properties to be unchanged in the intervening period.

14. STOCKS

Group
2023 2022
£    £   
Raw materials 497,027 409,345
Finished goods 1,218,380 1,164,897
1,715,407 1,574,242

In 2023 there were impairments relating to stock provisioning for £498,887 at the balance sheet date (2022: £384,177).

15. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,125,976 2,249,681 - 3,696
Amounts owed by group undertakings - - 1,147,188 1,242,107
Other debtors 48,606 157,685 1,050 96,971
Directors' current accounts 628 628 628 628
Tax 9,450 - - -
Prepayments 34,247 32,944 30,942 29,732
2,218,907 2,440,938 1,179,808 1,373,134

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

15. DEBTORS - continued

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 312,907 242,411 - -

Aggregate amounts 2,531,814 2,683,349 1,179,808 1,373,134

An impairment loss of £466,553 (2022: £111,823) was recognised in the group financial statements against trade debtors during the year.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 485,794 1,017,296 442,988 520,798
Hire purchase contracts (see note 19) 7,441 14,209 - -
Trade creditors 817,654 918,398 28,509 27,048
Amounts owed to group undertakings - - - 53,752
Tax 39,090 137,665 - -
Social security and other taxes 133,545 77,633 2,787 2,750
VAT 81,661 42,712 13,504 14,929
Other creditors 1,113,085 866,896 150 150
Accruals and deferred income 233,982 150,977 19,900 23,950
2,912,252 3,225,786 507,838 643,377

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 227,802 278,500 211,937 252,758
Other creditors 67,702 84,433 - -
295,504 362,933 211,937 252,758

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 405,661 928,703 397,681 476,938
Bank loans - less than 1 year 80,133 88,593 45,307 43,860
485,794 1,017,296 442,988 520,798
Amounts falling due between two and five years:
Bank loans - 2-5 years 212,542 216,138 196,677 190,396
Amounts falling due in more than five years:
Repayable by instalments
Bank loans - more than 5 years 15,260 62,362 15,260 62,362

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 7,441 14,209

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 405,661 928,703 397,681 476,938
Hire purchase contracts 7,441 14,209 - -
Invoice discounting 1,109,525 862,500 - -
Bank loans 257,244 296,618 257,244 296,618
1,779,871 2,102,030 654,925 773,556

The bank overdraft is secured by legal mortgages over the freehold and leasehold properties of the company and by a fixed and floating charge on all current and future assets of the company and by a composite guarantee given by all group undertakings. Invoice discounting liabilities are secured by a fixed and floating charge over all current and future assets of the group. Obligations under hire purchase contracts are secured on the related assets.The bank loan is secured by a composite guarantee given by all group undertakings and by first legal charge over the freehold property. The interest rate applied to the loan is 2.5% over base rate, with a final repayment date in February 2029.

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 130,902 104,136

Group
Deferred
tax
£   
Balance at 1 January 2023 104,136
Provided during year 26,766
Balance at 31 December 2023 130,902

An additional amount of £18,372 (2022: £63,202) has been credited to deferred tax in the consolidated income statement which relates to timing differences on allowances relating to fixed assets in PMD Chemicals Pvt Limited. This amount is included in other debtors due over more than one year.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,100 Ordinary shares £1 4,100 4,100

All Ordinary shares rank pari passu with respect to voting rights, the rights to distribution of dividends and the repayment of capital.

23. RESERVES

Group
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2023 2,619,640 2,500 543,641 3,165,781
Profit for the year 156,620 156,620
Dividends (41,000 ) (41,000 )
Exchange rate differences
arising on consolidation - - (73,501 ) (73,501 )
At 31 December 2023 2,735,260 2,500 470,140 3,207,900

P.M.D. GROUP LIMITED (REGISTERED NUMBER: 00589981)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

23. RESERVES - continued

Company
Retained
earnings
£   

At 1 January 2023 1,851,120
Profit for the year 17,265
Dividends (41,000 )
At 31 December 2023 1,827,385

Retained earnings

This reserve represents all current and prior period retained profits and losses.

Capital redemption reserve

This is a non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.

Other reserves

This is a non-distributable reserve representing all current and prior period foreign exchange gains / (losses) on consolidation of the overseas subsidiary.

24. RELATED PARTY DISCLOSURES

The directors are considered to be key management. Their compensation is disclosed in the notes above.

During the year B J Fisher (Director) had an interest in Fisher & Partners (Management Services) Limited which provides management accounting services to the company and for which the Group paid £48,492 (2022: £37,739). At 31 December 2023 the balance due to Fishers & Partners (Management Services) Limited was £29,313 (2022: £19,407).

25. CONTROLLING INTERESTS

The majority shareholders are considered to be the ultimate controlling party.