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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Wayne Gutteridge FCA |
AUDITORS: |
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: |
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: |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Seven Stars House |
1 Wheler Road |
Coventry |
CV3 4LB |
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 |
( |
) |
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 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold buildings | - |
Short leasehold | - |
Long leasehold | - |
Improvements to properties | - |
Plant and machinery | - |
Fixtures & fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
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 |
12. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 27,540 |
NET BOOK VALUE |
At 31 December 2023 |
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 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts owed by group undertakings | - | - |
Other debtors | 48,606 | 157,685 |
Directors' current accounts | 628 | 628 | 628 | 628 |
Tax | 9,450 | - |
Prepayments | 34,247 | 32,944 |
2,218,907 | 2,440,938 |
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 |
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 |
Hire purchase contracts (see note 19) | 7,441 | 14,209 |
Trade creditors | 817,654 | 918,398 |
Amounts owed to group undertakings | - | - |
Tax | 39,090 | 137,665 |
Social security and other taxes | 133,545 | 77,633 |
VAT | 81,661 | 42,712 | 13,504 | 14,929 |
Other creditors | 1,113,085 | 866,896 |
Accruals and deferred income | 233,982 | 150,977 |
2,912,252 | 3,225,786 |
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 |
Other creditors | 67,702 | 84,433 |
295,504 | 362,933 |
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 |
Bank loans - less than 1 year | 80,133 | 88,593 |
485,794 | 1,017,296 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 212,542 | 216,138 |
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 |
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 |
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: | £ | £ |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
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. |