BrightAccountsProduction v1.0.0 v1.0.0 2023-02-26 The company was not dormant during the period The company was trading for the entire period The Principal activity of the company consists of the manufacture and provision of water and waste water pumping, storage, separation and treatement solutions. There were no significant changes during the year in the principal activities of the business. 27 September 2024 06698049 2024-03-02 06698049 2023-02-25 06698049 2022-02-25 06698049 2023-02-26 2024-03-02 06698049 2022-02-26 2023-02-25 06698049 uk-bus:PrivateLimitedCompanyLtd 2023-02-26 2024-03-02 06698049 uk-curr:PoundSterling 2023-02-26 2024-03-02 06698049 uk-bus:AbridgedAccounts 2023-02-26 2024-03-02 06698049 uk-core:ShareCapital 2024-03-02 06698049 uk-core:ShareCapital 2023-02-25 06698049 uk-core:RetainedEarningsAccumulatedLosses 2024-03-02 06698049 uk-core:RetainedEarningsAccumulatedLosses 2023-02-25 06698049 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-02 06698049 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-25 06698049 uk-bus:FRS102 2023-02-26 2024-03-02 06698049 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-26 2024-03-02 06698049 uk-core:Goodwill 2023-02-26 2024-03-02 06698049 uk-core:Land 2023-02-26 2024-03-02 06698049 uk-core:PlantMachinery 2023-02-26 2024-03-02 06698049 uk-core:MotorVehicles 2023-02-26 2024-03-02 06698049 uk-core:OtherPropertyPlantEquipment 2023-02-26 2024-03-02 06698049 uk-bus:Audited 2023-02-26 2024-03-02 06698049 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-25 06698049 uk-core:Goodwill 2023-02-25 06698049 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-02 06698049 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-02 06698049 uk-core:Goodwill 2024-03-02 06698049 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-25 06698049 uk-core:CostValuation 2023-02-25 06698049 uk-core:AdditionsToInvestments 2024-03-02 06698049 uk-core:CostValuation 2024-03-02 06698049 uk-core:Subsidiary1 2023-02-26 2024-03-02 06698049 uk-core:Subsidiary2 2023-02-26 2024-03-02 06698049 uk-core:ParentEntities 2023-02-26 2024-03-02 06698049 uk-core:UltimateParent 2023-02-26 2024-03-02 06698049 uk-countries:Canada 2023-02-26 2024-03-02 06698049 uk-bus:CompanySecretaryDirector1 2023-02-26 2024-03-02 06698049 uk-bus:Director2 2023-02-26 2024-03-02 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Premier Tech Water and Environment Limited
 
Abridged Financial Statements
 
for the financial period ended 2 March 2024



Premier Tech Water and Environment Limited
Company Registration Number: 06698049
ABRIDGED BALANCE SHEET
as at 2 March 2024

Mar 24 Feb 23
Notes £ £
 
Fixed Assets
Intangible assets 8 15,991 15,991
Tangible assets 9 1,192,025 1,382,579
Investments 10 1,579,651 1,465,531
───────── ─────────
Fixed Assets 2,787,667 2,864,101
───────── ─────────
 
Current Assets
Stocks 1,435,771 1,459,807
Debtors 1,286,537 1,284,683
Cash and cash equivalents 290,844 170,425
───────── ─────────
3,013,152 2,914,915
───────── ─────────
Creditors: amounts falling due within one year (8,007,918) (6,187,957)
───────── ─────────
Net Current Liabilities (4,994,766) (3,273,042)
───────── ─────────
Total Assets less Current Liabilities (2,207,099) (408,941)
 
Creditors:
amounts falling due after more than one year - (800,000)
───────── ─────────
Net Liabilities (2,207,099) (1,208,941)
═════════ ═════════
 
Capital and Reserves
Called up share capital 3,500,000 3,500,000
Retained earnings (5,707,099) (4,708,941)
───────── ─────────
Equity attributable to owners of the company (2,207,099) (1,208,941)
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 27 September 2024 and signed on its behalf by
           
           
________________________________          
Martin Noel          
Director          
           
           
________________________________
Jean Belanger
Director
           



Premier Tech Water and Environment Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial period ended 2 March 2024

   
1. General Information
 
Premier Tech Water and Environment Limited is a company limited by shares incorporated and registered in the England. The company is a private limited company. The registered number of the company is 06698049.The principal activity is is the manufacture and provision of water and waste water pumping storage separation and treatment solutions The financial statements have been presented in Pound (£) which is also the functional currency of the company. These financial statements are for a single entity.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial period ended 2 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Consolidated accounts
The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates,VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. usually on dispatch of the goods and the amount of revenue can be measured reliably.It is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from the supply of services in relation to water treatment is recognised by reference to the stage of completion. Where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
The company supply consultancy services to other group members.
 
Impairment of financial and non financial assets.
The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates, the recoverable amount of the cash generating unit to which the asset belongs. The recoverable amount of an asset or cash generating unit is the higher of its fair value less costs to sell and its value in use, If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease. An impairment loss recognised for all assets, including goodwill, is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.
 
Intangible assets
 
Trademarks
Trademarks are valued at cost less accumulated amortisation.
 
Intangible assets
Intangible assets are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 5 years.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - Over the lease term
  Plant and machinery - 15% Straight line
  Motor vehicles - 25% Straight line
  Computer equipment - 33.3% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the financial period in which it is receivable.
 
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:
Raw materials, consumables and goods for resale - purchase cost on a first in, first out basis.
Work in progress and finished goods - cost of direct materials and labour plus attributable overheads based on level of activity.
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the company if:
 
the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
the company and the party are subject to common control;
the party is an associate of the company or forms part of a joint venture with the company;
the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. The unrelieved tax losses and other deferred assets are recognised only to the extent that the directors consider that it is probable that they wil be recovered against the reversal of deferred tax liabilities or future taxable profit within the foreseeable future. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Research and development
Development expenditure is capitalised in accordance with the accounting policy given below. Initial capitalisation of costs is based on managements judgement that technical and economic feasibility is ensured, usually when a product development project has reached a deemed milestone according to an established project management model. In determinating the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets. discount rates to be applied and the expected period of benefits.If development expendire does not meet this criteria then it will be expensed as it is incurred.
Development Cost are amortised on a straight line basis over its economic useful life of 5 years, which is estimated to be the period during which benefits are expected to arise.
 
Financial Instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to and from related parties.
 
Financial Assets
Financial assets are initially recorded at cost and subsequently stated at cost less any provision for diminution in value. All listed and unlisted investments are measured at fair value with changes in fair value being recognized in profit or loss. When fair value cannot be measured reliably or can no longer be measured reliably, investments are measured at cost less impairment.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The financial statements are for the 12 month 6 days period ended 2 March 2024.
   
4. Going concern
 
The company incurred a loss for the year ended 2nd March 2024 of £998,158 (2023 loss of £1,478,408).

The shareholder Premier Tech Holdings Europe B.V. and the ultimate parent company Premier Tech Ltd has confirmed its intent to provide the financial resources necessary to enable to continue its normal course of operations as a going concern for a minimum period of 12 months form the date of signing of the financial statements.

Premier Tech Holding Europe BV will not seek repayment of the loans and will not seek early repayment to the extent that the balance sheet deficit arises or circumstances whereby such repayments would prevent the company continuing as a going concern for a minimum of 12 months from the date the financial statements are approved by the directors.

The directors consider it appropriate to prepare the financial statements on a going concern basis based on the above.
   
5. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by McDevitt & McGlynn.
The Auditor's Report was signed by Paul McDevitt (Senior Statutory Auditor) for and on behalf of McDevitt & McGlynn on 27th September 2024.
 
   
6. Critical Accounting Judgements and Estimates
 
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure during the year. However the nature of the estimation means the actual outcomes could differ from the estimates.
The directors consider the accounting estimates and assumptions below to be its critical accounting judgements and estimates:
 
Development expenditure
The development expenditure during the year ended 2nd March 2024  has been written off as incurred, in accordance with the policy on research and development. The directors have chosen not to capitalise the expenditure in 2024.
 
Operating lease commitments
The company has entered into a commercial property lease. The classification of such a lease as operating or finance lease requires the company to determine ,based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of the assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.
 
Deferred tax
The directors only recognise the deferred tax asset only to the extent that it is demeed recoverable in accordance with the accounting policy. The directors have disclosed the net unrecognised deferred tax asset in the notes to the accounts.
 
Warranty claims and provisions
Warranty claims:
The company assesses warranty claims on a claim by claim basis. It is necessary to assess the likely outcome of each warranty claim and assign values to the amount of such claims based on the director's estimate of the likely outcome, although this can be uncertain. Any material uncertainties are disclosed in the financial statements.
Provisions:
The directors are required to assess any liability arising in respect of a dilapidation claim. Estimates in this regard were determined in conjunction with the relevant experts in this field, however, the outcome of any such claim is uncertain.
       
7. Employees
 
The average monthly number of employees, including directors, during the financial period was 62, (Feb 23 - 72).
 
  Mar 24 Feb 23
  Number Number
 
Administration 25 28
Production 26 32
Sales 11 12
  ───────── ─────────
  62 72
  ═════════ ═════════
           
8. Intangible assets
  Trademarks Development    
    Costs Goodwill Total
  £ £ £ £
Cost
At 26 February 2023 60,000 93,774 456,608 610,382
  ───────── ───────── ───────── ─────────
 
At 2 March 2024 60,000 93,774 456,608 610,382
  ───────── ───────── ───────── ─────────
Amortisation
 
At 2 March 2024 60,000 77,783 456,608 594,391
  ───────── ───────── ───────── ─────────
Net book value
At 2 March 2024 - 15,991 - 15,991
  ═════════ ═════════ ═════════ ═════════
At 25 February 2023 - 15,991 - 15,991
  ═════════ ═════════ ═════════ ═════════
             
9. Tangible assets
  Long Plant and Motor Computer Total
  leasehold machinery vehicles equipment  
  property        
  £ £ £ £ £
Cost
At 26 February 2023 904,107 1,729,572 244,412 317,903 3,195,994
Additions 30,991 65,798 36,521 6,029 139,339
Disposals - - (70,093) - (70,093)
  ───────── ───────── ───────── ───────── ─────────
At 2 March 2024 935,098 1,795,370 210,840 323,932 3,265,240
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 26 February 2023 79,641 1,402,342 127,727 203,705 1,813,415
Charge for the financial period 74,087 122,806 54,999 58,706 310,598
On disposals - - (50,798) - (50,798)
  ───────── ───────── ───────── ───────── ─────────
At 2 March 2024 153,728 1,525,148 131,928 262,411 2,073,215
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 2 March 2024 781,370 270,222 78,912 61,521 1,192,025
  ═════════ ═════════ ═════════ ═════════ ═════════
At 25 February 2023 824,466 327,230 116,685 114,198 1,382,579
  ═════════ ═════════ ═════════ ═════════ ═════════
     
10. Investments
  Group and
  participating
  interests/
  joint ventures
Investments £
Cost
At 26 February 2023 1,465,531
Additions 114,120
  ─────────
At 2 March 2024 1,579,651
  ─────────
Net book value
At 2 March 2024 1,579,651
  ═════════
At 25 February 2023 1,465,531
  ═════════
             
10.1. Holdings in related undertakings
The company holds 20% or more of the share capital of the following companies:
 
  Country Nature   Details Proportion
  of of   of held by
Name incorporation and address of Registered Office business   investment company
 
Subsidiary undertaking
Premier Tech Water and Environment Limited Quartertown Industrial Estate, Mallow, Co Cork,Ireland Sales of water and waste water pumping, storage ,separation and treatment solutions.   Ordinary Share Capital 100
 
Premier Tech Water and Environment Solutions Limited 2  Whitehouse Way, South West Industrial Estate, Peterlee, Co Durham,England. Sales of waste water treatment systems.   Ordinary Share Capital 100
 
 
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
 
  Year ended Capital and     Profit for
    reserves     the year
    £     £
 
Premier Tech Water and Environment Limited 2 March 2024 (18,399)     (97,040)
Premier Tech Water and Environment Solutions Limited 2 March 2024 (10,922)     (207,016)
    ═════════     ═════════
 
In the opinion of the directors, the value to the company of the unlisted investments is not materially less than the book amount shown above.
       
11. Capital commitments
 
The company had no material capital commitments at the financial period-ended 2 March 2024.
   
12. Parent and ultimate parent company
 
The company regards Premier Tech Holdings Europe B.V. as its parent company.
 
The companys ultimate parent undertaking is Premier Tech Limited.
The address of Premier Tech Limited is Canada.
 
The parent of the largest group in which the results are consolidated is Premier Tech Ltee.
Premier Tech Ltee is registered in Canada.
 
   
13. Controlling interest
 
The company's immediate parent undertaking is Premier Tech Holdings Europe B.V. The address of the parents registered office and principal place of business is Herikerbergweg 238, I 101 CM Amsterdam The Netherlands.
   
14. Post-Balance Sheet Events
 
On 1st August 2024, the company decided to enter into a 30 day consultation to close its factory operations. This resulted in the factory operation closing on 31st August 2024. However the company still continues to trade in the United Kingdom through the distribution of products related to the waste water pumping, storage , separation and treatment solutions.
       
15. Deferred taxation
 
Deferred tax assets are recognised only to the extent that they are deemed recoverable in accordance with the accounting policy on Deferred taxation.
There is a net unrecognised deferred tax asset as follows:
 
  Mar 24 Feb 23
  £ £
 
Accelerated calital allowances (liability) (141,198) (157,557)
Tax loss deferred asset 1,550,765 1,053,673
  ───────── ─────────
  1,409,567 896,116
  ═════════ ═════════
       
16. Allotted and Fully paid up Share Captial
 
There is £3,500,000 issued and fully paid up ordinary share capital at the period ended 2nd March 2024(2023: £3,500,000)