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REGISTERED NUMBER: 10133463 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PRICE INDUSTRIES (UK) LIMITED

PRICE INDUSTRIES (UK) LIMITED (REGISTERED NUMBER: 10133463)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PRICE INDUSTRIES (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: G V Price





SECRETARIES: G V Price
Ms J Racz





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 10133463 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

PRICE INDUSTRIES (UK) LIMITED (REGISTERED NUMBER: 10133463)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Debtors 5 593,404 4,316,674
Cash at bank 64,826 580,643
658,230 4,897,317
CREDITORS
Amounts falling due within one year 6 141,387 3,584,138
NET CURRENT ASSETS 516,843 1,313,179
TOTAL ASSETS LESS CURRENT
LIABILITIES

516,843

1,313,179

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 516,743 1,313,079
SHAREHOLDERS' FUNDS 516,843 1,313,179

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

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

The financial statements were approved by the director and authorised for issue on 17 October 2024 and were signed by:





G V Price - Director


PRICE INDUSTRIES (UK) LIMITED (REGISTERED NUMBER: 10133463)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Price Industries (UK) 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on an alternative basis to the going concern basis as the Director expects the company to cease to trade and close within 12 months and 1 day of the approval of the financial statements. There are no material differences between the alternative basis and the going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. Turnover is generated via the provision of air distribution, architectural ceilings, critical controls, and noise control systems. Turnover is recognised upon the percentage completion of the contract.

Tangible fixed assets
Tangible fixed assets are initially measured at cost net of value added tax and are reviewed annually for signs of impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery etc - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

PRICE INDUSTRIES (UK) LIMITED (REGISTERED NUMBER: 10133463)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments
Basic financial instruments as covered by Section 11 of FRS 102 (Section 1A) are measured at amortised cost. The company does not have any Other Financial Instrument as covered by Section 12 of FRS 102 (Section 1A).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 7,873
DEPRECIATION
At 1 January 2023
and 31 December 2023 7,873
NET BOOK VALUE
At 31 December 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 228,150 130,589
Amounts owed by group undertakings 21,678 -
Other debtors 343,576 4,186,085
593,404 4,316,674

Included within Other debtors is an impairment of £414,272 (2022: £nil) being the impairment of a customer balance as at 31st December 2023.

As at the reporting date, there was a reasonable expectation that no further amounts were recoverable from the customer, and therefore the specific balances detailed above have been provided for in full.

PRICE INDUSTRIES (UK) LIMITED (REGISTERED NUMBER: 10133463)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 19,281 339,053
Amounts owed to group undertakings 10,022 2,753,712
Taxation & social security 33,498 289,022
Other creditors & accruals 78,586 202,351
141,387 3,584,138

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year - 52,800

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statements contained within our audit report as included within the full financial statements:-
"Emphasis of matter
We draw your attention to note 2 in the financial statements which explains that the director intends to discontinue business operations and cease the trade of the company. Therefore, the director does not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.
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."

10. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is Anvil Investments Limited, a company incorporated at 638 Raleigh Street, Winnipeg, Manitoba, Canada, R2K 3Z9. Anvil Investments Limited is the largest and only group company to prepare consolidated financial statements, which are not publicly available.