Acorah Software Products - Accounts Production 16.0.110 false true 31 December 2022 1 January 2022 false 21 November 2024 1 January 2023 31 December 2023 31 December 2023 NI044880 Mr Philip Rex Morrow Mrs Norma Lynne Morrow Mr Philip Rex Morrow true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI044880 2022-12-31 NI044880 2023-12-31 NI044880 2023-01-01 2023-12-31 NI044880 frs-core:CurrentFinancialInstruments 2023-12-31 NI044880 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 NI044880 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 NI044880 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI044880 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 NI044880 frs-core:PlantMachinery 2023-12-31 NI044880 frs-core:PlantMachinery 2023-01-01 2023-12-31 NI044880 frs-core:PlantMachinery 2022-12-31 NI044880 frs-core:ShareCapital 2023-12-31 NI044880 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI044880 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI044880 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 NI044880 frs-bus:SmallEntities 2023-01-01 2023-12-31 NI044880 frs-bus:Audited 2023-01-01 2023-12-31 NI044880 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI044880 1 2023-01-01 2023-12-31 NI044880 frs-bus:Director1 2023-01-01 2023-12-31 NI044880 frs-bus:Director2 2023-01-01 2023-12-31 NI044880 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 NI044880 frs-countries:NorthernIreland 2023-01-01 2023-12-31 NI044880 2021-12-31 NI044880 2022-12-31 NI044880 2022-01-01 2022-12-31 NI044880 frs-core:CurrentFinancialInstruments 2022-12-31 NI044880 frs-core:ShareCapital 2022-12-31 NI044880 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: NI044880
PRM Enterprises Ltd
Financial Statements
For The Year Ended 31 December 2023
McCleary & Company Ltd.
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: NI044880
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,240,196 2,116,312
Investment Properties 5 6,500,000 4,325,000
8,740,196 6,441,312
CURRENT ASSETS
Debtors 6 244,670 297,841
244,670 297,841
Creditors: Amounts Falling Due Within One Year 7 (5,142,400 ) (5,147,096 )
NET CURRENT ASSETS (LIABILITIES) (4,897,730 ) (4,849,255 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,842,466 1,592,057
PROVISIONS FOR LIABILITIES
Deferred Taxation - (5,124 )
NET ASSETS 3,842,466 1,586,933
CAPITAL AND RESERVES
Called up share capital 9 10,002 10,002
Profit and Loss Account 3,832,464 1,576,931
SHAREHOLDERS' FUNDS 3,842,466 1,586,933
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Philip Rex Morrow
Director
Mrs Norma Lynne Morrow
Director
18 November 2024
The notes on pages 2 to 5 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
PRM Enterprises Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI044880 . The registered office is Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, BT28 2RE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on cost
2.4. Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. 
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost or Valuation
As at 1 January 2023 1,890,312 577,303 2,467,615
Additions 201,884 - 201,884
As at 31 December 2023 2,092,196 577,303 2,669,499
Depreciation
As at 1 January 2023 - 351,303 351,303
Provided during the period - 78,000 78,000
As at 31 December 2023 - 429,303 429,303
Net Book Value
As at 31 December 2023 2,092,196 148,000 2,240,196
As at 1 January 2023 1,890,312 226,000 2,116,312
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 4,339,724
Revaluations 2,175,000
Depreciation and impairment (14,724 )
As at 31 December 2023 6,500,000
Investment property consists of offices, cold stores and warehousing at Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn and Altnagelvin Industrial Estate, Londonderry. The property has been valued at an open market value of £6,500,000 by Harry Cosby (MRICS), for and behalf of Osborne King acting as external independent valuers. The valuation indicating the value of the properties was given on 17 July 2024. The Directors feel that, at the balance sheet date, given the condition of the property and knowledge of the current local market, that this valuation would reflect the fair value of the property.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 49,302 42,190
Other debtors 195,368 255,651
244,670 297,841
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Page 4
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 16,164 57,634
Bank loans and overdrafts 4,947,885 4,985,900
Other creditors 80,860 10,389
Taxation and social security 97,491 93,173
5,142,400 5,147,096
8. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 4,947,885 4,985,900
The Bank holds a legal charge over the site at Lissue Industrial Estate, Rathdown Road, Lisburn and also a legal charge over the property at Unit 4 Glenaden Complex, Altnagelvin Industrial Estate, Londonderry.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10,002 10,002
10. Related Party Disclosures
During the period to 31 December 2023 the company had the following transactions with PRM Distribution Ltd, PRM Ireland Ltd, PRM Transport Ltd, PRM Logistics Ltd, PRM Haulage Ltd, PRM Ireland Limited, RPM Motors Ltd, Cottage Desserts Ltd and PRM Group Ltd, companies under common control.
During the year PRM Enterprises Ltd charged these companies a total of £231,500 (2022 £225,250) for the rent of premises and £60,000 (2022 £60,000) for the hire of plant and machinery. PRM Enterprises Ltd also incurred a management charge of £10,316 (2022 £10,084) and interest on intercompany lending of £213,500 (2022 £210,000) from these companies.
The Company also operated current accounts with these companies. The balance due at the year end from PRM Group Ltd was £25,000 and the amounts due to PRM Developments Ltd and RPM Motors Ltd amounted to £21,089 and £39,498 respectively.
11. Controlling Parties
The ultimate controlling parties are the Directors due to their equity shareholding in the parent company which is:
PRM Group Limited
Registered office address: 
Rathdown Road
Lissue Industrial Estate
Moira Road
Lisburn
Co Antrim
BT28 2RE
12. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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Page 5
13. Audit Information
The auditors report on the account of PRM Enterprises Ltd for the year ended 31 December 2023 was unqualified
The auditor's report was signed by Warren McCleary (Senior Statutory Auditor) for and on behalf of McCleary & Company Ltd , Statutory Auditor
McCleary & Company Ltd
Quaker Buildings
High Street
Lurgan
Craigavon
BT66 8BB
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