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 NI026851 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 NI026851 2022-12-31 NI026851 2023-12-31 NI026851 2023-01-01 2023-12-31 NI026851 frs-core:CurrentFinancialInstruments 2023-12-31 NI026851 frs-core:FurnitureFittings 2023-12-31 NI026851 frs-core:FurnitureFittings 2023-01-01 2023-12-31 NI026851 frs-core:FurnitureFittings 2022-12-31 NI026851 frs-core:PlantMachinery 2023-12-31 NI026851 frs-core:PlantMachinery 2023-01-01 2023-12-31 NI026851 frs-core:PlantMachinery 2022-12-31 NI026851 frs-core:ShareCapital 2023-12-31 NI026851 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI026851 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI026851 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 NI026851 frs-bus:SmallEntities 2023-01-01 2023-12-31 NI026851 frs-bus:Audited 2023-01-01 2023-12-31 NI026851 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI026851 1 2023-01-01 2023-12-31 NI026851 frs-bus:Director1 2023-01-01 2023-12-31 NI026851 frs-bus:Director2 2023-01-01 2023-12-31 NI026851 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 NI026851 frs-countries:NorthernIreland 2023-01-01 2023-12-31 NI026851 2021-12-31 NI026851 2022-12-31 NI026851 2022-01-01 2022-12-31 NI026851 frs-core:CurrentFinancialInstruments 2022-12-31 NI026851 frs-core:ShareCapital 2022-12-31 NI026851 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: NI026851
PRM Distribution Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: NI026851
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 53,995 65,104
53,995 65,104
CURRENT ASSETS
Stocks 256,035 292,363
Debtors 5 2,909,887 2,695,656
Cash at bank and in hand 1,227,743 875,383
4,393,665 3,863,402
Creditors: Amounts Falling Due Within One Year 6 (2,780,008 ) (2,292,646 )
NET CURRENT ASSETS (LIABILITIES) 1,613,657 1,570,756
TOTAL ASSETS LESS CURRENT LIABILITIES 1,667,652 1,635,860
NET ASSETS 1,667,652 1,635,860
CAPITAL AND RESERVES
Called up share capital 8 10,002 10,002
Profit and Loss Account 1,657,650 1,625,858
SHAREHOLDERS' FUNDS 1,667,652 1,635,860
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 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
PRM Distribution Limited is a private company, limited by shares, incorporated in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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
Fixtures & Fittings 20% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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.
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 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.
2.7. Pensions
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 42 (2022: 42)
42 42
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 28,013 321,511 349,524
Additions - 9,400 9,400
As at 31 December 2023 28,013 330,911 358,924
Depreciation
As at 1 January 2023 28,012 256,408 284,420
Provided during the period 1 20,508 20,509
As at 31 December 2023 28,013 276,916 304,929
Net Book Value
As at 31 December 2023 - 53,995 53,995
As at 1 January 2023 1 65,103 65,104
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,536,363 2,015,282
Other debtors 373,524 680,374
2,909,887 2,695,656
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 809,019 775,491
Bank loans and overdrafts 1,398,842 1,103,026
Other creditors 457,178 321,418
Taxation and social security 114,969 92,711
2,780,008 2,292,646
7. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 1,398,842 1,103,026
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10,002 10,002
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9. Related Party Transactions
During the period to 31 December 2023 the company had the following transactions with PRM Ireland Ltd, PRM Transport Ltd, PRM Haulage Ltd, PRM Logistics Ltd, PRM Enterprises Ltd, Galberts Food Products Limited, PRM Ireland Limited, PRM Developments Ltd and RPM Motors Ltd, companies under common control.
During the year PRM Distribution Ltd sold goods to the value of £150,376 (2022 £168,722), purchased goods to the value of £3,365,728 (2022 £2,933,457) and paid the following charges to these companies: rent for premises £24,000 (2022 £24,000), warehousing & distribution charges £184,145 (2022 £214,632), haulage charges £552,171 (2022 £460,527), motor vehicle hire £48,970 (2022 £45,004) and maintenance and security charges £75,242 (2022 £39,342). 
PRM Distribution also charged these companies a management charge amounting to £729,243 (2022 £406,883). The company also received interest on inter-company lending of £71,400 (2022 £40,250).
PRM Distribution Ltd operated current accounts with these companies. At the year end the balance due to PRM Logistics Ltd and PRM Transport Ltd amounted to £150,000 and £205,000 respectively.  The company was also owed £8,689 from PRM Ireland Ltd.
10. 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.
11. Ultimate Controlling Party
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. Audit Information
The auditors report on the account of PRM Distribution Limited 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
Co. Armagh
BT66 8BB
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