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REGISTERED NUMBER: 02648944 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PROMECH SERVICES LIMITED

PROMECH SERVICES LIMITED (REGISTERED NUMBER: 02648944)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROMECH SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr T D Watley
Mr J S Watley





REGISTERED OFFICE: Suite 236 The CEME Centre
Marsh Way
Rainham
Essex
R13 8EU





REGISTERED NUMBER: 02648944 (England and Wales)





ACCOUNTANTS: Elliott, Mortlock, Busby & Co Limited
12 High Street
Stanford le Hope
Essex
SS17 0EY

PROMECH SERVICES LIMITED (REGISTERED NUMBER: 02648944)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 52,861 56,446
Investments 6 86 54
52,947 56,500

CURRENT ASSETS
Stocks 4,000 4,000
Debtors 7 7,332,018 6,011,450
Cash at bank and in hand 102,819 487,477
7,438,837 6,502,927
CREDITORS
Amounts falling due within one year 8 1,697,791 1,208,366
NET CURRENT ASSETS 5,741,046 5,294,561
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,793,993

5,351,061

CREDITORS
Amounts falling due after more than one
year

9

(14,113

)

(25,549

)

PROVISIONS FOR LIABILITIES 12 (13,029 ) (13,917 )
NET ASSETS 5,766,851 5,311,595

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,766,751 5,311,495
SHAREHOLDERS' FUNDS 5,766,851 5,311,595

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROMECH SERVICES LIMITED (REGISTERED NUMBER: 02648944)

BALANCE SHEET - continued
31 DECEMBER 2024


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 Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





Mr J S Watley - Director


PROMECH SERVICES LIMITED (REGISTERED NUMBER: 02648944)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Promech Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received and receivable in respect of services supplied by the company during the year excluding value added tax and trade discounts. Turnover for contracted services is recognised by reference to the stage of completion at the balance sheet date as per an independent valuation.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & equipment - 20% straight line basis
Motor vehicles - 20% straight line basis
Fixtures, fittings & equipment - 20% straight line basis

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. Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Basic financial instruments are initially recognised at transaction price and then subsequently at amortised cost with the exception of equity investments that are initially measured at fair value (being the transaction price excluding any transaction costs) with subsequent measurements at fair value, with changes recognised in profit and loss.

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.


PROMECH SERVICES LIMITED (REGISTERED NUMBER: 02648944)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued
Deferred taxation
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.

Hire purchase
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid for that service.

The company operates two defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - 38 ) .

5. TANGIBLE FIXED ASSETS
Fixtures,
Plant & Motor fittings
equipment vehicles & equipment Totals
£    £    £    £   
COST
At 1 January 2024 5,104 89,251 44,949 139,304
Additions - - 14,896 14,896
Disposals - - (14,871 ) (14,871 )
At 31 December 2024 5,104 89,251 44,974 139,329
DEPRECIATION
At 1 January 2024 5,104 43,670 34,084 82,858
Charge for year - 12,188 6,293 18,481
Eliminated on disposal - - (14,871 ) (14,871 )
At 31 December 2024 5,104 55,858 25,506 86,468
NET BOOK VALUE
At 31 December 2024 - 33,393 19,468 52,861
At 31 December 2023 - 45,581 10,865 56,446

PROMECH SERVICES LIMITED (REGISTERED NUMBER: 02648944)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024
and 31 December 2024 60,942
DEPRECIATION
At 1 January 2024 15,361
Charge for year 12,188
At 31 December 2024 27,549
NET BOOK VALUE
At 31 December 2024 33,393
At 31 December 2023 45,581

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2024 54
Revaluations 32
At 31 December 2024 86
NET BOOK VALUE
At 31 December 2024 86
At 31 December 2023 54

Cost or valuation at 31 December 2024 is represented by:

Other
investments
£   
Valuation in 2024 32
Valuation in 2023 (59 )
Valuation in 2022 (40 )
Valuation in 2021 (43 )
Valuation in 2020 (261 )
Valuation in 2019 (445 )
Valuation in 2018 (440 )
Valuation in 2017 321
Valuation in 2016 (51 )
Valuation in 2015 239
Cost 833
86

PROMECH SERVICES LIMITED (REGISTERED NUMBER: 02648944)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

6. FIXED ASSET INVESTMENTS - continued

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 833 833

Fixed asset investments were valued on an open market basis on 31 December 2024 by the directors .

Fixed asset investments are comprised entirely of a listed investment. The fair value have been obtained by reference to the stock's closing price on the balance sheet date.

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,215,187 1,426,525
Amounts owed by group undertakings 4,386,614 4,050,657
Other debtors 98,371 75,748
6,700,172 5,552,930

Amounts falling due after more than one year:
Trade debtors 627,290 453,454
Other debtors 4,556 5,066
631,846 458,520

Aggregate amounts 7,332,018 6,011,450

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 11,436 11,436
Trade creditors 1,286,642 993,775
Corporation tax 186,155 69,641
Social security and other taxes 81,734 48,899
Other creditors 131,824 84,615
1,697,791 1,208,366

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 14,113 25,549

PROMECH SERVICES LIMITED (REGISTERED NUMBER: 02648944)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 11,436 11,436
Between one and five years 14,113 25,549
25,549 36,985

Non-cancellable operating leases
2024 2023
£    £   
Within one year 50,008 73,469
Between one and five years 147,000 8,008
197,008 81,477

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 25,549 36,985

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 13,029 13,917

Deferred
tax
£   
Balance at 1 January 2024 13,917
Credit to Income Statement during year (888 )
Balance at 31 December 2024 13,029

The provision for deferred taxation is made up of accelerated capital allowances.

13. PENSION COMMITMENTS

The company operates two defined contribution pension schemes, for the benefit of its employees and directors. The assets of the schemes are held separately from those of the company in independently administered funds.