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Registered number: NI650995










PMCK HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
PMCK HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
Paul McKearney 
Eleanor Frances McKearney 
Peter McKearney 




Registered number
NI650995



Registered office
47 Grange Road
Dungannon

Tyrone

BT71 7EQ




Independent auditors
AAB Group Accountants Limited

Howard House

30 Northland Row

Dungannon

Co. Tyrone

BT71 6AP




Bankers
Bank of Ireland
24 Scotch Street

Dungannon

Co. Tyrone





Ulster Bank

1-2 The Diamond

Monaghan

Co. Monaghan





Bank of Ireland

Dawson Street

Monaghan

Co. Monaghan




Solicitors
TD Gibson & Co.
17 – 21 Church Street

Portadown

BT62 1HL





 
PMCK HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 35


 
PMCK HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present the stragetic report for the year ended 30 June 2024.

Principal activity and business review
 
The principal activity of the group continued to be that of electrical contracting and the manufacture of electricity distribution and control apparatus.
There have been no significant changes in these activities during the year ended 30 June 2024.
Turnover has decreased by 15% to £15.2m (2023: £18m). The group asset base remains strong, with net assets of £1.7m at 30 June 2024 (2023: £1.3m). The group's directors are satisfied with the group's performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow. 

Principal risks and uncertainties
 
The group uses financial instruments throughout its business. The core risks associated with the group are currency risk, liquidity risk, interest rate risk, credit risk and inflation risk. The board reviews and agrees policies for the prudent management of these risks as follows:
Currency Risk 
The group's activities are conducted in the UK and ROI. The group's activities which are in the Republic of Ireland are conducted primarily in Euros. This results in levels of currency transaction risk, variances affecting operational activities in this regard are reflected in the profit and loss account in the years in which they arise.
Finance and Interest rate risk
The group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long term strategy for the management of the exposure considers the amount of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability. 
Liquidity and cash flow risk
The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due.
Credit risk
The group has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored. 
Inflation risk
As a result of the rising rate of inflation the group has seen the impact of this through rising costs. The group have an economic policy in place to review costs regularly and to minimise the impact of these rising costs where possible.

Page 1

 
PMCK HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial key performance indicators
 
The directors' have determined that the following financial key performance indicators are the most effective measures of progress towards the group's objectives.

2024
2023
Turnover (£)

£15.2m

£18.0m
 
Gross profit %

18%

10.6%
 
Net assets (£)

£1.7m

£1.3m
 

Other key performance indicators
 
Environment
The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, preventing pollution and to reduce waste wherever possible. 
Human resources
Management of the group recognise that its most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of staff is critical and the group has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements. 
Health and safety
The group is committed to achieving the highest practicable standards in health and safety management and strives to make all areas of the hotel safe environments for employees and customers alike.


This report was approved by the board on 4 March 2025 and signed on its behalf.



................................................
Paul McKearney
Director

................................................
Peter McKearney
Director

Page 2

 
PMCK HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Results and dividends

The profit for the year, after taxation, amounted to £581,640 (2023 - £169,106).

Ordinary dividends were paid amounting to £134,000 (2023 - £145,536). The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year and up to the date of the financial statements were:

Paul McKearney 
Eleanor Frances McKearney 
Peter McKearney 

Auditors

The auditorsAAB Group Accountants Limited (formerly FPM Accountants Limited)are deemed to be reappointed in accordance with section 487 (2) of the Companies Act 2006.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The group believes that performance will continue to improve as a result of secured substantial contracts both during the year and post year end and capitalising on the increasing demand for their services. 
 
The group continue to explore and enact extensions to their current business models. Both of these factors will help sustain the group going forward.

Page 3

 
PMCK HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

This report was approved by the board on 4 March 2025 and signed on its behalf.
 





................................................
Paul McKearney
Director
................................................
Peter Mckearney
Director

Page 4

 
PMCK HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMCK HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of PMCK Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
PMCK HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMCK HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
PMCK HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMCK HOLDINGS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Page 7

 
PMCK HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMCK HOLDINGS LIMITED (CONTINUED)



We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 an Auditors' report 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.





Deborah Mullen (Senior statutory auditor)
for and on behalf of
AAB Group Accountants Limited
Statutory Auditors
Howard House
30 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

4 March 2025
Page 8

 
PMCK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,238,981
17,991,229

Cost of sales
  
(12,495,510)
(16,081,848)

Gross profit
  
2,743,471
1,909,381

Administrative expenses
  
(2,004,420)
(1,738,179)

Other operating income
 5 
-
54,454

Operating profit
 6 
739,051
225,656

Interest payable and similar expenses
 10 
(43,351)
(32,398)

Profit before taxation
  
695,700
193,258

Tax on profit
 11 
(114,060)
(24,152)

Profit for the financial year
  
581,640
169,106

Profit for the year attributable to:
  

Owners of the parent company
  
581,640
169,106

  
581,640
169,106

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 35 form part of these financial statements.

Page 9

 
PMCK HOLDINGS LIMITED
REGISTERED NUMBER: NI650995

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,110,169
861,731

Investment property
 16 
-
102,060

  
1,110,169
963,791

Current assets
  

Stocks
 17 
635,315
564,080

Debtors
 18 
4,621,433
4,205,370

Cash at bank and in hand
 19 
252,123
12,646

  
5,508,871
4,782,096

Creditors: amounts falling due within one year
 20 
(4,663,438)
(4,244,287)

Net current assets
  
 
 
845,433
 
 
537,809

Total assets less current liabilities
  
1,955,602
1,501,600

Creditors: amounts falling due after more than one year
 21 
(166,250)
(240,759)

Provisions for liabilities
  

Deferred taxation
  
(80,871)
-

  
 
 
(80,871)
 
 
-

Net assets excluding pension asset
  
1,708,481
1,260,841

Net assets
  
1,708,481
1,260,841


Capital and reserves
  

Called up share capital 
 25 
3
3

Profit and loss account
  
1,708,478
1,260,838

Equity attributable to owners of the parent company
  
1,708,481
1,260,841

  
1,708,481
1,260,841


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2025.


................................................
Paul McKearney
................................................
Peter McKearney
Director
Director

The notes on pages 16 to 35 form part of these financial statements.

Page 10

 
PMCK HOLDINGS LIMITED
REGISTERED NUMBER: NI650995

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
261,193
-

Investments
 15 
4
4

Investment Property
 16 
-
102,060

  
261,197
102,064

Current assets
  

Debtors
 18 
-
79,190

Cash at bank and in hand
 19 
4,469
68

  
4,469
79,258

Creditors: amounts falling due within one year
 20 
(84,399)
-

Net current (liabilities)/assets
  
 
 
(79,930)
 
 
79,258

Total assets less current liabilities
  
181,267
181,322

  

  

Net assets excluding pension asset
  
181,267
181,322

Net assets
  
181,267
181,322


Capital and reserves
  

Called up share capital 
 25 
3
3

Profit and loss account brought forward
  
181,319
181,319

Profit for the year
  
133,945
145,536

Other changes in the profit and loss account

  

(134,000)
(145,536)

Profit and loss account carried forward
  
181,264
181,319

  
181,267
181,322


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2025.


................................................
Paul McKearney
................................................
Peter McKearney
Director
Director

The notes on pages 16 to 35 form part of these financial statements.

Page 11

 
PMCK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
3
1,237,268
1,237,271


Comprehensive income for the year

Profit for the year
-
169,106
169,106


Contributions by and distributions to owners

Dividends: Equity capital
-
(145,536)
(145,536)



At 1 July 2023
3
1,260,838
1,260,841


Comprehensive income for the year

Profit for the year
-
581,640
581,640


Contributions by and distributions to owners

Dividends: Equity capital
-
(134,000)
(134,000)


At 30 June 2024
3
1,708,478
1,708,481


The notes on pages 16 to 35 form part of these financial statements.

Page 12

 
PMCK HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
3
181,319
181,322


Comprehensive income for the year

Profit for the year
-
145,536
145,536


Contributions by and distributions to owners

Dividends: Equity capital
-
(145,536)
(145,536)



At 1 July 2023
3
181,319
181,322


Comprehensive income for the year

Profit for the year
-
133,945
133,945


Contributions by and distributions to owners

Dividends: Equity capital
-
(134,000)
(134,000)


At 30 June 2024
3
181,264
181,267


The notes on pages 16 to 35 form part of these financial statements.

Page 13

 
PMCK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
581,640
169,106

Adjustments for:

Depreciation of tangible assets
104,029
98,632

Government grants
-
(32,500)

Interest paid
37,101
32,398

Taxation charge
114,060
24,152

(Increase)/decrease in stocks
(71,235)
133,778

(Increase) in debtors
(412,667)
(327,182)

Increase in creditors
437,284
166,994

Corporation tax (paid)
(40,125)
(4,100)

Net cash generated from operating activities

750,087
261,278


Cash flows from investing activities

Purchase of tangible fixed assets
(203,990)
(43,882)

Purchase of investment properties
-
(102,060)

Government grants received
-
32,500

HP interest paid
(11,536)
(8,687)

Net cash from investing activities

(215,526)
(122,129)

Cash flows from financing activities

Repayment of loans
(73,520)
(83,681)

Repayment of finance leases
(52,695)
(55,390)

Dividends paid
(134,000)
(128,509)

Interest paid
(25,565)
(23,711)

Net cash used in financing activities
(285,780)
(291,291)

Net increase/(decrease) in cash and cash equivalents
248,781
(152,142)

Cash and cash equivalents at beginning of year
(168,232)
(16,090)

Cash and cash equivalents at the end of year
80,549
(168,232)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
252,123
12,646

Bank overdrafts
(171,574)
(180,878)

80,549
(168,232)


Page 14

 
PMCK HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
New finance leases
At 30 June 2024
£

£

£

£

Cash at bank and in hand

12,646

239,477

-

252,123

Bank overdrafts

(180,878)

9,304

-

(171,574)

Debt due after 1 year

(145,049)

68,832

-

(76,217)

Debt due within 1 year

(161,074)

(8,719)

-

(169,793)

Finance leases

(144,992)

52,695

(46,417)

(138,714)


(619,347)
361,589
(46,417)
(304,175)

The notes on pages 16 to 35 form part of these financial statements.

Page 15

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

PMCK Holdings Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 47 Grange Road, Moy, Dungannon, Co.Tyrone, Northern Ireland, BT71 7EQ. 
The principal activity of the group continued to be that of electrical contracting and the manufacture of electricity distribution and control apparatus.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 
the requirements of Section 7 Statement of Cash Flows; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 17

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 18

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 20

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 21

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 22

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods
Key sources of estimation uncertanity
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Amounts recoverable on contracts
When the outcome of a construction project contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and accruals/costs are recognised over the period of the contract by reference to the stage of completion using the 'percentage-of-completion-method' to determine the appropriate amount to recognise in a given period. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately.


4.


Turnover

The whole of the turnover is attributable to electrical contracting and the manufacture of electricity distribution and control apparatus.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
14,866,358
11,030,241

Rest of Europe
372,623
6,960,988

15,238,981
17,991,229


Page 23

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Other operating income

2024
2023
£
£

Other operating income
-
11,504

Net rents receivable
-
10,450

Government grants receivable
-
32,500

-
54,454



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
19,399
7,691

Depreciation of owned tangible fixed assets
59,806
55,335

Depreciation of tangible fixed assets held under finance leases
44,223
43,297


7.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
14,000
14,000

Page 24

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,106,933
2,050,407

Social security costs
176,232
176,400

Cost of defined contribution scheme
35,850
36,357

2,319,015
2,263,164


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
39
41



Administration
20
22

59
63


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
25,753
22,100

25,753
22,100



10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
25,565
23,711

Other loan interest payable
6,250
-

Finance leases and hire purchase contracts
11,536
8,687

43,351
32,398

Page 25

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
33,189
53,716

Adjustments in respect of previous periods
-
(29,564)


33,189
24,152


Total current tax
33,189
24,152

Deferred tax


Origination and reversal of timing differences
80,871
-

Total deferred tax
80,871
-


Tax on profit
114,060
24,152

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
695,700
193,258


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
173,925
39,618

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
24,211
823

Capital allowances for year in excess of depreciation
549
(1,540)

Utilisation of tax losses
(181,943)
(55,352)

Adjustments to tax charge in respect of prior periods
-
4,100

Double taxation relief
-
(62,883)

Unrelieved tax losses carried forward
16,691
99,386

Marginal relief
(244)
-

Deferred tax
80,871
-

Total tax charge for the year
114,060
24,152

Page 26

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Dividends

2024
2023
£
£


Final dividend
134,000
145,536

134,000
145,536


13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 July 2023
239,177



At 30 June 2024

239,177



Amortisation


At 1 July 2023
239,177



At 30 June 2024

239,177



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 27

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
498,091
386,646
406,797
67,619
1,359,153


Additions
159,133
15,397
66,733
9,144
250,407


Transfers between classes
102,060
-
-
-
102,060



At 30 June 2024

759,284
402,043
473,530
76,763
1,711,620



Depreciation


At 1 July 2023
8,273
215,001
242,649
31,499
497,422


Charge for the year on owned assets
8,273
26,674
15,101
9,758
59,806


Charge for the year on financed assets
-
10,254
33,969
-
44,223



At 30 June 2024

16,546
251,929
291,719
41,257
601,451



Net book value



At 30 June 2024
742,738
150,114
181,811
35,506
1,110,169



At 30 June 2023
489,818
171,645
164,148
36,120
861,731

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
41,016
51,270

Motor vehicles
101,908
125,962

142,924
177,232

Page 28

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           14.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


Additions
159,133


Transfers between classes
102,060



At 30 June 2024

261,193






At 30 June 2024

-



Net book value



At 30 June 2024
261,193



At 30 June 2023
-






Page 29

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
4



At 30 June 2024
4





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

P McK Ltd
47 Grange Road,Dungannon, County Tyrone, BT71 7EQ Northern Ireland
Ordinary
100%
Precision Switchgear & Controls Ltd
47 Grange Road,Dungannon, County Tyrone, BT71 7EQ Northern Ireland
Ordinary
100%

Page 30

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Investment property

Group


Freehold investment property

£





At 1 July 2023
102,060


Transfers between classes
(102,060)



At 30 June 2024
-






Company





Freehold investment property

£





At 1 July 2023
102,060


Transfers between classes
(102,060)



At 30 June 2024
-



17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
635,315
564,080

635,315
564,080


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 31

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£



Trade debtors
2,955,955
2,753,948
-
-

Amounts owed by group undertakings
-
-
-
79,190

Other debtors
162,759
30,100
-
-

Prepayments and accrued income
83,388
58,647
-
-

Amounts recoverable on long-term contracts
1,415,935
1,362,675
-
-

Tax recoverable
3,396
-
-
-

4,621,433
4,205,370
-
79,190


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
252,123
12,646
4,469
68

Less: bank overdrafts
(171,574)
(180,878)
-
-

80,549
(168,232)
4,469
68


Page 32

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
171,574
180,878
-
-

Bank loans
67,549
72,237
-
-

Trade creditors
2,836,787
2,963,017
-
-

Amounts owed to group undertakings
-
-
84,399
-

Corporation tax
16,512
20,052
-
-

Other taxation and social security
86,194
387,541
-
-

Obligations under finance lease and hire purchase contracts
48,681
49,282
-
-

Other creditors
117,809
169,639
-
-

Accruals and deferred income
1,318,332
401,641
-
-

4,663,438
4,244,287
84,399
-


Bank overdrafts are secured by way of a fixed and floating charge over the assets included in the subsidaries of the group.
Bank loans are secured by way of a fixed charge and negative pledge over the site adjacent to 6 Cullion Road, Dungannon.


21.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
76,217
145,049

Net obligations under finance leases and hire purchase contracts
90,033
95,710

166,250
240,759


Details of security held by the bank have been disclosed in note 20.

Page 33

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
67,549
72,237


67,549
72,237

Amounts falling due 2-5 years

Bank loans
76,217
145,049


76,217
145,049



143,766
217,286



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
48,681
49,282

Between 1-5 years
90,033
95,710

138,714
144,992


24.


Deferred taxation


Group



2024


£






Charged to profit or loss
(80,871)



At end of year
(80,871)

Page 34

 
PMCK HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
24.Deferred taxation (continued)

Company


2024






At end of year
-
Group
2024
£

Accelerated capital allowances
(80,871)

(80,871)


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3 (2023 - 3) Ordinary shares of £1.00 each
3
3



26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group  in an independently administered fund. The pension cost charge represents contributions payable by the group  to the fund and amounted to £35,850 (2023 - £36,357). Contributions totalling £6,008 (2023 - £3,529) were payable to the fund at the balance sheet date and are included in creditors.


27.


Related party transactions

The company and group have taken advantage of the exemptions within FRS 102 section 33.1A from disclosing transactions between wholly owned group companies.  


28.


Controlling party

There is deemed to be no ultimate controlling party by virtue of the shareholdings in the company.

Page 35