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REGISTERED NUMBER: 05449383 (England and Wales)















PRASCO UK LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024






PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


PRASCO UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: K D Waugh
M Bourne
D Gibson





SECRETARY: K D Waugh





REGISTERED OFFICE: Unit 4 Alpha Court
Capitol Park
Thorne
Doncaster
South Yorkshire
DN8 5TZ





REGISTERED NUMBER: 05449383 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report for the year ended 31 December 2024.

FAIR REVIEW OF THE BUSINESS
Prasco UK Limited continues to strengthen its position as a leading supplier within the UK accident repair sector, working in close partnership with insurance providers, fleet operators, and the retail aftermarket. Our operations are centred on a modern facility located in South Yorkshire, supporting a nationwide network with reliable and efficient service.

The Company delivered a strong trading performance during the year. Turnover increased by 15.6%, rising from £14.47 million in 2023 to £16.73 million in 2024, driven by continued expansion in market share, enhanced stock availability, and improved customer demand. Gross profit margin also improved, rising from 44.1% to 46.1%, reflecting both procurement efficiencies and better sales mix.

Operational improvements, alongside a stabilising cost environment (particularly in freight and currency-related expenses), contributed to more favourable trading conditions. Despite an increase in administrative expenses relative to turnover, the business remains robustly profitable and well-positioned for long-term growth.

Cash reserves increased notably in the year, supporting the Company's liquidity and funding future investment in operations and digital capabilities. The business also maintained a broad and well-managed range of stock, allowing for high levels of order fulfilment and rapid response to customer requirements.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks facing the business remain consistent with previous years:

Supply Chain Volatility: The availability of imported vehicle parts continues to be subject to political instability and global economic factors, which may result in higher freight costs or extended lead times.

Currency Exposure: As part of our international sourcing strategy, we remain exposed to exchange rate movements, which could impact margins.

To mitigate these risks, the Company employs the following measures:
- Strategic procurement planning and dynamic inventory management to cushion against market fluctuations.
- Ongoing monitoring of foreign exchange rates and proactive financial planning to mitigate currency exposure.

Secondary Market Risks: As vehicles become increasingly equipped with advanced safety features, the demand for accident repair parts may decline. Additionally, the rapid growth of eCommerce demands greater digital capability and technological integration.

To address this, the Company invests in:
- Broadening its product range to include newer model variants and parts relevant to electric and hybrid vehicles.
- Enhancing its technology stack, including investment in digital platforms and customer relationship tools.

A highly skilled and experienced management team remains critical to the Company's success. Our Board regularly undertakes risk assessments and ensures that business strategy remains responsive to an evolving marketplace.


PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

KEY PERFORMANCE INDICATORS
To ensure alignment with long-term strategic goals, both financial and non-financial KPIs are closely monitored.

Financials KPI's:
2024 2023

Gross profit margin 46.1% 44.1%
Administrative expenses to turnover 39.8% 36.2%
Operating profit to turnover 6% 8%

Non-Financial KPIs:


a)
Order Fulfilment Rate: Continuously monitored to maintain high service levels and customer
satisfaction.


b)
Stock Turnover: Reflects efficient inventory management and strong demand across a growing product
range.

The Company's investment in a wider inventory selection has led to improved order fulfilment and contributed to revenue growth in key customer sectors.

FUTURE DEVELOPMENTS
Looking ahead, Prasco UK Limited is focused on sustaining growth through operational excellence, customer focus, and innovation.

Key priorities include:
- Product Range Expansion: Continuing to broaden our catalogue to meet the demands of evolving vehicle
technologies, including electric, hybrid, and connected vehicles.
- Technological Investment: Enhancing digital infrastructure, including inventory and order management
systems, and expanding our eCommerce capabilities to meet the changing needs of the industry.
- Customer Service Excellence: Maintaining fast, efficient, and reliable service to customers across the UK,
with a focus on building enduring relationships and repeat business.
- Talent Development: Investing in staff training and career progression to support retention, innovation, and
leadership succession planning.

With a resilient business model, growing cash reserves, and robust stock levels, the Company is well-equipped to navigate future challenges and seize emerging opportunities in the automotive parts sector.

ON BEHALF OF THE BOARD:





K D Waugh - Director


6 May 2025

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale trade of motor vehicle parts and accessories.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

K D Waugh
M Bourne
D Gibson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




K D Waugh - Director


6 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRASCO UK LIMITED


Opinion
We have audited the financial statements of Prasco UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 December 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRASCO UK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRASCO UK LIMITED


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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.

As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances
of non-compliance with laws and regulations and fraud;
- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws
and regulations;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual
combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of
business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Review of correspondence with regulators in so far as they are related to the financial statements;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRASCO UK LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kelvin Fitton BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

6 May 2025

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 16,726,280 14,466,932

Cost of sales 9,022,422 8,086,183
GROSS PROFIT 7,703,858 6,380,749

Administrative expenses 6,662,511 5,238,607
1,041,347 1,142,142

Other operating income - 8,592
OPERATING PROFIT 4 1,041,347 1,150,734

Interest receivable and similar income 1,092 10
1,042,439 1,150,744

Interest payable and similar expenses 5 30,700 76,090
PROFIT BEFORE TAXATION 1,011,739 1,074,654

Tax on profit 6 271,820 315,756
PROFIT FOR THE FINANCIAL YEAR 739,919 758,898

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 739,919 758,898


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

739,919

758,898

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 7 745,723 1,213,692

CURRENT ASSETS
Stocks 8 4,654,876 3,591,796
Debtors 9 2,059,740 1,878,340
Cash at bank and in hand 709,965 41,133
7,424,581 5,511,269
CREDITORS
Amounts falling due within one year 10 4,548,874 3,500,726
NET CURRENT ASSETS 2,875,707 2,010,543
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,621,430

3,224,235

CREDITORS
Amounts falling due after more than one
year

11

(65,904

)

(291,717

)

PROVISIONS FOR LIABILITIES 15 (185,847 ) (302,758 )
NET ASSETS 3,369,679 2,629,760

CAPITAL AND RESERVES
Called up share capital 16 400,000 400,000
Retained earnings 17 2,969,679 2,229,760
SHAREHOLDERS' FUNDS 3,369,679 2,629,760

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2025 and were signed on its behalf by:





K D Waugh - Director


PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 400,000 1,470,862 1,870,862

Changes in equity
Total comprehensive income - 758,898 758,898
Balance at 31 December 2023 400,000 2,229,760 2,629,760

Changes in equity
Total comprehensive income - 739,919 739,919
Balance at 31 December 2024 400,000 2,969,679 3,369,679

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,447,568 1,889,464
Interest paid (1,964 ) (25,351 )
Interest element of hire purchase payments
paid

(28,736

)

(50,739

)
Tax paid (14,482 ) (42,221 )
Net cash from operating activities 1,402,386 1,771,153

Cash flows from investing activities
Purchase of tangible fixed assets (191,443 ) (169,253 )
Sale of tangible fixed assets 261,491 108,071
Interest received 1,092 10
Net cash from investing activities 71,140 (61,172 )

Cash flows from financing activities
Capital repayments in year (344,679 ) (1,310,718 )
Group balances - (434,559 )
Invoice financing (460,015 ) -
Net cash from financing activities (804,694 ) (1,745,277 )

Increase/(decrease) in cash and cash equivalents 668,832 (35,296 )
Cash and cash equivalents at beginning of
year

2

41,133

76,429

Cash and cash equivalents at end of year 2 709,965 41,133

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,011,739 1,074,654
Depreciation charges 374,868 322,137
Loss on disposal of fixed assets 23,330 18,147
Finance costs 30,700 76,090
Finance income (1,092 ) (10 )
1,439,545 1,491,018
(Increase)/decrease in stocks (1,063,080 ) 151,614
Increase in trade and other debtors (181,400 ) (233,196 )
Increase in trade and other creditors 1,252,503 480,028
Cash generated from operations 1,447,568 1,889,464

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 709,965 41,133
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 41,133 76,429


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 41,133 668,832 709,965
41,133 668,832 709,965
Debt
Finance leases (562,777 ) 344,679 (218,098 )
Debts falling due within 1 year (460,015 ) 460,015 -
(1,022,792 ) 804,694 (218,098 )
Total (981,659 ) 1,473,526 491,867

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

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


1. STATUTORY INFORMATION

Prasco UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on cost and 20% on cost
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,876,920 2,382,947
Social security costs 240,162 197,570
Other pension costs 205,429 176,798
3,322,511 2,757,315

The average number of employees during the year was as follows:
2024 2023

Sales 14 14
Directors 2 2
Purchasing 5 5
Admin 3 3
Drivers 32 31
Warehouse 22 21
78 76

2024 2023
£    £   
Directors' remuneration 332,857 240,691
Directors' pension contributions to money purchase schemes 63,522 38,935

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

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


3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 177,858 120,443
Pension contributions to money purchase schemes 60,000 36,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 6,206 6,238
Depreciation - owned assets 200,297 87,652
Depreciation - assets on hire purchase contracts 174,294 234,487
Loss on disposal of fixed assets 23,330 18,147
Auditors' remuneration 20,000 12,785
Foreign exchange differences (174,812 ) (84,742 )
Operating lease expense 385,033 353,590

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 22,218
HMRC interest & penalties 1,964 3,133
Hire purchase 28,736 50,739
30,700 76,090

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 388,731 200,352

Deferred tax (116,911 ) 115,404
Tax on profit 271,820 315,756

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

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


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,011,739 1,074,654
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.521%)

252,935

252,769

Effects of:
Expenses not deductible for tax purposes 4,404 1,834
Adjustments to tax charge in respect of previous periods 14,481 -
Difference in deferred tax rate - 62,493
Enhanced capital allowances - (1,340 )
Total tax charge 271,820 315,756

7. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 419,936 575,763 1,185,057 469,134 2,649,890
Additions - 27,250 164,193 - 191,443
Disposals - (9,100 ) (551,565 ) - (560,665 )
At 31 December 2024 419,936 593,913 797,685 469,134 2,280,668
DEPRECIATION
At 1 January 2024 316,752 345,584 325,833 448,029 1,436,198
Charge for year 41,268 58,583 261,974 12,766 374,591
Eliminated on disposal - (6,803 ) (269,041 ) - (275,844 )
At 31 December 2024 358,020 397,364 318,766 460,795 1,534,945
NET BOOK VALUE
At 31 December 2024 61,916 196,549 478,919 8,339 745,723
At 31 December 2023 103,184 230,179 859,224 21,105 1,213,692

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

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


7. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2024 172,804 889,135 1,061,939
Disposals (9,100 ) (444,710 ) (453,810 )
Transfer to ownership (163,704 ) (81,048 ) (244,752 )
At 31 December 2024 - 363,377 363,377
DEPRECIATION
At 1 January 2024 65,616 254,485 320,101
Charge for year 19,201 155,093 174,294
Eliminated on disposal (6,824 ) (191,597 ) (198,421 )
Transfer to ownership (77,993 ) (45,051 ) (123,044 )
At 31 December 2024 - 172,930 172,930
NET BOOK VALUE
At 31 December 2024 - 190,447 190,447
At 31 December 2023 107,188 634,650 741,838

8. STOCKS
2024 2023
£    £   
Stocks 4,654,876 3,591,796

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,815,900 1,665,576
Other debtors 180,493 80,758
Prepayments 63,347 132,006
2,059,740 1,878,340

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

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


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 12) - 460,015
Hire purchase contracts (see note 13) 152,194 271,060
Trade creditors 2,095,745 1,460,855
Tax 374,249 200,352
Social security and other taxes 53,296 54,024
VAT 580,874 477,220
Accrued expenses 1,292,516 577,200
4,548,874 3,500,726

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 65,904 291,717

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Invoice financing - 460,015

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 152,194 271,060
Between one and five years 65,904 291,717
218,098 562,777

Non-cancellable operating leases
2024 2023
£    £   
Within one year 358,033 385,033
Between one and five years 1,540,132 1,540,132
In more than five years 1,219,271 1,411,788
3,117,436 3,336,953

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

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


14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice financing - 460,015
Hire purchase contracts 218,098 562,777
218,098 1,022,792

The bank loan is secured by a fixed charge over the bank balances of the Company.

The invoice discounting facility is secured by fixed and floating charge over the assets of the Company.

The trade debtor balance subject to invoice financing at the year end is £1,802,333 (2023: £1,675,538)

Hire purchase contracts are secured over the relevant assets.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 185,847 302,758

Deferred
tax
£   
Balance at 1 January 2024 302,758
Provided during year (116,911 )
Balance at 31 December 2024 185,847

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
400,000 Ordinary £1 400,000 400,000

17. RESERVES
Retained
earnings
£   

At 1 January 2024 2,229,760
Profit for the year 739,919
At 31 December 2024 2,969,679

PRASCO UK LIMITED (REGISTERED NUMBER: 05449383)

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


18. RELATED PARTY DISCLOSURES

Prasco S.P.A
Shareholder
During the year the Company made purchases of £523,698 (2023: £505,403) from Prasco S.P.A. At the Balance Sheet date £115,955 (2023: £351,565) was due to Prasco S.P.A.

TJ Paint & Panel Ltd
Director in common
During the year the Company made purchases of £106,193 (2023: £31,064) from TJ Paint & Panel Ltd. At the Balance Sheet date £42,008 (2023: £2,006) was due to TJ Paint & Panel Ltd.

Prasco UK Limited made sales of £13,648 (2023: £4,410) to T J Paint & Panel Ltd. At the Balance Sheet date a balance was due from T J Paint & Panel Ltd of £4,965 (2023: £854).

D Gibson
Director
During the year services were charged to the Company of £52,157 (2023: £43,261). A balance was due at the year end of £3,929 (2023: £5,031).

S Waugh
Related Party
During the year services were charged to the Company of £54,000 (2023: £30,000).

19. ULTIMATE CONTROLLING PARTY

There is no single ultimate controlling party.