Premier Hose Ltd 04301539 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is that of the supply and repair of hydraulic hoses Digita Accounts Production Advanced 6.30.9574.0 true true true 04301539 2023-11-01 2024-10-31 04301539 2024-10-31 04301539 core:RetainedEarningsAccumulatedLosses 2024-10-31 04301539 core:ShareCapital 2024-10-31 04301539 core:CurrentFinancialInstruments 2024-10-31 04301539 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 04301539 core:Non-currentFinancialInstruments 2024-10-31 04301539 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 04301539 core:Goodwill 2024-10-31 04301539 core:PatentsTrademarksLicencesConcessionsSimilar 2024-10-31 04301539 core:FurnitureFittings 2024-10-31 04301539 core:MotorVehicles 2024-10-31 04301539 core:OfficeEquipment 2024-10-31 04301539 core:PlantMachinery 2024-10-31 04301539 core:OtherRelatedParties 2024-10-31 04301539 bus:SmallEntities 2023-11-01 2024-10-31 04301539 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 04301539 bus:FilletedAccounts 2023-11-01 2024-10-31 04301539 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 04301539 bus:RegisteredOffice 2023-11-01 2024-10-31 04301539 bus:Director3 2023-11-01 2024-10-31 04301539 bus:Director4 2023-11-01 2024-10-31 04301539 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 04301539 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04301539 core:Goodwill 2023-11-01 2024-10-31 04301539 core:LicencesFranchises 2023-11-01 2024-10-31 04301539 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-01 2024-10-31 04301539 core:FurnitureFittings 2023-11-01 2024-10-31 04301539 core:MotorCars 2023-11-01 2024-10-31 04301539 core:MotorVehicles 2023-11-01 2024-10-31 04301539 core:OfficeEquipment 2023-11-01 2024-10-31 04301539 core:PlantMachinery 2023-11-01 2024-10-31 04301539 core:OtherRelatedParties 2023-11-01 2024-10-31 04301539 core:ParentEntities 2023-11-01 2024-10-31 04301539 1 2023-11-01 2024-10-31 04301539 countries:EnglandWales 2023-11-01 2024-10-31 04301539 2023-10-31 04301539 core:Goodwill 2023-10-31 04301539 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 04301539 core:FurnitureFittings 2023-10-31 04301539 core:MotorVehicles 2023-10-31 04301539 core:OfficeEquipment 2023-10-31 04301539 core:PlantMachinery 2023-10-31 04301539 core:OtherRelatedParties 2023-10-31 04301539 2022-11-01 2023-10-31 04301539 2023-10-31 04301539 core:RetainedEarningsAccumulatedLosses 2023-10-31 04301539 core:ShareCapital 2023-10-31 04301539 core:CurrentFinancialInstruments 2023-10-31 04301539 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 04301539 core:Non-currentFinancialInstruments 2023-10-31 04301539 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 04301539 core:Goodwill 2023-10-31 04301539 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 04301539 core:FurnitureFittings 2023-10-31 04301539 core:MotorVehicles 2023-10-31 04301539 core:OfficeEquipment 2023-10-31 04301539 core:PlantMachinery 2023-10-31 04301539 core:OtherRelatedParties 2023-10-31 04301539 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 04301539 core:OtherRelatedParties 2022-11-01 2023-10-31 04301539 2022-10-31 04301539 core:OtherRelatedParties 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 04301539

Premier Hose Ltd

trading as Pirtek Oldbury

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Premier Hose Ltd

trading as Pirtek Oldbury

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Premier Hose Ltd

trading as Pirtek Oldbury

Company Information

Directors

Mr MA Fletcher

Mrs C Fletcher

Registered office

Units 4- 5 Gregston Industrial
Estate Birmingham Road
Oldbury
West Midlands
B69 4EX

 

Premier Hose Ltd

trading as Pirtek Oldbury

(Registration number: 04301539)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

11,000

14,000

Tangible assets

5

99,279

58,848

 

110,279

72,848

Current assets

 

Stocks

6

46,270

48,961

Debtors

7

248,912

256,420

Cash at bank and in hand

 

61,382

5,634

 

356,564

311,015

Creditors: Amounts falling due within one year

8

(268,342)

(266,740)

Net current assets

 

88,222

44,275

Total assets less current liabilities

 

198,501

117,123

Creditors: Amounts falling due after more than one year

8

(91,488)

(57,423)

Provisions for liabilities

(11,802)

(9,847)

Net assets

 

95,211

49,853

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

94,211

48,853

Shareholders' funds

 

95,211

49,853

 

Premier Hose Ltd

trading as Pirtek Oldbury

(Registration number: 04301539)
Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
Mr MA Fletcher
Director

   
     
 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 4- 5 Gregston Industrial
Estate Birmingham Road
Oldbury
West Midlands
B69 4EX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 years straight line

Fixtures and fittings

10 years straight line

Motor vans

3 years straight line

Motor cars

4 years straight line

Office equipment

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Licence fee

10 years straight line

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2023

152,787

30,000

182,787

At 31 October 2024

152,787

30,000

182,787

Amortisation

At 1 November 2023

152,787

16,000

168,787

Amortisation charge

-

3,000

3,000

At 31 October 2024

152,787

19,000

171,787

Carrying amount

At 31 October 2024

-

11,000

11,000

At 31 October 2023

-

14,000

14,000

 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

21,613

33,701

114,435

120,872

290,621

Additions

-

-

208

77,067

77,275

Disposals

-

-

-

(18,990)

(18,990)

At 31 October 2024

21,613

33,701

114,643

178,949

348,906

Depreciation

At 1 November 2023

13,353

29,695

104,189

84,537

231,774

Charge for the year

1,223

1,340

6,961

27,319

36,843

Eliminated on disposal

-

-

-

(18,990)

(18,990)

At 31 October 2024

14,576

31,035

111,150

92,866

249,627

Carrying amount

At 31 October 2024

7,037

2,666

3,493

86,083

99,279

At 31 October 2023

8,260

4,007

10,246

36,335

58,848

 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

46,270

48,961

7

Debtors

Current

2024
£

2023
£

Trade debtors

201,500

208,757

Prepayments

11,217

10,378

Other debtors

36,195

37,285

 

248,912

256,420

 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

53,108

44,244

Trade creditors

 

82,151

98,380

Taxation and social security

 

68,038

49,374

Accruals and deferred income

 

28,398

35,011

Other creditors

 

5,891

5,535

Directors current account

 

30,756

34,196

 

268,342

266,740

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

91,488

57,423

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,926

29,814

HP and finance lease liabilities

65,562

27,609

91,488

57,423

 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

9

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

3,172

Other loans

22,004

23,002

Hire purchase liabilities

31,104

18,070

Directors current account

30,756

34,196

83,864

78,440

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £97.20 (2023 - £141.30) per each Ordinary shares

97,200

141,300

 

 

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,800

19,800

Summary of transactions with parent

MCF MIDLANDS LIMITED
 
The Company paid a dividend to MCF Midlands Limited during the year amounting to £97,200 (2023: £141,300).

 

 

Premier Hose Ltd

trading as Pirtek Oldbury

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

11

Related party transactions (continued)

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

34,196

34,196

Repaid

(3,439)

(3,439)

At end of period

30,757

30,757

2023

Other related parties
£

Total
£

At start of period

38,195

38,195

Repaid

(3,999)

(3,999)

At end of period

34,196

34,196

12

Parent and ultimate parent undertaking

The Current Directors are also the owners and Directors of MCF Midlands Limited.

 The company's immediate parent is MCF MIDLANDS LIMITED, incorporated in England.