| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| PREMIER COMPONENTS U.K. LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| PREMIER COMPONENTS U.K. LIMITED |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| 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 |
| PREMIER COMPONENTS U.K. LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Empress House |
| 43A Binley Road |
| Coventry |
| CV3 1HU |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| The directors present their strategic report for the year ended 31 December 2024. |
| The Directors present a balanced strategic review of the company for the year which ended on 31st December 2024 and its financial position on that date. |
| In providing this strategic review we as always remain conscious of both the size and level of complexity that exists within the business and fully considered both the plans and risks associated with the ongoing and planned developments. This is particularly relevant with the amount of trade that is conducted with the EU. |
| The company's prime business remains concentrated on the purchase and subsequent resale of used automotive parts from the passenger car, light, and heavy commercial vehicle sectors into the remanufacturing industry on a strictly business to business basis. |
| Premier Components UK Limited are very pleased to be part of the autocirc group of companies, with the strategic objective of becoming a central hub for the surplus used parts trading within their still growing European group of companies. |
| The business continues to be one of Europe's leading core brokers providing value to both its large supplier base and for the sale of the material required by its UK, European and internationally based customers, old and new to support their remanufacturing programmes. |
| We have continued with the development of our supplier network, to ensure that we are able to further assist the business's competitiveness within the remanufacturing marketplace. |
| During the past year, we have continued with an increased focus and investment on our development of the company's cross reference data to improve its ability to conduct and increase our trade electronically. This continues to be very well supported by ongoing incremental operating improvements through our IT development programmes. |
| During the year we have continually worked on improving our material flow throughout the warehouse improvements. This, together with the improvements in the skill levels of our staff, will deliver product handling efficiencies into several of our key product lines. |
| We also continued to ensure that all of the environmental legislation expectations and obligations were fully met. |
| The marketplace has, for many reasons continued to be challenging throughout the year, with the biggest impact being that of inflation and its impact on our operating costs and this is likely to continue with the impact of recently announced government policies relating to employment costs. |
| Our supply and customer base continued to develop, further establishing both our reputation and trading network mainly within the European automotive remanufacturing industry. |
| We are pleased to confirm that the company's existing facility has the capacity that will enable it to accommodate significant future growth of all current and potential new product lines and other trading activities. |
| ON BEHALF OF THE BOARD: |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| 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. |
| 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. |
| Other changes in directors holding office are as follows: |
| 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| AUDITORS |
| The auditors, Walker Thompson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PREMIER COMPONENTS U.K. LIMITED |
| Opinion |
| We have audited the financial statements of Premier Components U.K. 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 loss 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 |
| PREMIER COMPONENTS U.K. 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 |
| PREMIER COMPONENTS U.K. 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 and industry, and through discussion with the directors and other management (as required by auditing standards) we identified that the principal risks on non-compliance with laws and regulations related to those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications on non-compliance throughout the audit. |
| We evaluated managements' incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting journal entries to increase profits or reclassify costs and management bias in accounting estimates and disclosure. |
| Audit procedures performed by the Company auditors included:- |
| - discussions with management, relating to known or suspected instances on non-compliance with laws and regulations and fraud |
| - identifying and testing unusual journal entries |
| - challenging assumptions and judgements made by management in their significant accounting estimates and judgements. |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
| 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 |
| PREMIER COMPONENTS U.K. 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. |
| for and on behalf of |
| Statutory Auditor |
| Empress House |
| 43A Binley Road |
| Coventry |
| CV3 1HU |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 2,732,102 | 2,746,076 |
| 66,519 | 182,612 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest payable and similar expenses | 6 |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 7 | ( |
) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME |
| Deferred tax on revaluation |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Revaluation reserve | 17 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) | ( |
) |
| Balance at 31 December 2024 |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New Group loans in year |
| Group Loan repayments in year | ( |
) |
| Capital repayments in year | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) |
| Decrease in cash and cash equivalents | ( |
) | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
683,528 |
| Cash and cash equivalents at end of year |
2 |
609,849 |
674,218 |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before taxation | ( |
) |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 80,141 | 34,649 |
| 166,179 | 300,964 |
| Decrease/(increase) in stocks | ( |
) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations | ( |
) |
| 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 | 609,849 | 674,218 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 674,218 | 683,528 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 674,218 | (64,369 | ) | 609,849 |
| 674,218 | ( |
) | 609,849 |
| Debt |
| Finance leases | (2,215 | ) | 2,215 | - |
| (2,215 | ) | 2,215 | - |
| Total | 672,003 | (62,154 | ) | 609,849 |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Premier Components U.K. Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods , excluding value added tax and is recognised when the goods are ready for despatch to the customer. |
| Interest income is recognised using the effective interest method. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| 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 | - Straight line over the period of the lease |
| Plant & machinery | - 25% reducing balance |
| Fixtures & fittings | - 25% reducing balance |
| Motor vehicles | - 25% reducing balance |
| Office & Computer equipment | - Office 25% reducing balance. Computer 5 years or 18 months straight line |
| Stocks |
| Operating stock and pipeline is valued at purchase price. Overstock that is expected to be sold over the longer term is valued at the higher of export or scrap value. Open document stock is confirmed orders that are valued at sales price. |
| 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. |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Holiday pay accrual |
| A liability is recognised to the extent of any unsused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods, This is measured as the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Share based payments |
| Certain employees participate in the Company share option scheme which provides additional remuneration for those employees who are considered key to the operations of the Company. The award is given in the form of share options. |
| The options are granted with a fixed exercise price, are exercisable upon meeting certain market conditions and expire ten years after the date of the grant. Employees are not entitled to dividends until the options are exercised. Vesting of the options is subject to continued employment with the Company until exercised, otherwise the awards lapse. |
| The fair value of equity settled transactions with employees is measured by reference to the fair value of the equity instrument at the grant date which is determined by using a pricing model, based on a range of assumptions to estimate to the greatest extent practicable what the price of those equity instruments would be on at grant date in an arms length transaction. |
| The cost of equity settled transactions is recognised as an expense in the Statement of Comprehensive Income with a corresponding increase in equity, over the period in which the service and any other performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award. At each balance sheet date, the cumulative expense is recalculated representing the extent to which the vesting period has expired and managements best estimate of any conditions and the number of equity instruments that will ultimately vest. Market conditions and other non-vesting conditions are taken into account in determining the fair value of the options at grant date, and are subsequently not adjusted for. |
| 3. | TURNOVER |
| In the period to 31 December 2024, 74% of the company's turnover was derived from overseas markets (2023:78%) |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 4 | 4 |
| Production | 42 | 42 |
| Administration | 3 | 3 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Website amortisation |
| Auditors' remuneration |
| Foreign exchange differences |
| Operating lease rentals - other |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Loan interest |
| Hire purchase |
| 7. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) | ( |
) |
| Tax on (loss)/profit | ( |
) |
| Reconciliation of total tax (credit)/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 |
| £ | £ |
| (Loss)/profit before tax | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Total tax (credit)/charge | (1,678 | ) | 39,865 |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | TAXATION - continued |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Deferred tax on revaluation | - | 512 |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Deferred tax on revaluation | - | 1,454 |
| 8. | INTANGIBLE FIXED ASSETS |
| Goodwill | Website | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Motor | Office |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Cost or valuation at 31 December 2024 is represented by: |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2013 | - | 157,094 | - |
| Cost | 120,946 | 268,818 | 22,047 |
| 120,946 | 425,912 | 22,047 |
| Motor | Office |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2013 | - | - | 157,094 |
| Cost | 177,872 | 177,364 | 767,047 |
| 177,872 | 177,364 | 924,141 |
| If Plant and Machinery had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 268,818 | 259,148 |
| Aggregate depreciation | 191,498 | 166,757 |
| Plant and Machinery was valued on an open market basis on 30 June 2013 by the directors. . |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Transfer to ownership | (43,000 | ) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Transfer to ownership | (23,347 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 2024 | 2023 |
| £ | £ |
| Operating Stock | 2,768,098 | 2,664,236 |
| Pipeline | 837,935 | 1,099,359 |
| Open Documents | 423,116 | 501,866 |
| 4,029,149 | 4,265,461 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 13) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Finance charges repayable: |
| Within one year |
| Net obligations repayable: |
| Within one year |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 14. | SECURED DEBTS |
| HSBC hold a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertakings both present and future dated 15 July 2021 |
| 15. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 44,186 | 52,721 |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 15. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year | ( |
) |
| Balance at 31 December 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 17. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 5,479,559 |
| Deficit for the year | ( |
) | ( |
) |
| Transfer | 2,054 | (2,054 | ) | - |
| Deferred tax | - | 512 | 512 |
| At 31 December 2024 | 5,474,589 |
| 18. | ULTIMATE PARENT COMPANY |
| Autocirc Industriutveckling AB (incorporated in Sweden ) is regarded by the directors as being the company's ultimate parent company. |
| 19. | CONTINGENT LIABILITIES |
| The company has been invoiced for additional electricity charges relating to the trading estate from which it operates. The directors dispute that these charges relate to the company's consumption of electricity and have chosen not to include the disputed charges of £82,177 in these financial statements. |
| 20. | RELATED PARTY DISCLOSURES |
| 2024 | 2023 |
| £ | £ |
| Management charges |
| Loan interest |
| Amount due to related party |
| PREMIER COMPONENTS U.K. LIMITED (REGISTERED NUMBER: 03577119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 20. | RELATED PARTY DISCLOSURES - continued |
| 2024 | 2023 |
| £ | £ |
| Sales |
| Purchases |
| Amount due from related party |
| 21. | ULTIMATE CONTROLLING PARTY |
| There is no individual person that controls the ultimate parent company, Nordic Capital. |
| 22. | CONTROLLING PARTY |
| The company is controlled by Premier European Group Ltd as it owns 100% of the issued share capital of the company. |