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REGISTERED NUMBER: 05660873 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PREMIER EUROPEAN GROUP LTD

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


PREMIER EUROPEAN GROUP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Ms J L Thorin
H L Delval





SECRETARY: H L Delval





REGISTERED OFFICE: Unit 701
Meon Vale Business Park
Stratford-upon-Avon
Warwickshire
CV37 8QR





REGISTERED NUMBER: 05660873 (England and Wales)





AUDITORS: Walker Thompson Ltd
Statutory Auditor
Empress House
43A Binley Road
Coventry
CV3 1HU

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

In providing this strategic review we 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.

The company's prime business continues to be 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 European Group Ltd have been very pleased to be part of the rapidly growing Autocirc group of companies during this year, with the strategic objective of becoming a central interface for the surplus used parts trading within the group.

The business remains as 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 internationally based customers to support their remanufacturing programmes.

We have continued the development of our supplier network further assisting the business's competitiveness within the remanufacturing marketplace.

During the year, we have continued with a particular focus on the development of the companies cross reference data and therefore its ability to conduct trade electronically. This was very well supported by ongoing incremental improvements through our IT developments.

During the year there was good time spent around warehouse improvements following the relocation and restructure of several areas within our storage facilities. 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 environmental legislation expectations and obligations were met.

The marketplace, for many reasons continued to be challenging throughout the year, with the biggest impact being that of inflation.

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 companies existing facility has the capacity that will enable it to accommodate significant future growth of all current and potential new product lines.

ON BEHALF OF THE BOARD:





Ms J L Thorin - Director


6 May 2025

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

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

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

DIRECTORS
Ms J L Thorin has 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:

M S Garrison - resigned 31 July 2024

H L Delval was appointed as a director after 31 December 2024 but prior to the date of this report.

Ms A G M Andersson and J M Livered ceased to be directors after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Walker Thompson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Ms J L Thorin - Director


6 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PREMIER EUROPEAN GROUP LTD

Opinion
We have audited the financial statements of Premier European Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 EUROPEAN GROUP LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PREMIER EUROPEAN GROUP LTD


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:

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 EUROPEAN GROUP LTD


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.




Christopher John Irvine FCCA (Senior Statutory Auditor)
for and on behalf of Walker Thompson Ltd
Statutory Auditor
Empress House
43A Binley Road
Coventry
CV3 1HU

6 May 2025

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £    £   

TURNOVER 3 10,463,708 10,218,044

Cost of sales 7,665,087 7,289,356
GROSS PROFIT 2,798,621 2,928,688

Distribution costs 105,926 197,609
Administrative expenses 2,626,176 2,548,467
2,732,102 2,746,076
66,519 182,612

Other operating income 6,462 10,621
OPERATING PROFIT 5 72,981 193,233


Interest payable and similar expenses 6 80,141 34,649
(LOSS)/PROFIT BEFORE TAXATION (7,160 ) 158,584

Tax on (loss)/profit 7 (1,678 ) 39,865
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(5,482

)

118,719
(Loss)/profit attributable to:
Owners of the parent (5,482 ) 118,719

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (5,482 ) 118,719


OTHER COMPREHENSIVE INCOME
Deferred tax on revaluation 512 1,454
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

512

1,454
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(4,970

)

120,173

Total comprehensive income attributable to:
Owners of the parent (4,970 ) 120,173

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - 1,451
Tangible assets 10 187,301 219,258
Investments 11 - -
187,301 220,709

CURRENT ASSETS
Stocks 12 4,029,149 4,265,461
Debtors 13 1,957,122 1,835,468
Cash at bank and in hand 609,858 674,227
6,596,129 6,775,156
CREDITORS
Amounts falling due within one year 14 1,217,670 1,416,600
NET CURRENT ASSETS 5,378,459 5,358,556
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,565,760

5,579,265

PROVISIONS FOR LIABILITIES 17 44,186 52,721
NET ASSETS 5,521,574 5,526,544

CAPITAL AND RESERVES
Called up share capital 18 10 10
Share premium 19 46,975 46,975
Revaluation reserve 19 2,315 3,857
Retained earnings 19 5,472,274 5,475,702
SHAREHOLDERS' FUNDS 5,521,574 5,526,544

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:





Ms J L Thorin - Director


PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

COMPANY BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 5,789,833 5,797,727
5,789,833 5,797,727

CURRENT ASSETS
Debtors 13 45,976 45,976
Cash at bank 9 9
45,985 45,985
NET CURRENT ASSETS 45,985 45,985
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,835,818

5,843,712

CAPITAL AND RESERVES
Called up share capital 18 10 10
Share premium 19 46,975 46,975
Revaluation reserve 19 5,788,833 5,796,727
SHAREHOLDERS' FUNDS 5,835,818 5,843,712

Company's profit for the financial year - -

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:





Ms J L Thorin - Director


PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 10 5,351,169 46,975 8,217 5,406,371

Changes in equity
Total comprehensive income - 124,533 - (4,360 ) 120,173
Balance at 31 December 2023 10 5,475,702 46,975 3,857 5,526,544

Changes in equity
Total comprehensive income - (3,428 ) - (1,542 ) (4,970 )
Balance at 31 December 2024 10 5,472,274 46,975 2,315 5,521,574

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 10 - 46,975 7,336,276 7,383,261

Changes in equity
Total comprehensive income - - - (1,539,549 ) (1,539,549 )
Balance at 31 December 2023 10 - 46,975 5,796,727 5,843,712

Changes in equity
Total comprehensive income - - - (7,894 ) (7,894 )
Balance at 31 December 2024 10 - 46,975 5,788,833 5,835,818

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 248,438 (617,157 )
Interest paid (80,135 ) (34,455 )
Interest element of hire purchase
payments paid

(6

)

(194

)
Tax paid (53,187 ) (46,721 )
Net cash from operating activities 115,110 (698,527 )

Cash flows from investing activities
Purchase of tangible fixed assets (60,417 ) (32,387 )
Sale of tangible fixed assets 627 2,667
Net cash from investing activities (59,790 ) (29,720 )

Cash flows from financing activities
New loans in year 80,136 732,065
Loan repayments in year (197,610 ) -
Capital repayments in year (2,215 ) (13,128 )
Net cash from financing activities (119,689 ) 718,937

Decrease in cash and cash equivalents (64,369 ) (9,310 )
Cash and cash equivalents at
beginning of year

2

674,227

683,537

Cash and cash equivalents at end of
year

2

609,858

674,227

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

NOTES TO THE CONSOLIDATED 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 (7,160 ) 158,584
Depreciation charges 90,999 106,729
Loss on disposal of fixed assets 2,199 1,002
Finance costs 80,141 34,649
166,179 300,964
Decrease/(increase) in stocks 236,312 (456,208 )
Increase in trade and other debtors (121,654 ) (284,248 )
Decrease in trade and other creditors (32,399 ) (177,665 )
Cash generated from operations 248,438 (617,157 )

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 609,858 674,227
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 674,227 683,537


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 674,227 (64,369 ) 609,858
674,227 (64,369 ) 609,858
Debt
Finance leases (2,215 ) 2,215 -
(2,215 ) 2,215 -
Total 672,012 (62,154 ) 609,858

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

1. STATUTORY INFORMATION

Premier European Group Ltd 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 General Information page.

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


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 as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and all subsidiary undertakings for the financial period.

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.

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.

Website is being amortised evenly over its estimated useful life of three years.

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 Consolidated 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 EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

NOTES TO THE CONSOLIDATED 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investment in subsidiary
Subsidiaries are treated as fixed asset investments and are revalued annually by the directors under the alternative accounting rules. The valuations of the subsidiaries are based on a multiple of the company's profit after tax for the year plus the net assets at the balance sheet date.

Holiday pay accrual
A liability is recognised to the extent of any usused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

NOTES TO THE CONSOLIDATED 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

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

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 1,721,374 1,561,562
Social security costs 179,979 159,159
Other pension costs 31,741 26,433
1,933,094 1,747,154

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

Directors 4 4
Production 42 42
Administration 3 3
49 49

2024 2023
£    £   
Directors' remuneration 186,864 190,337

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

4. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 9,851 9,616
Depreciation - owned assets 89,548 91,708
Depreciation - assets on hire purchase contracts - 6,551
Loss on disposal of fixed assets 2,199 1,002
Website amortisation 1,451 8,471
Auditors' remuneration 13,500 6,700
Foreign exchange differences 58,023 70,871
Operating lease rentals - other 462,185 443,127

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest 80,135 34,455
Hire purchase 6 194
80,141 34,649

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 6,345 53,187

Deferred tax (8,023 ) (13,322 )
Tax on (loss)/profit (1,678 ) 39,865

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

7. TAXATION - continued

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 (7,160 ) 158,584
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 23.520 %)

(1,790

)

37,299

Effects of:
Expenses not deductible for tax purposes 520 (1,153 )
Capital allowances in excess of depreciation (408 ) -
Depreciation in excess of capital allowances - 3,719

Total tax (credit)/charge (1,678 ) 39,865

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Deferred tax on revaluation 512 - 512

2023
Gross Tax Net
£    £    £   
Deferred tax on revaluation 1,454 - 1,454

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

9. INTANGIBLE FIXED ASSETS

Group
Goodwill Website Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 36,694 25,421 62,115
AMORTISATION
At 1 January 2024 36,694 23,970 60,664
Amortisation for year - 1,451 1,451
At 31 December 2024 36,694 25,421 62,115
NET BOOK VALUE
At 31 December 2024 - - -
At 31 December 2023 - 1,451 1,451

10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 January 2024 116,031 416,242 19,547
Additions 5,161 9,822 3,044
Disposals (246 ) (152 ) (544 )
At 31 December 2024 120,946 425,912 22,047
DEPRECIATION
At 1 January 2024 100,399 318,711 13,473
Charge for year 11,530 26,859 2,001
Eliminated on disposal (243 ) (62 ) (451 )
At 31 December 2024 111,686 345,508 15,023
NET BOOK VALUE
At 31 December 2024 9,260 80,404 7,024
At 31 December 2023 15,632 97,531 6,074

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Office
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 171,889 163,524 887,233
Additions 28,550 13,840 60,417
Disposals (22,567 ) - (23,509 )
At 31 December 2024 177,872 177,364 924,141
DEPRECIATION
At 1 January 2024 106,193 129,199 667,975
Charge for year 21,366 27,792 89,548
Eliminated on disposal (19,927 ) - (20,683 )
At 31 December 2024 107,632 156,991 736,840
NET BOOK VALUE
At 31 December 2024 70,240 20,373 187,301
At 31 December 2023 65,696 34,325 219,258

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 were valued on an open market basis on 30 June 2013 by the directors .

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

10. TANGIBLE FIXED ASSETS - continued

Group

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 43,000
Transfer to ownership (43,000 )
At 31 December 2024 -
DEPRECIATION
At 1 January 2024 23,347
Transfer to ownership (23,347 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 19,653

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST OR VALUATION
At 1 January 2024 5,797,727
Revaluations (7,894 )
At 31 December 2024 5,789,833
NET BOOK VALUE
At 31 December 2024 5,789,833
At 31 December 2023 5,797,727

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

11. FIXED ASSET INVESTMENTS - continued

Company

Cost or valuation at 31 December 2024 is represented by:

Shares in
group
undertaking
£   
Valuation in 2015 6,823,421
Valuation in 2016 1,244,838
Valuation in 2017 1,326,787
Valuation in 2018 (64,805 )
Valuation in 2019 (3,219,230 )
Valuation in 2020 456,247
Valuation in 2021 1,251,689
Valuation in 2022 (482,671 )
Valuation in 2023 (1,539,549 )
Valuation in 2024 (7,894 )
Cost 1,000
5,789,833

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

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Premier Components UK Ltd
Registered office:
Nature of business: Management & distribution of core vehicle units
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 5,475,589 5,480,559
(Loss)/profit for the year (5,482 ) 118,719


PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

12. STOCKS

Group
2024 2023
£    £   
Stocks 4,029,149 4,265,461

2024 2023
£ £
Operating Stock 2,768,098 2,664,236
Pipeline 837,935 10,99,359
Open Documents 423,116 501,866
4,029,149 4,265,461

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,656,541 1,512,476 - -
Other debtors 74,715 89,412 - -
Amounts owed by group undertakings 45,976 45,976 45,976 45,976
Prepayments and accrued income 179,890 187,604 - -
1,957,122 1,835,468 45,976 45,976

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 15) - 2,215
Trade creditors 211,643 256,152
Amounts owed to group undertakings 864,590 982,064
Tax 6,345 53,187
Social security and other taxes 43,325 40,131
Other creditors 29,003 54,751
Accruals and deferred income 62,764 28,100
1,217,670 1,416,600

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year - 2,220

Finance charges repayable:
Within one year - 5

Net obligations repayable:
Within one year - 2,215

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 315,783 407,774
Between one and five years 42,504 329,544
358,287 737,318

16. SECURED DEBTS

Nordic Trustee and Agency AB hold a fixed charge over the ordinary shares of the group, including any proceeds of sale derived from them; all derivative assets of a capital nature now or in the future accruing in respect of the shares and all derivative assets of an income nature now or in the future accruing in respect of the shares dated 15 July 2022.

For the subsidiary company 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.

17. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 44,186 52,721

Group
Deferred
tax
£   
Balance at 1 January 2024 52,721
Provided during year (8,535 )
Balance at 31 December 2024 44,186

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
986 Ordinary £.01 10 10

19. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 5,475,702 46,975 3,857 5,526,534
Deficit for the year (5,482 ) (5,482 )
Transfer 2,054 - (2,054 ) -
Deferred tax - - 512 512
At 31 December 2024 5,472,274 46,975 2,315 5,521,564

Company
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 - 46,975 5,796,727 5,843,702
Profit for the year - -
Revaluation in year - - (7,894 ) (7,894 )
At 31 December 2024 - 46,975 5,788,833 5,835,808


20. ULTIMATE PARENT COMPANY

Autocirc Industriutveckling AB (incorporated in Sweden ) is regarded by the directors as being the company's ultimate parent company.

21. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Management charges 105,926 197,609
Loan interest 80,135 34,454
Amount due to related party 864,590 982,063

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 249,956 29,403
Purchases 3,055,589 3,404,424
Amount due from related party 189,519 233,793

PREMIER EUROPEAN GROUP LTD (REGISTERED NUMBER: 05660873)

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

22. ULTIMATE CONTROLLING PARTY

There is no individual person that controls the ultimate parent company, Autocirc Industriutveckling AB.