Company registration number 01919875 (England and Wales)
PCM GROUP UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PCM GROUP UK LIMITED
COMPANY INFORMATION
Directors
M Martignoni
Mr David Burrows
(Appointed 1 August 2024)
Secretary
Mr David Burrows
Company number
01919875
Registered office
Pilot Road
Phoenix Parkway
Corby
Northants
NN17 5YF
Auditor
Ellacotts Audit Services Limited
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
Solicitors
Wilson Browne
Ash House
19 Medlicott Close
Corby
Northants
NN18 9NF
PCM GROUP UK LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 19
PCM GROUP UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of manufacturing and distributing pumps.
Results and dividends
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A D Ballinger
(Retired 31 December 2024)
M Martignoni
Mr David Burrows
(Appointed 1 August 2024)
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.
Principal risks and uncertainties
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company policy throughout the year has been to ensure continuity of funding directly from the cash reserves.
Interest risk
The company has no loans or bank borrowings and is therefore susceptible to an interest rate risk only to the extent that it impacts interest income.
Credit risk
The company's principle financial assets are cash and trade debtors. The credit risk associated with the cash is limited by holding cash balances with more than one banking institution. The principle credit risk arises therefore from the company's trade debtors.
In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the Managing Director on a regular basis in conjunction with debt ageing and collection history. Whenever possible, trade debtor accounts are underwritten by an insurance company.
Post reporting date events
There have been no significant events affecting the Company since the year end.
PCM GROUP UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company's auditor is unaware. Additionally, the directors individually have taken all the necessary steps that ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption of section 415A of the Companies Act 2006.
On behalf of the board
Mr David Burrows
Director
31 March 2025
PCM GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PCM GROUP UK LIMITED
- 3 -
Opinion
We have audited the financial statements of PCM Group UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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 matters which we are required to address
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
PCM GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PCM GROUP UK LIMITED
- 4 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is increased the more the compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission and misrepresentation.
PCM GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PCM GROUP UK LIMITED
- 5 -
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also perform the following procedures:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
David Stevens BA FCA (Senior Statutory Auditor)
For and on behalf of Ellacotts Audit Services Limited
Chartered Accountants
Statutory Auditor
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
England
NN15 6XR
31 March 2025
PCM GROUP UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
3,219,807
3,155,750
Cost of sales
(1,830,617)
(1,859,008)
Gross profit
1,389,190
1,296,742
Administrative expenses
(1,142,240)
(987,314)
Operating profit
4
246,950
309,428
Interest receivable and similar income
8
7,284
Interest payable and similar expenses
(42)
Profit before taxation
254,234
309,386
Tax on profit
9
(66,158)
(71,865)
Profit and total comprehensive income for the financial year
188,076
237,521
There are no recognised gains and losses other than those passing through the statement of comprehensive income.
PCM GROUP UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
3,397
5,968
Tangible fixed assets
11
325,897
339,459
329,294
345,427
Current assets
Stocks
12
268,671
196,533
Debtors
13
757,804
563,178
Cash at bank and in hand
479,927
495,137
1,506,402
1,254,848
Creditors: amounts falling due within one year
Creditors
14
627,042
516,469
Current tax liabilities
26,008
4,898
Other taxation and social security
132,065
113,487
785,115
634,854
Net current assets
721,287
619,994
Total assets less current liabilities
1,050,581
965,421
Provisions for liabilities
Deferred tax liabilities
15
(2,296)
(5,212)
Net assets
1,048,285
960,209
Capital and reserves
Called up share capital
17
343
343
Share Premium
61,765
61,765
Profit and loss reserves
986,177
898,101
Total equity
1,048,285
960,209
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
Mr David Burrows
Director
Company registration number 01919875 (England and Wales)
PCM GROUP UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Share Premium
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
343
61,765
1,060,580
1,122,688
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
237,521
237,521
Transactions with owners:
Dividends
-
-
(400,000)
(400,000)
Balance at 31 December 2023
343
61,765
898,101
960,209
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
188,076
188,076
Transactions with owners:
Dividends
-
-
(100,000)
(100,000)
Balance at 31 December 2024
343
61,765
986,177
1,048,285
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information
PCM Group UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pilot Road, Phoenix Parkway, Corby, Northants, NN17 5YF. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are set out below.
The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;
the requirement in paragraph 38 of IAS 1 ‘Presentation of Financial Statements’ to present comparative information in respect of: (i) paragraph 79(a) (iv) of IAS 1, (ii) paragraph 73(e) of IAS 16 Property Plant and Equipment (iii) paragraph 118 (e) of IAS 38 Intangibles Assets, (iv) paragraphs 76 and 79(d) of IAS 40 Investment Property and (v) paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 39 to 40 ,111 and 134-136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraph 17 of IAS 24 Related Party Disclosures; and
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations and related party transactions.
Where required, equivalent disclosures are given in the group accounts of PCM SA. The group accounts of PCM SA are available to the public and can be obtained from 6 Boulevard Bineau - 92300 Levallois-Perret.
1.2
Going concern
The truedirectors, at the time of approving the financial statements, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, the amount of revenue, costs incurred and costs to complete can be estimated reliably, and it is probable that the Company will receive the consideration due under the contract. The stage of completion is calculated by comparing costs incurred, mainly in relation to staff costs and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Intangible assets other than goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost net of amortisation and any impairment losses. The amortisation period for capitalised software ranges from 3 to 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives range as follows:
Freehold land and buildings
- 50 years
Plant and machinery
- 3 to 20 years
Office equipment
- 2 to 10 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand includes deposits held at call with banks, cash in hand, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.8
Financial liabilities
Financial liabilities are classified at amortised cost.
Financial liabilities at amortised cost including bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried into the Balance Sheet.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.
The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
1.11
Leases
Rentals payable under operating leases, less any lease incentives received, are charged to the profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.13
Interest income is recognised in the Profit and loss account using the effective interest method.
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
3
Turnover
The whole of the turnover is attributable to the sale and distribution of pumping equipment and related services.
The analysis of turnover by geographical market is disclosed as follows:
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
2,974,409
2,950,234
Sales of services
245,398
205,516
3,219,807
3,155,750
2024
2023
£
£
Turnover analysed by geographical market
UK
3,018,689
2,950,234
Europe
201,118
205,516
3,219,807
3,155,750
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
13,240
15,493
Depreciation of property, plant and equipment
20,114
16,288
Amortisation of intangible assets
2,571
1,747
Cost of inventories recognised as an expense
1,757,514
1,730,109
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,000
13,200
For other services
Tax services
2,250
2,025
Other services
2,250
2,025
Total non-audit fees
4,500
4,050
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
4
4
Sales and projects
5
5
Administrative
2
2
Management
3
3
Total
14
14
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
698,900
685,504
Social security costs
73,395
73,328
Pension costs
163,723
33,559
936,018
792,391
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
219,788
156,657
Company pension contributions to defined contribution schemes
84,628
16,128
304,416
172,785
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6,058
Other interest income
1,226
Total income
7,284
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
66,008
69,898
Adjustments in respect of prior periods
3,067
-
Total UK current tax
69,075
69,898
Deferred tax
Origination and reversal of temporary differences
(2,917)
1,967
Total tax charge
66,158
71,865
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 15 -
The charge for the year can be reconciled to the profit per the profit and loss account as follows:
2024
2023
£
£
Profit before taxation
254,234
309,386
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.50%)
63,559
72,706
Excess depreciation over capital allowances
2,955
(4,751)
Pension creditor movement
86
18
Deferred tax adjustment
(2,917)
1,967
Other differences
2,475
1,925
Taxation charge for the year
66,158
71,865
10
Intangible fixed assets
Software
£
Cost
At 31 December 2023
51,051
Disposals
(16,038)
At 31 December 2024
35,013
Amortisation and impairment
At 31 December 2023
45,083
Charge for the year
2,571
Eliminated on disposals
(16,038)
At 31 December 2024
31,616
Carrying amount
At 31 December 2024
3,397
At 31 December 2023
5,968
More information on impairment movements in the year is given in note .
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
11
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Office equipment
Total
£
£
£
£
Cost
At 1 January 2024
537,985
72,310
90,792
701,087
Additions
6,552
6,552
Disposals
(2,800)
(900)
(3,700)
At 31 December 2024
537,985
69,510
96,444
703,939
Accumulated depreciation and impairment
At 1 January 2024
219,377
60,304
81,947
361,628
Charge for the year
12,399
2,911
4,804
20,114
Eliminated on disposal
(2,800)
(900)
(3,700)
At 31 December 2024
231,776
60,415
85,851
378,042
Carrying amount
At 31 December 2024
306,209
9,095
10,593
325,897
At 31 December 2023
318,608
12,006
8,845
339,459
Included within Freehold land and buildings is £102,000 (2023 - £102,000) of land that is not depreciated.
12
Stocks
2024
2023
£
£
Raw materials
155,543
101,737
Finished goods
113,128
94,796
268,671
196,533
13
Debtors
2024
2023
£
£
Trade debtors
670,018
477,609
Provision for bad and doubtful debts
-
(3,575)
670,018
474,034
Amounts owed by fellow group undertakings
45,485
45,799
Prepayments and accrued income
42,301
43,345
757,804
563,178
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
14
Creditors
2024
2023
£
£
Trade creditors
231,041
93,257
Accruals and deferred income
210,580
309,482
Other creditors
185,421
113,730
627,042
516,469
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Accelerated capital allowances
£
Deferred tax liability at 1 January 2024
5,212
Deferred tax movements in current year
Charge to profit and loss
(2,916)
Deferred tax liability at 31 December 2024
2,296
Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.
2024
2023
£
£
Deferred tax liabilities
2,296
5,212
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
163,723
32,412
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the year end there were outstanding contributions of £3,327 (2023 - £2,985).
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary A shares of £1 each
10,000
10,000
10,000
10,000
Issued and fully paid
Ordinary A shares of £1 each
343
343
343
343
18
Contingent liabilities
There were no contingent liabilities as at 31 December 2024 and 31 December 2023.
19
Operating lease commitments
Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:
2024
2023
£
£
Within one year
18,164
20,468
Between two and five years
26,038
20,417
44,202
40,885
20
Capital commitments
The Company had no capital commitments as at 31 December 2024 and 31 December 2023.
21
Related party transactions
In the opinion of the directors, there are no other members of key management personnel other than the directors. Details of remuneration paid to directors during the year is given in Note 7.
During the year A Ballinger received 1,000 euros from Sydex Srl which is 55% owned by PCM SA, a fellow subsidiary of Gevelot SA, the ultimate parent undertaking.
As permitted by FRS 101 related party transactions with wholly owned members of the Gevelot SA group have not been disclosed.
No guarantees have been given or received,
PCM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
22
Controlling party
PCM Europe SAS is the company's immediate parent by virtue of its 100% shareholding and is the smallest group of undertakings for which group accounts have been prepared. The ultimate parent undertaking is Gevelot SA incorporated in France and is the largest group of undertakings for which group accounts have been prepared is that headed by Gevelot SA.
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