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Registered Number:
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the Strategic Report for the 12 months to 31 December 2024.
Introducing a Group structure will allow the directors to pursue a number of business development opportunities whilst mitigating the financial risk to Precon Products Limited. As the leader in its sector the Group has faced strong competition from new smaller companies entering the market. In response the Group constantly reviews its own product mix with a focus on maintaining the gross margin and a positive cash flow. This process has enabled the Group to embrace the challenges presented by 2024, which included the ongoing inflationary pressures and supply chain issues. It is anticipated that the ongoing investment in the ERP system and staff training will provide a base from which the business will be able thrive whilst navigating these unpredictable times. The net assets of the business grew to £15.6m (2023: £15.1m), with a minimal debt requirement.
The key risks to the Group include, but are not limited to, compliance with legislative and regulatory requirements including environmental and litigation failures, business continuity and actions of customers, suppliers and competitors.
Financial risk management policies
The directors regularly review and manage the financial risk management objectives and policies associated with
the Group's activities. The Group's principal financial instruments include instruments to manage credit risk and price risk. Credit risk All customers trading on credit terms are subject to detailed credit verification procedures, with key debts being insured in the event of failure to pay. Price risk The price volatility over the last 2 years has been actively managed through forward planning of imports, use of forward exchange contracts and the maintenance of pre agreed payment terms.
The key performance measures of the company are:
Year ended Year ended 31 December 2024 31 December 2023 Sales £’000’s 81,066 77,887 Gross profit margin 24.69% 23.83% Net Current Assets £’000’s 13,753 13,497 Working capital management is closely monitored through stock ageing, debtor days and creditor days.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group considers its non-financial key performance indicator to be staff retention rate. During the period this was 85.29% (2023 – 84.71%).
The directors set out their section 172(1) statement in accordance with the Companies Act 2006 in relation to
stakeholder engagement for the year ended 31 December 2024. Stakeholder engagement The directors consider the shareholders, employees, customers and suppliers to be the group’s core stakeholders. We aim to develop strong, stable and profitable long term relationships with all our stakeholders through open and honest communications. This engagement with key stakeholders can be summarised as follows: Customers The Group maintains a broad range of customers with many of these relationships having been in place for many years. The objective of the group is to communicate openly with our customers and maintain high service levels. Suppliers A broad, strong and reliable supplier base is essential to the continued success of the business. Our practices and systems are being constantly monitored to ensure the suppliers are treated fairly. We aim to always pay our suppliers according to their terms. Employees The strength of the business relies on attracting, retaining and motivating our employees. As a forward looking company the aim is to ensure that the employees are equipped with the necessary skills and knowledge to thrive as the business develops. Our employees are generously rewarded and ensure all employees are informed of all significant future developments. Community Environment Community involvement is an important aspect of the business and decisions are made which are sensitive to the impact on the community. Examples of the community support provided include the provision of a Blood Bike and support of the local football team. Environment The group has achieved carbon neutral status. As part of this process we commissioned a review of the group’s total carbon footprint with the purpose of offsetting the total organisation emissions. As an independent supplier of construction products in the UK it was identified that the main emissions occurred via third party inbound delivery of goods.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Internally a number of initiatives have been introduced to assist in the further reduction of our emissions, examples include:
1. Continuing to increase the number of fully electric/hybrid vehicles; 2. Implementation of new ERP system to move towards paperless office; 3. Ongoing replacement old IT equipment; and 4. Installation of energy efficient LED’s
This report was approved by the board on 5 June 2025 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company was incorporated on the 3 August 2024 and in accordance with accounting policy 2.3 the directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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.
The profit for the year, after taxation, amounted to £2,319,987 (2023 - £2,189,377).
Particulars of dividends can be found in note 11.
The directors who served during the year were:
The directors have professional indemnity insurance as part of a directors' and officers' professional indemnity insurance policy.
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PRECON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Charitable donations During the year the Group made charitable donations of £29,330 (2023 - £30,508).
The Group continues to invest to strengthen its position in the market place.
The financial risk management objectives of the Company and it's exposure to credit risk and liquidity risk have been disclosed in the Strategic Report.
Details of the Group's engagement with suppliers, customers and others have been disclosed in the Strategic Report.
The Group's greenhouse gas emissions and energy consumption (disclosed in kwh) for the year are
Electricity 334,734 Transport fuel 362,384 Mandatory greenhouse gas emissions report by scope Unit Total Scope 1 Energy consumption owned road vehicles tC02c 295 Scope 2 Electricity and gas consumption tCO2c 68 Total Emissions tCO2c 363 Net operating income £'000 3,158 Intensity Ratio (emissions/net operating income) 0.11
Greenhouse gas emissions are calculated in alignment with records used for the production of these financial statements. We have used emission factors from BEIS’s “Greenhouse gas reporting: conversion factors 2020” to calculate our Scope 1 & 2 emissions. All emissions are required under the Companies Act 2006 are included where stated and include Scope 1 (direct emissions from road vehicles owned by the company) and Scope 2 (indirect emissions from purchased electricity).
The measures we have taken during the year to increase energy efficiency include acquiring further hybrid cars that have fewer emissions than previous fossil fuel cars.
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PRECON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRECON HOLDINGS LIMITED
We have audited the financial statements of Precon Holdings Limited (the 'parent Company') and its subsidiary (together the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
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PRECON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRECON HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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PRECON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRECON HOLDINGS LIMITED (CONTINUED)
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PRECON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRECON HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company. The following laws and regulations were identified as being of significance to the Company: • Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing of journal entries, performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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 Auditors' 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 Auditors' 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.
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PRECON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRECON HOLDINGS LIMITED (CONTINUED)
for and on behalf of
Fitzroy House
Crown Street
Ipswich
IP1 3LG
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 43 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 43 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Precon Holdings Limited was incorporated on 3 August 2024.
Precon Holdings Limited is the parent company of a group of companies (the "Group") limited by shares and incorporated and domiciled in England and Wales. The address of the registered office is Fitzroy House, Crown Street, Ipswich, Suffolk, IP1 3LG however the trading activities are carried out at the Group's depots.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The parent company is included in the consolidated financial statements and is considered to be a qualifying entity under FRS102 paragraphs 1.8 to 1.12. The disclosure exemptions from preparing a separate parent company statement of cash flows and making certain disclosures in respect of financial instruments have been applied.
The following principal accounting policies have been applied:
The consolidated group financial statements consist of the financial statements of the parent company Precon Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group transactions, balances are unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
On 6 November 2024 Precon Holdings Limited acquired 100% percent of the issued capital of Precon Products Limited by way of a share for share exchange resulting in a group reconstruction.
Most acquisitions under FRS102 are accounted for using the purchase method. This would have resulted in all the separable assets and liabilities as at 6 November 2024 being recorded at their fair values, substantial goodwill and amortisation charges arising and only post group reconstruction results of Precon Products Limited being reported in the consolidated profit and loss account. The directors do not believe that this would have given a true and fair view of the state of affairs of the group and of its results as, in substance, the transfer of the ownership represents a group reconstruction whereby the ultimate equity holders remain the same, and the rights of each equity holder relative to others, are unchanged. Consequently the reconstruction has been accounted for using merger accounting principles. The directors consider that this is necessary in in order to meet the overriding requirement of the Companies Act 2006 to show a true and fair view. The directors consider that is not practical to quantify this departure from the principles of the purchase method. Assets and liabilities have not been restated to fair value. The results and cashflows for the year ended 31 December 2024 have been brought into the accounts from the 1 January 2024. The comparatives for the year ended 31 December 2023 have been combined.
The Group has a strong financial position at the balance sheet date and has continued to perform strongly since the year-end. The directors have made enquiries, reviewed the cashflow forecasts and believe that the Group will be able to continue to trade and meet its liabilities for 12 months from the expected date of approval of these financial statements. Accordingly the financial statements are prepared on a going concern basis.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover from the sale of goods is recognised when they are dispatched.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on either a straight line or reducing balance basis.
Depreciation is provided on the following basis:
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The items in the financial statements where estimates and underlying assumptions have been made include useful economic lives and impairment of fixed assets as well as recoverability of trade debtors, these are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and past periods.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.Deferred taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Other reserves
Merger Reserve
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
On 6 November 2024 Precon Holdings Limited acquired 100% percent of the issued capital of Precon Products Limited. In order to present these accounts on a merged basis the book value of Precon Products Limited as at 1 January 2024 has been utilised.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
24.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administrated fund. The pension cost charge represents contributions payable by the Group to fund and amounted to £239,824 (2023: £279,617). Contributions totalling £31,946 (2023: £16,193) were payable to the fund at the balance sheet date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
At 31 December 2024 the Company had foreign currency forward contracts to buy 2.1m Euros at exchange rates against GB pounds of 1.19 Euros. The fair value of the forward contracts amounted to a liability of £24,465 and has not been recognised as immaterial.
At 31 December 2024 the Company had foreign currency forward contracts to sell 532,434 Dollars at an exchange rate against GB pounds of 1.34 pounds. The fair value of the forward contracts amounted to a asset of £18,721 and has not been recognised as immaterial.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group has taken advantage of the exemption contained in FRS 102 Section 33.1A and has not disclosed transactions with any member of the Precon Holdings Limited group that is wholly owned.
During the year the Company paid dividends to directors totalling £119,166. Prior to the group reconstruction Precon Products Limited paid dividends to directors totalling £1,650,836. As at 31 December 2024, Precon Products Limited owed a total of £83,254 (2023 - £300,529) in respect of directors' and shareholder loan accounts. No interest was payable on the loan accounts. Remuneration totalling £183,144 (2023 - £160,169) was paid to close members of the directors' families during the period.
There is no individual ultimate controlling party of the Company.
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