| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| FOR |
| PREMINOX LTD |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| FOR |
| PREMINOX LTD |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Notes to the Financial Statements | 12 |
| PREMINOX LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| The Old Council Chambers |
| Halford Street |
| Tamworth |
| Staffordshire |
| B79 7RB |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| The directors present their strategic report for the year ended 29 September 2024. |
| REVIEW OF BUSINESS |
| Whilst the trading results have been below par during the period, the situation is mitigated by several factors including positive results in the Group's EU branches and the business faced a substantial write-down in the value of aged stock during the year. When all factors are taken into account, the underlying performance can be considered to be somewhat better than the headline figures suggest. During the period, we have implemented a large number of measures to improve the operation of each of the Group companies, including Preminox Ltd, and taken substantive actions to promote efficiencies and reduce the overall operating costs. Hence we ended the period in a much improved condition as a business and we have laid the foundation to ensure a profitable outcome in the next period. |
| The main financial key performance indicators are set out below: |
| Year Ended 30/09/2024 | Year Ended 30/09/2023 | Movement |
| Gross Profit Margin | 20.6% | 22.6% | -2.0% |
| Operating Profit Margin | -6.0% | 2.8% | -8.8% |
| Net Assets | £104,097 | £989,791 | -£885,694 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management of currency fluctuations has been an ever-present challenge to the Company and we endeavour to implement actions to limit the effect of volatile exchange rates. The impact of currency exchange volatility ultimately works into higher or lower pricing of goods, so the risk is predominantly short-term. Similarly, changing import tariff policies pose a short-term challenge, although the volatility of these is much lower now compared to preceding periods. |
| ON BEHALF OF THE BOARD: |
| 26 June 2025 |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 29 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the wholesale of stainless steel tube piping. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 29 September 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 30 September 2023 to the date of this report. |
| DISCLOSED IN STRATEGIC REPORT |
| Items required under Sch. 7 to be disclosed in the directors' report are set out in the strategic report in accordance with s.414C(11) CA 2006. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| AUDITORS |
| The auditors, Philip Barnes & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PREMINOX LTD |
| Opinion |
| We have audited the financial statements of Preminox Ltd (the 'company') for the year ended 29 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 29 September 2024 and of its loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PREMINOX LTD |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PREMINOX 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: |
| 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. This risk increases the more that 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 or misrepresentation. |
| In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
| - We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector within which it operates. We determined the following laws and regulations were most significant: the Companies Act 2006, UK employment law, UK tax laws, health & safety regulations and anti-dumping duties legislation. |
| - We obtained an understanding of how the Company is complying with those legal and regulatory requirements by making enquiries with management, carrying out a review of the payroll function and reviewing legal costs incurred in the year and enquiring with management as to the circumstances around these legal costs. |
| - We assessed the susceptibility of the Company's financial statements to material misstatement, due to fraud or error, and including how fraud might occur. |
| Audit procedures performed by the audit engagement team included: |
| - Identifying the controls that management has in place to prevent and detect fraud |
| - Auditing the appropriateness of accounting estimates, challenging assumptions and judgements made by management to ensure no management bias |
| - Testing journal entries and other adjustments made by the client to evaluate business rationale of significant transactions to ensure no management override |
| - Assessing extent of compliance with the relevant 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. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| The Old Council Chambers |
| Halford Street |
| Tamworth |
| Staffordshire |
| B79 7RB |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 5,003,371 | 4,378,474 |
| (1,065,753 | ) | 712,374 |
| Other operating income | 4 |
| OPERATING (LOSS)/PROFIT | 6 | ( |
) |
| Interest receivable and similar income | 8 |
| (1,065,273 | ) | 777,566 |
| Interest payable and similar expenses | 9 |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 10 | ( |
) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR |
( |
) |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| BALANCE SHEET |
| 29 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Capital redemption reserve | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 30 September 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 29 September 2023 |
| Changes in equity |
| Total comprehensive loss | - | ( |
) | ( |
) |
| Balance at 29 September 2024 |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Preminox Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirement of paragraph 3.17(d); |
| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
| • | the requirement of paragraph 33.7. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| 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 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. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value using the FIFO method, after making due allowance for obsolete and slow moving items. |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| Europe |
| Rest of the World | 487,924 | 446,753 |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 4. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Rents received |
| 5. | EMPLOYEES |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Office staff | 20 | 21 |
| Warehouse staff | 9 | 10 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 6. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Foreign exchange differences |
| Defined contribution plans |
| 7. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Exceptional items | - | (92,225 | ) |
| Exceptional items relates to payments made to an unknown recipient as part of a fraudulent scheme which were thought to have been payments made to a known supplier at the time. |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 2024 | 2023 |
| £ | £ |
| Deposit account interest |
| Profit/loss on exchange |
| Derivatives gains and losses | ( |
) |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Interest on corporation tax |
| PAYE interest |
| Interest on VAT |
| Derivatives gains and losses |
| Interest due on directors loan |
| Interest due on intercompany |
| Hire purchase |
| 10. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | ( |
) |
| Deferred tax | ( |
) |
| Tax on (loss)/profit | ( |
) |
| UK corporation tax has been charged at 25% . |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 10. | 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 | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Accelerated capital allowances |
| Transitional year for corporation tax rate increase | ( |
) |
| Total tax (credit)/charge | (266,464 | ) | 140,855 |
| 11. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim |
| 12. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 30 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 29 September 2024 |
| DEPRECIATION |
| At 30 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 29 September 2024 |
| NET BOOK VALUE |
| At 29 September 2024 |
| At 29 September 2023 |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 30 September 2023 |
| Additions |
| At 29 September 2024 |
| DEPRECIATION |
| At 30 September 2023 |
| Charge for year |
| At 29 September 2024 |
| NET BOOK VALUE |
| At 29 September 2024 |
| At 29 September 2023 |
| 13. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Derivatives | - | 1,546 |
| Directors' current accounts | 3,235 | - |
| Tax |
| Deferred tax asset |
| Prepayments |
| Included in trade debtors is factored debts totalling £2,998,610 (2023: £3,157,553). This amount is due to the factoring company. |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 17) |
| Hire purchase contracts (see note 18) |
| Customer payments on account |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 238,636 | 233,241 |
| Other creditors |
| Directors' current accounts | - | 106,152 |
| Accrued expenses |
| The bank loans and overdrafts are secured by fixed and floating charges over the assets of the company, this includes a life insurance policy for key man insurance. |
| Other creditors includes £2,998,610 (2023: £3,157,553) which represents amounts due to an invoice financing facility which is secured by fixed and floating charges over the assets of the company. |
| Included within amounts due to group undertakings is £3,251,645 (2023: £1,281,840) which is secured by fixed and floating charges over the assets of the company. |
| The hire purchase contracts are secured over the assets to which they relate. |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 17) |
| Hire purchase contracts (see note 18) |
| The bank loans and overdrafts are secured by fixed and floating charges over the assets of the company, this includes a life insurance policy for key man insurance. |
| The hire purchase contracts are secured over the assets to which they relate. |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 17. | LOANS - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due between two and five years: |
| Bank loans |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 19. | FINANCIAL INSTRUMENTS |
| Outstanding derivatives at the balance sheet date: |
| 2024 | 2023 |
| £ | £ |
| Financial assets measured at fair value through profit and loss | - | 1,546 |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company 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. |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administration expenses. |
| Derivative financial instruments are recognised at fair value using a mid-market levels valuation technique with any gains or losses being reported in profit or loss. |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 20. | PROVISIONS FOR LIABILITIES |
| 2023 |
| £ |
| Deferred tax | 35,802 |
| Deferred |
| tax |
| £ |
| Balance at 30 September 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 29 September 2024 | ( |
) |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 132 | 132 |
| 22. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 30 September 2023 | 987,553 |
| Deficit for the year | ( |
) | ( |
) |
| At 29 September 2024 | 103,965 |
| 23. | ULTIMATE PARENT COMPANY |
| B D I Group Limited is regarded by the directors as being the company's ultimate parent company. |
| 24. | CONTINGENT LIABILITIES |
| Customer Claims |
| A customer has made a claim to recover costs in resolving a dispute. This includes testing & validation costs, customer management and logistical costs. This claim is currently in dispute and no agreement has been reached as to who is responsible for covering these costs. The total value of the costs is €333,663 which equates to approximately £278,486 (2023: £289,000) as at the reporting date. |
| If the claim is deemed payable, there is an insurance policy in place which may cover these costs with an excess of €10,000 payable which equates to approximately £8,350 (2023: £8,661) as at the reporting date. |
| The directors believe that if it is decided that Preminox is liable to cover these costs, the company would be eligible to make an insurance claim. |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 29 September 2024 and 29 September 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| No interest is payable on the directors' advances, credits and guarantees. |
| 26. | RELATED PARTY DISCLOSURES |
| Transactions with entities with control, joint control or significant influence over the entity: |
| 2024 | 2023 |
| £ | £ |
| Rent | 76,850 | 138,643 |
| Management charges | 68.256 | 56,506 |
| Holding company recharges | 16,700 | 7,460 |
| Interest | 52,061 | 127,549 |
| Amount due to related party | 3,266,170 | 4,029,062 |
| Transactions with entities that provide key management personnel services to the entity: |
| 2024 | 2023 |
| £ | £ |
| Professional fees | - | 26,640 |
| Transactions with other related parties: |
| 2024 | 2023 |
| £ | £ |
| Wages (including gross salary, employers national insurance and pension contr.) | 45,049 | 41,457 |
| Purchases recharged | - |
| Carriage & Freight recharged | - | 61,337 |
| Wages recharged | - | - |
| Professional Fees recharged | 9,430 | 2,588 |
| Insurance recharged | - | 3,293 |
| Amounts due to related party | 606,140 | 761,806 |
| Interest income | - |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| The amount due to entities with control, joint control or significant influence over the entity is secured by way of a fixed and floating charge over the assets of the company. |
| The company's ultimate parent undertaking B D I Group Limited includes the company in it's consolidated financial statements, and these are available at its registered office Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England, SK9 3ND. |
| PREMINOX LTD (REGISTERED NUMBER: 03533716) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 27. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| 28. | GOING CONCERN |
| It is the opinion of the directors that the company will continue to trade as a going concern for at least a period of 12 months from the date of approving the financial statements. |