IRIS Accounts Production v25.1.4.42 03533716 Board of Directors 30.9.23 29.9.24 29.9.24 Medium entities true false true true false false true true true true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035337162023-09-29035337162024-09-29035337162023-09-302024-09-29035337162022-09-29035337162022-09-302023-09-29035337162023-09-2903533716ns15:EnglandWales2023-09-302024-09-2903533716ns14:PoundSterling2023-09-302024-09-2903533716ns10:Director12023-09-302024-09-2903533716ns10:PrivateLimitedCompanyLtd2023-09-302024-09-2903533716ns10:MediumEntities2023-09-302024-09-2903533716ns10:Audited2023-09-302024-09-2903533716ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-09-302024-09-2903533716ns10:Medium-sizedCompaniesRegimeForAccounts2023-09-302024-09-2903533716ns10:FullAccounts2023-09-302024-09-2903533716ns10:OrdinaryShareClass12023-09-302024-09-2903533716ns10:Director22023-09-302024-09-2903533716ns10:RegisteredOffice2023-09-302024-09-2903533716ns5:CurrentFinancialInstruments2024-09-2903533716ns5:CurrentFinancialInstruments2023-09-2903533716ns5:Non-currentFinancialInstruments2024-09-2903533716ns5:Non-currentFinancialInstruments2023-09-2903533716ns5:ShareCapital2024-09-2903533716ns5:ShareCapital2023-09-2903533716ns5:CapitalRedemptionReserve2024-09-2903533716ns5:CapitalRedemptionReserve2023-09-2903533716ns5:RetainedEarningsAccumulatedLosses2024-09-2903533716ns5:RetainedEarningsAccumulatedLosses2023-09-2903533716ns5:ShareCapital2022-09-2903533716ns5:RetainedEarningsAccumulatedLosses2022-09-2903533716ns5:CapitalRedemptionReserve2022-09-2903533716ns5:RetainedEarningsAccumulatedLosses2022-09-302023-09-2903533716ns5:CapitalRedemptionReserve2022-09-302023-09-2903533716ns5:RetainedEarningsAccumulatedLosses2023-09-302024-09-2903533716ns5:CapitalRedemptionReserve2023-09-302024-09-2903533716ns5:PlantMachinery2023-09-302024-09-2903533716ns5:FurnitureFittings2023-09-302024-09-2903533716ns5:MotorVehicles2023-09-302024-09-2903533716ns15:UnitedKingdom2023-09-302024-09-2903533716ns15:UnitedKingdom2022-09-302023-09-2903533716ns15:Europe2023-09-302024-09-2903533716ns15:Europe2022-09-302023-09-2903533716ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-09-302024-09-2903533716ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-09-302023-09-2903533716ns5:OwnedAssets2023-09-302024-09-2903533716ns5:OwnedAssets2022-09-302023-09-2903533716ns5:LeasedAssets2023-09-302024-09-2903533716ns5:LeasedAssets2022-09-302023-09-2903533716112023-09-302024-09-2903533716112022-09-302023-09-290353371612023-09-302024-09-290353371612022-09-302023-09-290353371642023-09-302024-09-290353371642022-09-302023-09-290353371622023-09-302024-09-290353371622022-09-302023-09-290353371632023-09-302024-09-290353371632022-09-302023-09-290353371652023-09-302024-09-290353371652022-09-302023-09-290353371692023-09-302024-09-290353371692022-09-302023-09-2903533716ns5:HirePurchaseContracts2023-09-302024-09-2903533716ns5:HirePurchaseContracts2022-09-302023-09-2903533716ns10:OrdinaryShareClass12022-09-302023-09-2903533716ns5:PlantMachinery2023-09-2903533716ns5:FurnitureFittings2023-09-2903533716ns5:MotorVehicles2023-09-2903533716ns5:PlantMachinery2024-09-2903533716ns5:FurnitureFittings2024-09-2903533716ns5:MotorVehicles2024-09-2903533716ns5:PlantMachinery2023-09-2903533716ns5:FurnitureFittings2023-09-2903533716ns5:MotorVehicles2023-09-2903533716ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-2903533716ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-2903533716ns5:LeasedAssetsHeldAsLessee2023-09-2903533716ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-302024-09-2903533716ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-302024-09-2903533716ns5:LeasedAssetsHeldAsLessee2023-09-302024-09-2903533716ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-09-2903533716ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-09-2903533716ns5:LeasedAssetsHeldAsLessee2024-09-2903533716ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-2903533716ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-2903533716ns5:LeasedAssetsHeldAsLessee2023-09-2903533716ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-2903533716ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-2903533716ns5:CurrentFinancialInstruments2023-09-302024-09-2903533716ns5:Non-currentFinancialInstruments2023-09-302024-09-2903533716ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-09-2903533716ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-09-2903533716ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-09-2903533716ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-2903533716ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-09-2903533716ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-09-2903533716ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-09-2903533716ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-2903533716ns5:HirePurchaseContracts2024-09-2903533716ns5:HirePurchaseContracts2023-09-2903533716ns5:WithinOneYear2024-09-2903533716ns5:WithinOneYear2023-09-2903533716ns5:BetweenOneFiveYears2024-09-2903533716ns5:BetweenOneFiveYears2023-09-2903533716ns5:AllPeriods2024-09-2903533716ns5:AllPeriods2023-09-2903533716ns5:DeferredTaxation2023-09-2903533716ns5:DeferredTaxation2023-09-302024-09-2903533716ns5:DeferredTaxation2024-09-2903533716ns10:OrdinaryShareClass12024-09-2903533716ns5:RetainedEarningsAccumulatedLosses2023-09-2903533716ns5:CapitalRedemptionReserve2023-09-2903533716ns10:Director222023-09-2903533716ns10:Director222022-09-2903533716ns10:Director222023-09-302024-09-2903533716ns10:Director222022-09-302023-09-2903533716ns10:Director222024-09-2903533716ns10:Director222023-09-29
REGISTERED NUMBER: 03533716 (England and Wales)













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: I A Lebond
M C Holt





REGISTERED OFFICE: c/o Philip Barnes & Co Limited
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB





REGISTERED NUMBER: 03533716 (England and Wales)





AUDITORS: Philip Barnes & Co Limited
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:





M C Holt - Director


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.

I A Lebond
M C Holt

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:




I A Lebond - Director


26 June 2025

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.




Faith Bates FCA, FCCA (Senior Statutory Auditor)
for and on behalf of Philip Barnes & Co Limited
Chartered Accountants
Statutory Auditors
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB

26 June 2025

PREMINOX LTD (REGISTERED NUMBER: 03533716)

INCOME STATEMENT
FOR THE YEAR ENDED 29 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 19,073,190 22,511,142

Cost of sales 15,135,572 17,420,294
GROSS PROFIT 3,937,618 5,090,848

Distribution costs 2,007,717 1,540,889
Administrative expenses 2,995,654 2,837,585
5,003,371 4,378,474
(1,065,753 ) 712,374

Other operating income 4 - 8,143
OPERATING (LOSS)/PROFIT 6 (1,065,753 ) 720,517

Interest receivable and similar income 8 480 57,049
(1,065,273 ) 777,566

Interest payable and similar expenses 9 84,779 152,222
(LOSS)/PROFIT BEFORE TAXATION (1,150,052 ) 625,344

Tax on (loss)/profit 10 (266,464 ) 140,855
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(883,588

)

484,489

PREMINOX LTD (REGISTERED NUMBER: 03533716)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 SEPTEMBER 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (883,588 ) 484,489


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
(LOSS)/INCOME FOR THE YEAR

(883,588

)

484,489

PREMINOX LTD (REGISTERED NUMBER: 03533716)

BALANCE SHEET
29 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 178,692 172,745

CURRENT ASSETS
Stocks 13 6,813,248 9,514,180
Debtors 14 4,064,641 4,181,606
Cash at bank and in hand 439,434 139,110
11,317,323 13,834,896
CREDITORS
Amounts falling due within one year 15 11,332,311 12,918,730
NET CURRENT (LIABILITIES)/ASSETS (14,988 ) 916,166
TOTAL ASSETS LESS CURRENT
LIABILITIES

163,704

1,088,911

CREDITORS
Amounts falling due after more than one
year

16

(59,607

)

(65,424

)

PROVISIONS FOR LIABILITIES 20 - (35,802 )
NET ASSETS 104,097 987,685

CAPITAL AND RESERVES
Called up share capital 21 132 132
Capital redemption reserve 22 1 1
Retained earnings 22 103,964 987,552
SHAREHOLDERS' FUNDS 104,097 987,685

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





I A Lebond - Director


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 132 1,453,063 1 1,453,196

Changes in equity
Dividends - (950,000 ) - (950,000 )
Total comprehensive income - 484,489 - 484,489
Balance at 29 September 2023 132 987,552 1 987,685

Changes in equity
Total comprehensive loss - (883,588 ) - (883,588 )
Balance at 29 September 2024 132 103,964 1 104,097

PREMINOX LTD (REGISTERED NUMBER: 03533716)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024

1. STATUTORY INFORMATION

Preminox Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% reducing balance
Fixtures and fittings - 33% on cost
Motor vehicles - 25% reducing balance

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 7,173,809 6,854,651
Europe 11,411,457 15,209,738
Rest of the World 487,924 446,753
19,073,190 22,511,142

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 - 8,143

5. EMPLOYEES
2024 2023
£    £   
Wages and salaries 1,144,155 1,113,330
Social security costs 115,573 114,276
Other pension costs 123,653 101,415
1,383,381 1,329,021

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

Office staff 20 21
Warehouse staff 9 10
29 31

2024 2023
£    £   
Directors' remuneration 100,515 95,217
Directors' pension contributions to money purchase schemes 96,789 80,850

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

Money purchase schemes 2 2

6. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£    £   
Other operating leases 211,686 197,170
Depreciation - owned assets 21,182 17,679
Depreciation - assets on hire purchase contracts 18,323 11,815
Loss on disposal of fixed assets 578 489
Auditors' remuneration 31,300 25,584
Foreign exchange differences 47,959 -
Defined contribution plans 123,653 101,414

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 480 1,307
Profit/loss on exchange - 64,514
Derivatives gains and losses - (8,772 )
480 57,049

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 572 824
Interest on corporation tax 10,330 8,550
PAYE interest 55 3,298
Interest on VAT 3,033 297
Derivatives gains and losses 1,546 -
Interest due on directors loan 8,002 8,176
Interest due on intercompany 52,061 127,549
Hire purchase 9,180 3,528
84,779 152,222

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 (127,169 ) 123,197

Deferred tax (139,295 ) 17,658
Tax on (loss)/profit (266,464 ) 140,855

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 (1,150,052 ) 625,344
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

(287,513

)

156,336

Effects of:
Expenses not deductible for tax purposes 3,935 3,080
Capital allowances in excess of depreciation (2,292 ) (13,439 )
Adjustments to tax charge in respect of previous periods - (3,948 )
Accelerated capital allowances 2,106 17,658
Transitional year for corporation tax rate increase 17,300 (18,832 )

Total tax (credit)/charge (266,464 ) 140,855

11. DIVIDENDS
2024 2023
£    £   
Interim - 950,000

12. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 30 September 2023 243,470 15,329 98,638 357,437
Additions 1,289 21,746 22,995 46,030
Disposals - (12,550 ) - (12,550 )
At 29 September 2024 244,759 24,525 121,633 390,917
DEPRECIATION
At 30 September 2023 128,762 14,154 41,776 184,692
Charge for year 23,168 1,242 15,095 39,505
Eliminated on disposal - (11,972 ) - (11,972 )
At 29 September 2024 151,930 3,424 56,871 212,225
NET BOOK VALUE
At 29 September 2024 92,829 21,101 64,762 178,692
At 29 September 2023 114,708 1,175 56,862 172,745

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 42,880 55,085 97,965
Additions - 22,995 22,995
At 29 September 2024 42,880 78,080 120,960
DEPRECIATION
At 30 September 2023 11,511 10,409 21,920
Charge for year 6,274 12,049 18,323
At 29 September 2024 17,785 22,458 40,243
NET BOOK VALUE
At 29 September 2024 25,095 55,622 80,717
At 29 September 2023 31,369 44,676 76,045

13. STOCKS
2024 2023
£    £   
Stocks 6,813,248 9,514,180

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,565,980 3,749,084
Amounts owed by group undertakings 47,885 47,050
Other debtors 29,073 81,591
Derivatives - 1,546
Directors' current accounts 3,235 -
Tax 158,704 136,014
Deferred tax asset 103,493 -
Prepayments 156,271 166,321
4,064,641 4,181,606

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) 10,000 10,000
Hire purchase contracts (see note 18) 37,479 38,719
Customer payments on account 121,104 65,704
Trade creditors 2,379,590 3,496,371
Amounts owed to group undertakings 4,484,437 4,454,567
Tax 136,563 385,039
Social security and other taxes 30,992 29,511
VAT 238,636 233,241
Other creditors 3,629,737 3,944,344
Directors' current accounts - 106,152
Accrued expenses 263,773 155,082
11,332,311 12,918,730

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) 7,500 17,500
Hire purchase contracts (see note 18) 52,107 47,924
59,607 65,424

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 10,000 10,000

Amounts falling due between one and two years:
Bank loans 7,500 10,000

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 - 7,500

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 37,479 38,719
Between one and five years 52,107 47,924
89,586 86,643

Non-cancellable operating leases
2024 2023
£    £   
Within one year 149,938 143,944
Between one and five years 363,091 490,000
513,029 633,944

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 35,802
Credit to Income Statement during year (139,295 )
Balance at 29 September 2024 (103,493 )

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
132 Ordinary £1 132 132

22. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 30 September 2023 987,552 1 987,553
Deficit for the year (883,588 ) (883,588 )
At 29 September 2024 103,964 1 103,965

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
£    £   
M C Holt
Balance outstanding at start of year (106,153 ) (26,534 )
Amounts advanced 109,388 52,710
Amounts repaid - (132,329 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,235 (106,153 )

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:
20242023
££
Rent76,850138,643
Management charges68.25656,506
Holding company recharges16,7007,460
Interest52,061127,549
Amount due to related party3,266,1704,029,062

Transactions with entities that provide key management personnel services to the entity:
20242023
££
Professional fees-26,640


Transactions with other related parties:
20242023
££
Wages (including gross salary, employers national insurance and pension contr.)45,04941,457
Purchases recharged -
Carriage & Freight recharged-61,337
Wages recharged--
Professional Fees recharged9,4302,588
Insurance recharged-3,293
Amounts due to related party 606,140761,806
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 Mr John Elder.

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.