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REGISTERED NUMBER: 06724413 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

Promec Engineering Ltd

Promec Engineering Ltd (Registered number: 06724413)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Promec Engineering Ltd

Company Information
for the Year Ended 31 October 2024







DIRECTORS: R Johns
D Loader
A Pinder





REGISTERED OFFICE: Unit 1 Severn Link Distribution Centre
Newhouse Farm Industrial Estate
Chepstow
NP16 6UN





REGISTERED NUMBER: 06724413 (England and Wales)





ACCOUNTANTS: Verinder Powell Associates Ltd
Suite 5 Corum 2
Corum Office Park
Crown Way
Warmley
Bristol
BS30 8FJ

Promec Engineering Ltd (Registered number: 06724413)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 709,192 344,984

CURRENT ASSETS
Stocks 89,305 42,200
Debtors 5 1,767,396 1,296,378
Cash at bank 1,068,950 310,780
2,925,651 1,649,358
CREDITORS
Amounts falling due within one year 6 2,438,042 1,134,521
NET CURRENT ASSETS 487,609 514,837
TOTAL ASSETS LESS CURRENT LIABILITIES 1,196,801 859,821

CREDITORS
Amounts falling due after more than one
year

7

(144,204

)

(131,628

)

PROVISIONS FOR LIABILITIES (98,765 ) (66,430 )
NET ASSETS 953,832 661,763

CAPITAL AND RESERVES
Called up share capital 199 199
Capital redemption reserve 45 45
Share option reserve 4,277 -
Retained earnings 949,311 661,519
953,832 661,763

Promec Engineering Ltd (Registered number: 06724413)

Balance Sheet - continued
31 October 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:





R Johns - Director


Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Promec Engineering 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.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There have been no material departures from the Financial Reporting Standard 102 1A.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property- 10% on cost
Plant and machinery- 25% on reducing balance
Fixtures and fittings- 25% on reducing balance
Motor vehicles- 25% on reducing balance

Following a review of the useful life of the fixed assets recognised under plant and machinery and fixtures and fittings during the year, the depreciation policy for these asset classes has been updated from 15% reducing balance to 25% reducing balance to accurately reflect the remaining useful life of these assets.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.


Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
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.

Share based payments
The company operates an equity-settled, share-based compensation plan, under which the company receives services from employees as consideration for equity instruments (options) of the company. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period.

The estimated fair value of the option granted is calculated using a valuation model agreed with HMRC. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The fair value of any options awarded also takes into account non-vesting conditions.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2023 - 41 ) .

Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 58,558 222,105 64,520 347,801 692,984
Additions 78,602 47,200 15,671 379,485 520,958
Disposals (40,188 ) (48,438 ) (9,857 ) (74,184 ) (172,667 )
At 31 October 2024 96,972 220,867 70,334 653,102 1,041,275
DEPRECIATION
At 1 November 2023 47,763 127,457 40,519 132,261 348,000
Charge for year 6,562 28,326 8,289 101,548 144,725
Eliminated on disposal (39,662 ) (45,597 ) (8,403 ) (66,980 ) (160,642 )
At 31 October 2024 14,663 110,186 40,405 166,829 332,083
NET BOOK VALUE
At 31 October 2024 82,309 110,681 29,929 486,273 709,192
At 31 October 2023 10,795 94,648 24,001 215,540 344,984

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 782,871 743,729
Other debtors 984,525 552,649
1,767,396 1,296,378

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts 119,967 49,483
Trade creditors 1,404,916 398,028
Taxation and social security 489,766 468,297
Other creditors 423,393 218,713
2,438,042 1,134,521

Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts 144,204 131,628

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Hire purchase contracts 264,171 181,111

Assets held under hire purchase contracts are secured against the assets to which they relate.

9. PENSION COMMITMENTS

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. Contributions totalling £31,323 (2023 - £10,618) were payable to the fund at the reporting date.

10. OFF BALANCE SHEET COMMITMENTS

At the year end the company had future minimum lease payments due under non-cancellable operating leases totalling £411,051 (2023 - £437,051).

Promec Engineering Ltd (Registered number: 06724413)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

11. RELATED PARTY DISCLOSURES

Loans from related parties



Key
management


Total
2024 £ £
At start of period 368 368
Advanced 253,124 253,124
Repaid (252,521 ) (252,521 )
At end of period 971 971


Key
management


Total
2023 £ £
At start of period 35,270 35,270
Advanced 448,558 448,558
Repaid (483,460 ) (483,460 )
At end of period 368 368

Loans from key management are interest free and repayable on demand.