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Director
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13 June 2025
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Company Secretary
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for and on behalf of
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Garvey Studios
14 Longstone Street
Lisburn
Co Antrim
BT28 1TP
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| 2024 | 2023 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| TURNOVER | 3 |
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| Cost of sales |
( |
( |
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| GROSS (LOSS)/PROFIT |
( |
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| Administrative expenses |
( |
( |
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| OPERATING LOSS | 4 |
( |
( |
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| Other interest receivable and similar income | 7 |
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| Interest payable and similar charges | 8 |
( |
( |
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| (LOSS)/PROFIT BEFORE TAXATION |
( |
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| Tax on (Loss)/profit | 9 |
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( |
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| (LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
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| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| LOSS FOR THE FINANCIAL YEAR |
( |
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| OTHER COMPREHENSIVE INCOME FOR THE YEAR | - | - | ||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
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| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 10 |
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| CURRENT ASSETS | |||||
| Stocks | 11 |
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| Debtors | 12 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 13 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 14 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,113,747 | 1,162,551 | |||
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Director
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Director
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| Share Capital | Profit and Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 January 2023 |
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6,113,367 |
| Profit for the year and total comprehensive income | - |
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49,184 |
| Dividends paid | - | (5,000,000) | (5,000,000) |
| As at 31 December 2023 and 1 January 2024 |
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1,162,551 |
| Loss for the year and total comprehensive income | - |
( |
(48,804) |
| As at 31 December 2024 |
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1,113,747 |
| 2024 | 2023 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| Cash flows from operating activities | ||||
| Net cash (used in)/generated from operations | 1 |
( |
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| Interest paid |
( |
( |
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| Tax (paid)/refunded |
( |
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| Net cash (used in)/generated from operating activities |
( |
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| Cash flows from investing activities | ||||
| Purchase of tangible assets |
( |
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| Interest received |
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| Net cash generated from investing activities |
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| Cash flows from financing activities | ||||
| Equity dividends paid |
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( |
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| Decrease in cash and cash equivalents |
( |
( |
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| Cash and cash equivalents at beginning of year | 2 |
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| Cash and cash equivalents at end of year | 2 |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| (Loss)/profit for the financial year |
( |
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| Adjustments for: | |||
| Tax on (loss)/profit |
( |
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| Interest expense |
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| Interest income |
( |
( |
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| Depreciation of tangible assets |
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| Movements in working capital: | |||
| Decrease/(increase) in stocks |
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( |
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| Decrease/(increase) in trade and other debtors |
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( |
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| (Decrease)/increase in trade and other creditors |
( |
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| Net cash (used in)/generated from operations |
( |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Cash at bank and in hand |
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| Overdraft facilities repayable on demand |
( |
( |
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| Cash and cash equivalents as stated in the Statement of Cash Flows | (1,272,047) | 3,002,038 | |
| As at 1 January 2024 | Cash flows | As at 31 December 2024 | |
|---|---|---|---|
| £ | £ | £ | |
| Cash at bank and in hand |
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(2,880,146) |
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| Overdraft facilities repayable on demand | (31,149) | (1,393,939) | (1,425,088) |
| Cash and cash equivalents |
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(4,274,085) |
( |
| Fixtures & Fittings |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Europe |
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| 40,859,817 | 33,780,747 | ||
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | (43) | - | |
| Depreciation of tangible fixed assets |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
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| Other Services | |||
| Other non-audit services |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Corporation tax repayment interest | 1,119 | - | |
| Other interest receivable | 177,100 | 209,300 | |
| 178,219 | 209,300 | ||
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
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| Other finance charges |
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| 1,760 | 3,591 | ||
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The tax (credit)/charge on the (loss)/profit for the year was as follows:
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| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 23.5% | 23.5% |
( |
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| Total tax charge for the period |
( |
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The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the effective rate of corporation tax of 19% as follows:
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| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | (63,588) | 63,968 | |||
| Tax on profit at 23.5% (UK standard rate) |
( |
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| Capital allowances |
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( |
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| Tax losses for which no deferred tax was recognised |
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| Total tax charge for the period | (14,784) | 14,784 | |||
| Fixtures & Fittings | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
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| Additions |
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| As at 31 December 2024 |
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| Depreciation | |
| As at 1 January 2024 |
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| Provided during the period |
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| As at 31 December 2024 |
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| Net Book Value | |
| As at 31 December 2024 |
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| As at 1 January 2024 |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 1,831,374 | 3,181,227 | |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 464,969 | 5,182,772 | |
| Corporation tax | - |
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| Accruals and deferred income |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 1,425,088 | 31,149 |
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid | - |
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Sales to
Related Parties
£
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Purchases
from Related
Parties
£
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Other Services
from/ (to) Related
Parties
£
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Loan Balances owed
to/ (by) PRM Ireland
Limited at Year End
£
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Trade Balances owed
to/ (by) PRM Ireland
Limited at Year End
£
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Transactions
with Group
Companies
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-
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101,000
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(79,126)
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-
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(120,158)
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Transactions
with Other
Related Parties
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-
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3,407,940
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(19,600)
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1,474,000
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(379,739)
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