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Registered number: NI026209
PRM Ireland Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
McCleary & Company Ltd.
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Profit and Loss Account 7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—17
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Principal Activity
The principal activity of the company in the year under review was that of the sale and distribution of chilled food throughout the Republic of Ireland.
Review of the Business
The results for the year show pre-tax loss of £63,588 (2023 profit £63,968) and sales of £40,859,817 (2023 £33,780,747).
Principal Risks and Uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent distributors, employee retention and product availability.
Future Developments
The external commercial environment is expected to remain competitive in 2025, however we remain confident that we will return to profitability in future years.
Key Performance Indicators
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
On behalf of the board
Mr Philip Rex Morrow
Director
13 June 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Dividends
The value of dividends paid amounted to £NIL .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:
Mr Philip Rex Morrow
Mrs Norma Lynne Morrow
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 2
Page 3
Independent Auditors
The auditors, McCleary & Company Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Philip Rex Morrow
Company Secretary
13 June 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of PRM Ireland Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
Page 5
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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 2—3, 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 is 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.
Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Having considered the nature of the business and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to breaches of health and safety laws and the potential for Fraud. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered the laws and regulations that do not have a direct impact on the preparation of the financial statements but compliance with which may be fundamental to the Company's ability to operate, such as the Companies Act 2006. We evaluated the management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to year end cut-off. Audit procedures performed included:
- Assessment of compliance with key laws and regulations;
- Enquiry of those charged with management including any known or suspected instances of non-compliance with laws and regulations, potential litigation and fraud;
- Identifying and testing journal entries for appropriateness, evaluating the rationale for significant transactions outside what is normal for the company and assessing whether the judgments made in making accounting estimates are indicative of potential bias, in order to assess the risk of fraud through management override of controls;
- Detailed year end cut-off and goods in transit testing;
- Analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
- Reviewing the disclosures in the financial statements against the specific legal requirements.
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures outlined above. We are less likely to become aware of instances with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 5
Page 6
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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
John McCleary (Senior Statutory Auditor)
for and on behalf of McCleary & Company Ltd , Statutory Auditor
13 June 2025
McCleary & Company Ltd
Garvey Studios
14 Longstone Street
Lisburn
Co Antrim
BT28 1TP
Page 6
Page 7
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 40,859,817 33,780,747
Cost of sales (40,974,944 ) (33,498,766 )
GROSS (LOSS)/PROFIT (115,127 ) 281,981
Administrative expenses (124,920 ) (423,722 )
OPERATING LOSS 4 (240,047 ) (141,741 )
Other interest receivable and similar income 7 178,219 209,300
Interest payable and similar charges 8 (1,760 ) (3,591 )
(LOSS)/PROFIT BEFORE TAXATION (63,588 ) 63,968
Tax on (Loss)/profit 9 14,784 (14,784 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR (48,804 ) 49,184
The notes on pages 12 to 17 form part of these financial statements.
Page 7
Page 8
Statement of Comprehensive Income
2024 2023
£ £
LOSS FOR THE FINANCIAL YEAR (48,804 ) 49,184
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (48,804 ) 49,184
Page 8
Page 9
Balance Sheet
Registered number: NI026209
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 10 7,858 -
7,858 -
CURRENT ASSETS
Stocks 11 777,646 886,140
Debtors 12 2,892,425 4,519,675
Cash at bank and in hand 153,041 3,033,187
3,823,112 8,439,002
Creditors: Amounts Falling Due Within One Year 13 (2,717,223 ) (7,276,451 )
NET CURRENT ASSETS (LIABILITIES) 1,105,889 1,162,551
TOTAL ASSETS LESS CURRENT LIABILITIES 1,113,747 1,162,551
NET ASSETS 1,113,747 1,162,551
CAPITAL AND RESERVES
Called up share capital 14 10,002 10,002
Profit and Loss Account 1,103,745 1,152,549
SHAREHOLDERS' FUNDS 1,113,747 1,162,551
On behalf of the board
Mr Philip Rex Morrow
Director
Mrs Norma Lynne Morrow
Director
13 June 2025
The notes on pages 12 to 17 form part of these financial statements.
Page 9
Page 10
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2023 10,002 6,103,365 6,113,367
Profit for the year and total comprehensive income - 49,184 49,184
Dividends paid - (5,000,000) (5,000,000)
As at 31 December 2023 and 1 January 2024 10,002 1,152,549 1,162,551
Loss for the year and total comprehensive income - (48,804 ) (48,804)
As at 31 December 2024 10,002 1,103,745 1,113,747
Page 10
Page 11
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (4,382,270 ) 4,518,838
Interest paid (1,760 ) (3,591 )
Tax (paid)/refunded (57,797 ) 1
Net cash (used in)/generated from operating activities (4,441,827 ) 4,515,248
Cash flows from investing activities
Purchase of tangible assets (10,477 ) -
Interest received 178,219 209,300
Net cash generated from investing activities 167,742 209,300
Cash flows from financing activities
Equity dividends paid - (5,000,000 )
Decrease in cash and cash equivalents (4,274,085 ) (275,452 )
Cash and cash equivalents at beginning of year 2 3,002,038 3,277,490
Cash and cash equivalents at end of year 2 (1,272,047 ) 3,002,038
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Notes to the Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash (used in)/generated from operations
2024 2023
£ £
(Loss)/profit for the financial year (48,804 ) 49,184
Adjustments for:
Tax on (loss)/profit (14,784 ) 14,784
Interest expense 1,760 3,591
Interest income (178,219 ) (209,300 )
Depreciation of tangible assets 2,619 -
Movements in working capital:
Decrease/(increase) in stocks 108,494 (500,974 )
Decrease/(increase) in trade and other debtors 1,642,034 (1,107,820 )
(Decrease)/increase in trade and other creditors (5,895,370 ) 6,269,373
Net cash (used in)/generated from operations (4,382,270 ) 4,518,838
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 153,041 3,033,187
Overdraft facilities repayable on demand (1,425,088 ) (31,149 )
Cash and cash equivalents as stated in the Statement of Cash Flows (1,272,047) 3,002,038
3. Analysis of changes in net funds/(debt)
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 3,033,187 (2,880,146) 153,041
Overdraft facilities repayable on demand (31,149) (1,393,939) (1,425,088)
Cash and cash equivalents 3,002,038 (4,274,085) (1,272,047 )
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Notes to the Financial Statements
1. General Information
PRM Ireland Limited is a private company, limited by shares, incorporated in Northern Ireland. The registed number of the company is NI026209. The registered office address of the company is Rathdown Road Lissue Industrial Estate, Moira Road, Lisburn, Co. Antrim BT28 2RE. The financial statements have been presented in Pounds Sterling (£) which is also the functional currency of the company.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on cost
2.4. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. No work-in-progress reflected in the accounts. 
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Foreign Currencies
Monetary 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.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
Europe 40,859,817 33,780,747
40,859,817 33,780,747
4. Operating Loss
The operating loss is stated after charging:
2024 2023
£ £
Bad debts (43) -
Depreciation of tangible fixed assets 2,619 -
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 9,491 10,215
Other Services
Other non-audit services 3,500 2,000
6. Average Number of Employees
Average number of employees during the year was: NIL (2023: NIL)
- -
7. Interest Receivable and Similar Income
2024 2023
£ £
Corporation tax repayment interest 1,119 -
Other interest receivable 177,100 209,300
178,219 209,300
8. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 686 1,339
Other finance charges 1,074 2,252
1,760 3,591
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9. Tax on Profit
The tax (credit)/charge on the (loss)/profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 23.5% 23.5% (14,784 ) 14,784
Total tax charge for the period (14,784 ) 14,784
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:
2024 2023
£ £
Profit before tax (63,588) 63,968
Tax on profit at 23.5% (UK standard rate) (14,955 ) 15,045
Capital allowances - (261 )
Tax losses for which no deferred tax was recognised 171 -
Total tax charge for the period (14,784) 14,784
10. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 January 2024 51,659
Additions 10,477
As at 31 December 2024 62,136
Depreciation
As at 1 January 2024 51,659
Provided during the period 2,619
As at 31 December 2024 54,278
Net Book Value
As at 31 December 2024 7,858
As at 1 January 2024 -
11. Stocks
2024 2023
£ £
Stock 777,646 886,140
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12. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,061,051 1,338,448
Other debtors 1,831,374 3,181,227
2,892,425 4,519,675
13. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 775,222 1,936,063
Bank loans and overdrafts 1,425,088 31,149
Other creditors 464,969 5,182,772
Corporation tax - 57,797
Accruals and deferred income 51,944 68,670
2,717,223 7,276,451
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 1,425,088 31,149
The bank holds a fixed and floating charge over book debts as security for bank borrowings.
14. Share Capital
2024 2023
Allotted, called up and fully paid £ £
10,002 Ordinary Shares of £ 1.00 each 10,002 10,002
15. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid - 5,000,000
16. Related Party Disclosures
Sales to
Related Parties
£
Purchases
from Related
Parties
£
Other Services
from/ (to) Related
Parties
£
Loan Balances owed
to/ (by) PRM Ireland
Limited at Year End
£
Trade Balances owed
to/ (by) PRM Ireland
Limited at Year End
£
Transactions
with Group
Companies
-
101,000
(79,126)
               -
(120,158)
Transactions
with Other
Related Parties
-
3,407,940
(19,600)
1,474,000
(379,739)
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17. Controlling Parties
The ultimate controlling parties are the Directors due to their equity shareholding in the parent company which is:
PRM Group Limited
Registered office address: 
Rathdown Road
Lissue Industrial Estate
Moira Road
Lisburn
Co Antrim
BT28 2RE
Page 17