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Financial Statements
Ardmac / PCI Limited
For the year ended 31 December 2024
Registered number: 02796170
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Company Information
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Robert Alan Clayton (resigned 28 January 2025)
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Ronan Quinn (resigned 28 January 2025)
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Alan Coakley (resigned 5 September 2024)
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Donal Luke Gargan (resigned 5 September 2024)
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Luis Borges (appointed 5 September 2024)
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Graeme Stuart (appointed 5 September 2024)
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Daniel Lane (appointed 28 January 2025)
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Brett Dahmer (appointed 28 January 2025)
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Neil Parkinson (resigned 5 September 2024)
Daniel Lane (appointed 5 September 2024)
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Manchester International Office Centre
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Unit E, Swords Business Campus
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Chartered Accountants &
Statutory Auditors
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Company Information (continued)
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Contents
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Directors' responsibilities statement
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Strategic report
For the year ended 31 December 2024
The principal activity of Ardmac/PCI Limited ("the Company") is the provision of cleanroom facilities to the wafer fabrication industry. The directors expect the general level of activity to fluctuate from year to year depending on the successful winning of contracts, which the shareholders believe are suitable for joint collaboration.
During the year, turnover of €23.0m was achieved, which was in line with 2023 (€23.1m). Further, profit after tax increased in the year to €2m (2023: €1.5m). Total shareholders' funds at 31 December 2024 was €2.1m (2023: €3.0m). The Company had strong liquidity with net current assets of €2.0m, including €11.9m of cash, which the directors assess to satisfy the projected needs of the Company for the foreseeable term.
The business successfully delivered a number of projects during the year and is well positioned in the coming year to maintain its strong market position in the micro electronics market.
Principal risks and uncertainties
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The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:
Economic
The Company, like all of the construction industry, can be impacted by a global economic downturn. This poses a threat to all construction companies. The directors of the Company are confident that the strength of its brand and its focus on delivering a quality service to customers, in conjunction with the strong sector it operates, will enable the Company to continue to maximise the potential for winning projects and will allow the Company to manage such threats.
Compliance
The Company prioritises compliance and is in regular dialogue with its various regulatory bodies to ensure that all of its sites are monitored and meeting its obligations. The Company may be negatively impacted by regulatory changes which may lead to possible increases in costs / cashflows associated with increased regulation or changes to the taxation environment.
Competitor
The Company faces on-going competition in its market. This is managed through focusing on strong delivery to ensure that services are valued by our customers with the potential to increase repeat business. Competition within the cleanroom sector is intense and has made winning a sufficient pipeline of work at a sustainable profit margin difficult.
Financial
The Company is exposed to financial risks and seeks to mitigate those risks as set out below:
∙Credit risk: The Company has implemented policies that require appropriate credit checks on all potential customers before a contract is entered into. The customers funding capacity is always understood before entering the contract. Debtors are closely monitored and managed throughout the project;
∙Liquidity risk: The Company is not highly dependent on the availability of finance facilities to operate its business and is primarily funded by retained earnings. Historically, the Company has met all financing obligations; and
∙Foreign exchange risk: The Company has a relatively low level of transactional foreign exchange risk. The business has intergroup transactions with related companies in Ireland, Holland, Belgium, Switzerland and Denmark. Any material transactional foreign exchange risks are managed through forward contracts.
Page 1
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Strategic report (continued)
For the year ended 31 December 2024
Principal risks and uncertainties (continued)
Turnover
The Company needs to continually secure a sufficient pipeline of work to operate sustainably. Pipeline of opportunities are continuously assessed along with our order book to ensure the business has sufficient work or potential to win sufficient work to operate sustainably. These risks are managed through proactive credit control and cost management procedures. The Company has a rigorous financial, commercial and budgetary process to manage credit, liquidity and other financial risk.
This report was approved by the board on 16 May 2025 and signed on its behalf.
Page 2
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Directors' report
For the year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to €2,005,806 (2023: €1,545,522).
The directors declared a dividend of €3,000,000 (2023: €4,000,000). No dividends were declared post year-end.
The directors who served during the year were:
Robert Alan Clayton (resigned 28 January 2025)
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Ronan Quinn (resigned 28 January 2025)
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Alan Coakley (resigned 5 September 2024)
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Donal Luke Gargan (resigned 5 September 2024)
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Luis Borges (appointed 5 September 2024)
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Graeme Stuart (appointed 5 September 2024)
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Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 3
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Directors' responsibilities statement
For the year ended 31 December 2024
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
On behalf of the board:
Luis Borges
Director
Date: 16 May 2025
Page 4
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Independent auditor's report to the members of Ardmac / PCI Limited
We have audited the financial statements of Ardmac / PCI Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2024, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in the 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, Ardmac / PCI Limited's financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the year then ended; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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
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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 the date 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.
Page 5
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Independent auditor's report to the members of Ardmac / PCI Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic 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 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.
Page 6
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Independent auditor's report to the members of Ardmac / PCI Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
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Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
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The objectives of an auditor 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 their 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.
A further description of an auditor's 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 auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticismthrough the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
Page 7
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Independent auditor's report to the members of Ardmac / PCI Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙review of minutes of board meetings during the year to corroborate inquiries made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating cost of completion; and
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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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 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.
Cathal Kelly (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13-18 City Quay
Dublin 2
Date: 16 May 2025
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Statement of comprehensive income
For the year ended 31 December 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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All amounts relate to continuing operations.
There was no other comprehensive income for 2024 (2023: €Nil).
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The notes on pages 12 to 19 form part of these financial statements.
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Page 9
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Ardmac / PCI Limited
Registered number:02796170
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Statement of financial position
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 19 form part of these financial statements.
Page 10
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Statement of changes in equity
For the year ended 31 December 2024
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Dividends: Equity capital
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Dividends: Equity capital
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Page 11
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Notes to the financial statements
For the year ended 31 December 2024
Ardmac / PCI Limited ("the Company") is a private company limited by shares and incorporated in the United Kingdom. The Company's registered office is Suite 5A, Manchester International Office Centre, Styal Road, Heald Green, Manchester, M22 5WB. The principal activity engaged in by the Company during the year was the provision of cleanroom facilities to the micro electronics industry.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Ardmac Group Limited its immediate parent company, and Purever Negócios S.A., its ultimate parent company, as at 31 December 2024. These financial statements may be obtained from the Companies Registration Office and Instituto dos Registos e Notariado, respectively.
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Page 12
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Revenue is only recognised on a contract where the outcome can be reliably estimated. Variations to, and claims rising in respect of contracts, are included in revenue to the extent that they have been confirmed with the customer or their recoverability is assessed to be probable and can be reliably measured. Costs are recognized based on actual costs incurred at the balance sheet date, with revenue reflecting these costs plus the anticipated project margin on these costs. When it is anticipated that the probable total costs on a contract will exceed the total contract revenue, the expected loss is recognised as an expense in the Profit and Loss account immediately. The Company recognises revenue on a percentage of completion basis on total cost incurred over total cost to complete.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Page 13
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Euros.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 14
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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When preparing the financial statements, management undertakes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Estimation uncertainty
Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.
Page 15
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Notes to the financial statements
For the year ended 31 December 2024
3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued)
Estimating cost to complete
The Company recognise revenue on a percentage of completion basis based on total cost incurred over total cost to complete. The Company estimates the total cost to complete the project at each reporting date based on experience and/or agreed total cost with sub-contractors. It is possible that the margin of the Company could be materially different based on changes in the Company's estimate.
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The operating profit is stated after charging/(crediting):
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Profit on disposal of fixed asset investments
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The Company has no employees other than the directors, who received €218,769 (2023: €56,608) remuneration crossed-charged to the Company. Employee costs amounting to €7,714,287 (2023: €8,220,267) are cross-charges from group undertakings working on the Company's projects and administrative roles.
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Other interest receivable
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Page 16
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Notes to the financial statements
For the year ended 31 December 2024
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Interest payable and similar expenses
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Current tax on profits for the year
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of25% (per 1 April 2023, until that date 19%, leading to an average rate of 23.5%). The differences are explained below:
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Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
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Expenses not deductible for tax purposes
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Adjustments for lower Irish tax rate
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Irish source interest income
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
Page 17
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Notes to the financial statements
For the year ended 31 December 2024
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The Company declared dividends payable during the year of €3,000,000 (2023: €4,000,000).
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Amounts due from group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
An impairment loss of €Nil (2023: €Nil) was recognised against trade debtors.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to shareholder
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Page 18
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Notes to the financial statements
For the year ended 31 December 2024
14.Creditors: Amounts falling due within one year (continued)
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Trade and other creditors are payable at various dates in the next three months in accordance with the supplier's usual customary credit terms.
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
All taxes including social insurance are repayable at various dates over the coming months in accordance with applicable statutory provisions.
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Authorised, allotted, called up and fully paid
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100,000 (2023: 100,000) Ordinary shares of £1 each
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Related party transactions
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The Company has availed of the exemption in FRS102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
The Company's immediate controlling parties are Ardmac Group Limited and Performance Contracting Inc . ("PCG").
At year end, amounts owed to related parties of €600,000 (€800,000) which is owed to shareholder, PCG. During the year, the Company also incurred expenses of €550,939 (2023: €718,477) with the same shareholder.
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In July 2024, Kakapuka Limited, previous ultimate parent company, was acquired by PI Insulation Engineering Limited, resulting in a change of control over the group. As a result of this acquisition, the ultimate parent company of the Company is now Purever - Negócios e Gestão, S.A., a company incorporated and registered in Portugal, while its immediate parent company is Ardmac Group Limited, a company incorporated and registered in the Republic of Ireland.
The smallest and largest consolidated accounts to include the results of the Company are prepared by Ardmac Group Limited and Purever - Negócios e Gestão, S.A, respectively. These financial statements are publicly available at the Companies Registration Office in the Republic of Ireland and Instituto dos Registos e Notariado in Portugal.
Comparative information has been reclassified where necessary to conform to current year presentation
Page 19
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