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Registered number: NI601511
PRM Group Ltd
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
Independent Auditor's Report 3—5
Consolidated Statement of Comprehensive Income 6
Consolidated Balance Sheet 7
Company Balance Sheet 8
Consolidated Statement of Changes in Equity 9
Company Statement of Changes in Equity 10
Consolidated Statement of Cash Flows 11
Notes to the Consolidated Statement of Cash Flows 12
Company Statement of Cash Flows 13
Notes to the Company Statement of Cash Flows 14
Notes to the Financial Statements 15—22
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 holding company for PRM Distribution Ltd, PRM Enterprises Ltd and PRM Ireland Ltd, three wholly owned subsidiaries.
Review of the Business
The Company was not trading during the year but was a holding company. The Group results for the year show a pre-tax profit of £233,043 (2023 - £2,397,255) and turnover of £59,546,594 (2023 - £51,988,051).
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 Outlook
The commercial environment is expected to remain competitive in 2025, however we remain confident that we will maintain our current level of performance in the future.
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
20 August 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors
The directors who held office during the year were as follows:
Mr Philip Rex Morrow
Mrs Norma Lynne Morrow
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 the group and of the profit or loss of the group 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 and group'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 and group's auditors are aware of that information.
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
Director
20 August 2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of PRM Group Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's 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 group and parent company'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.
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Page 4
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, 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: 
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 misstatement of inter-company balances and 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;
- 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.
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.
Page 4
Page 5
John McCleary (Senior Statutory Auditor)
for and on behalf of McCleary & Company Ltd , Statutory Auditor
20 August 2025
McCleary & Company Ltd
Garvey Studios
14 Longstone Street
Lisburn
Co. Antrim
BT28 1TP
Page 5
Page 6
Consolidated Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 3 59,546,594 51,988,051
Cost of sales (57,656,851 ) (49,675,119 )
GROSS PROFIT 1,889,743 2,312,932
Distribution costs (628,456 ) (610,312 )
Administrative expenses (1,941,773 ) (2,096,343 )
Other operating income 629,097 519,197
OPERATING (LOSS)/PROFIT 5 (51,389 ) 125,474
Profit on revaluation of investment property 225,000 2,175,000
Other interest receivable and similar income 10 178,219 209,300
Interest payable and similar charges 11 (118,787 ) (112,519 )
PROFIT BEFORE TAXATION 233,043 2,397,255
Tax on Profit 12 (18,721 ) (60,799 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 214,322 2,336,456
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant and equipment 1,095,000 -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,309,322 2,336,456
The notes on pages 12 to 22 form part of these financial statements.
Page 6
Page 7
Consolidated Balance Sheet
Registered number: NI601511
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 7,216,120 5,544,191
Investment Properties 14 3,475,000 3,250,000
10,691,120 8,794,191
CURRENT ASSETS
Stocks 16 990,233 1,142,175
Debtors 17 5,968,698 7,586,806
Cash at bank and in hand 160,514 5,865
7,119,445 8,734,846
Creditors: Amounts Falling Due Within One Year 18 (4,829,489 ) (5,857,283 )
NET CURRENT ASSETS (LIABILITIES) 2,289,956 2,877,563
TOTAL ASSETS LESS CURRENT LIABILITIES 12,981,076 11,671,754
NET ASSETS 12,981,076 11,671,754
CAPITAL AND RESERVES
Called up share capital 19 30,008 30,008
Revaluation reserve 21 1,095,000 -
Profit and Loss Account 11,856,068 11,641,746
SHAREHOLDERS' FUNDS 12,981,076 11,671,754
The financial statements were approved by the board of directors on 20 August 2025 and were signed on its behalf by:
Mr Philip Rex Morrow
Director
20 August 2025
The notes on pages 12 to 22 form part of these financial statements.
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Page 8
Company Balance Sheet
Registered number: NI601511
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 15 30,006 30,006
30,006 30,006
CURRENT ASSETS
Debtors 17 704 5,000,704
Cash at bank and in hand 5,029,303 29,386
5,030,007 5,030,090
Creditors: Amounts Falling Due Within One Year 18 (31,045 ) (31,006 )
NET CURRENT ASSETS (LIABILITIES) 4,998,962 4,999,084
TOTAL ASSETS LESS CURRENT LIABILITIES 5,028,968 5,029,090
NET ASSETS 5,028,968 5,029,090
CAPITAL AND RESERVES
Called up share capital 19 30,008 30,008
Profit and Loss Account 4,998,960 4,999,082
SHAREHOLDERS' FUNDS 5,028,968 5,029,090
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's (loss)/profit for the year was £(122 ) (2023: £ 4,999,945 profit/(loss)).
The financial statements were approved by the board of directors on 20 August 2025 and were signed on its behalf by:
Mr Philip Rex Morrow
Director
20 August 2025
The notes on pages 12 to 22 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 January 2023 30,008 - 9,305,290 9,335,298
Profit for the year and total comprehensive income - - 2,336,456 2,336,456
Dividends paid - - - -
As at 31 December 2023 and 1 January 2024 30,008 - 11,641,746 11,671,754
Profit for year - - 214,322 214,322
Surplus on revaluation - 1,095,000 - 1,095,000
Other comprehensive income for the year - 1,095,000 - 1,095,000
Total comprehensive income for the year - 1,095,000 214,322 1,309,322
As at 31 December 2024 30,008 1,095,000 11,856,068 12,981,076
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Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2023 30,008 (863 ) 29,145
Profit for the year and total comprehensive income - 4,999,945 4,999,945
As at 31 December 2023 and 1 January 2024 30,008 4,999,082 5,029,090
Loss for the year and total comprehensive income - (122 ) (122)
As at 31 December 2024 30,008 4,998,960 5,028,968
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 492,218 46,262
Interest paid (118,787 ) (112,519 )
Tax paid (108,930 ) (87,698 )
Net cash generated from/(used in) operating activities 264,501 (153,955 )
Cash flows from investing activities
Purchase of tangible assets (670,817 ) (211,283 )
Interest received 178,219 209,300
Net cash used in investing activities (492,598 ) (1,983 )
Decrease in cash and cash equivalents (228,097 ) (155,938 )
Cash and cash equivalents at beginning of year 2 (2,087,558 ) (1,931,620 )
Cash and cash equivalents at end of year 2 (2,315,655 ) (2,087,558 )
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 214,322 2,336,456
Adjustments for:
Tax on profit 18,721 60,799
Interest expense 118,787 112,519
Interest income (178,219 ) (209,300 )
Depreciation of tangible assets 93,888 98,508
Profit on revaluation of fixed assets (225,000) (2,175,000)
Movements in working capital:
Decrease/(increase) in stocks 151,942 (464,647 )
Decrease/(increase) in trade and other debtors 1,632,892 (1,247,550 )
(Decrease)/increase in trade and other creditors (1,335,115 ) 1,534,477
Net cash generated from operations 492,218 46,262
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 160,514 5,865
Overdraft facilities repayable on demand (2,476,169 ) (2,093,423 )
Cash and cash equivalents as stated in the Statement of Cash Flows (2,315,655) (2,087,558)
3. Analysis of changes in net debt
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 5,865 154,649 160,514
Overdraft facilities repayable on demand (2,093,423) (382,746) (2,476,169)
Cash and cash equivalents (2,087,558 ) (228,097) (2,315,655 )
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Company Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 4,999,904 (4,975,047 )
Net cash generated from/(used in) operating activities 4,999,904 (4,975,047 )
Cash flows from investing activities
Dividends received - 5,000,000
Increase in cash and cash equivalents 4,999,904 24,953
Cash and cash equivalents at beginning of year 2 29,386 4,433
Cash and cash equivalents at end of year 2 5,029,290 29,386
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Notes to the Company Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash generated from/(used in) operations
2024 2023
£ £
(Loss)/profit for the financial year (122 ) 4,999,945
Adjustments for:
Income from shares in group undertakings - (5,000,000)
Movements in working capital:
Decrease/(increase) in trade and other debtors 5,000,000 (5,000,000 )
Increase in trade and other creditors 26 25,008
Net cash generated from/(used in) operations 4,999,904 (4,975,047 )
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 5,029,303 29,386
Overdraft facilities repayable on demand (13 ) -
Cash and cash equivalents as stated in the Statement of Cash Flows 5,029,290 29,386
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 29,386 4,999,917 5,029,303
Overdraft facilities repayable on demand - (13) (13)
Cash and cash equivalents 29,386 4,999,904 5,029,290
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Notes to the Financial Statements
1. General Information
PRM Group Ltd is a private company, limited by shares, registered in Northern Ireland. The registered number of the company is NI601511. 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. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. 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.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost, or revalued to market value, 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:
Freehold Not depreciated
Plant & Machinery 20% - 25% on cost
Fixtures & Fittings 20% - 25% on cost
2.5. Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
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2.6. 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 items. No work-in-progress is reflected in the accounts. 
2.7. 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.
2.8. Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.9. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.10. Pensions
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.
3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 18,686,777 18,207,304
Europe 40,859,817 33,780,747
59,546,594 51,988,051
4. Other Operating Income
2024 2023
£ £
Commission income 639,059 617,857
Other operating income (9,962 ) (98,660 )
629,097 519,197
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5. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
2024 2023
£ £
Bad debts (13,458) (3,485)
Depreciation of tangible fixed assets 93,888 98,508
6. 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 group and company's financial statements 51,864 40,257
Other Services
Other non-audit services 11,000 5,629
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,306,593 1,172,744
Social security costs 130,121 114,920
Other pension costs 104,498 90,979
1,541,212 1,378,643
8. Average Number of Employees
Group
Average number of employees, during the year was as follows:
2024 2023
Office and administration 36 35
Sales, marketing and distribution 2 2
Management 5 5
43 42
Company
Average number of employees during the year was: NIL (2023: NIL)
- -
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9. Directors' remuneration
2024 2023
£ £
Emoluments 176,719 172,860
Company contributions to money purchase pension schemes 5,602 5,280
182,321 178,140
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 1 1
10. Interest Receivable and Similar Income
2024 2023
£ £
Corporation tax repayment interest 1,119 -
Other interest receivable 177,100 209,300
178,219 209,300
11. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 4,869 2,898
Penalties on overdue tax - 200
Other finance charges 113,918 109,421
118,787 112,519
12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 23.5% 18,721 65,923
Deferred Tax
Deferred taxation - (5,124 )
Total tax charge for the period 18,721 60,799
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 233,043 2,397,255
Tax on profit at 25% (UK standard rate) 58,261 563,354
Goodwill/depreciation not allowed for tax 23,472 23,149
...CONTINUED
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Expenses not deductible for tax purposes 7,302 5,731
Capital allowances (14,960 ) (15,186 )
Difference in tax rates 896 -
Revenue exempt from taxation (56,250 ) (511,125 )
Deferred tax from unrecognised tax loss or credit - (5,124 )
Total tax charge for the period 18,721 60,799
13. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 January 2024 5,342,195 605,316 382,571 6,330,082
Additions 644,692 - 26,125 670,817
Revaluation 1,095,000 - - 1,095,000
As at 31 December 2024 7,081,887 605,316 408,696 8,095,899
Depreciation
As at 1 January 2024 - 457,317 328,574 785,891
Provided during the period - 66,000 27,888 93,888
As at 31 December 2024 - 523,317 356,462 879,779
Net Book Value
As at 31 December 2024 7,081,887 81,999 52,234 7,216,120
As at 1 January 2024 5,342,195 147,999 53,997 5,544,191
Freehold property consists of office space at Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, this includes property used by the group and associates. FRS 102 states that depreciation must be charged in respect of freehold property. However, the directors assess that as the property is maintained to a high standard it will not decrease in value, and have therefore opted not to depreciate the property. This policy represents a departure from the requirements of the Companies Act 2006, to provide systematic annual depreciation for fixed assets. However, the directors consider the adoption of this policy necessary to give a true and fair view.
This property was valued at an open market value of £4,345,000 by Harry Crosby (MRICS) of Osborne King acting as independent valuers on behalf of PRM Enterprises Ltd. The valuation indicating the value of the property was given on 12 May 2025. The valuation report was prepared on 12 May 2025. The directors feel, at the balance sheet date, this reflects the fair value of the property. 
Company
The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.
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14. Investment Property
Group
2024
£
Fair Value
As at 1 January 2024 3,250,000
Revaluations 225,000
As at 31 December 2024 3,475,000
Investment property consists of warehousing at Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, let to non-associated companies. The group also owns property at Altnagelvin Industrial Estate Londonderry. The property was valued at an open market of £3,475,000 by Harry Crosby (MRICS) of Osborne King acting as external independent valuers on behalf of PRM Enterprises Ltd. The valuation report was prepared on 12 May 2025. The directors feel, at the balance sheet date, this reflects the fair value of the property. 
Company
The company had no investment property as at 31 December 2024 or 31 December 2023.
15. Investments
Company
Subsidiaries
£
Cost
As at 1 January 2024 30,006
As at 31 December 2024 30,006
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 30,006
As at 1 January 2024 30,006
Subsidiaries
Details of the company's subsidiaries as at 31 December 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
PRM Distribution Ltd Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, Co Antrim, BT28 2RE Ordinary 100.00% -
PRM Enterprises Ltd Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, Co Antrim, BT28 2RE. Ordinary 100.00% -
PRM Ireland Limited Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, Co Antrim, BT28 2RE. Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
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Capital and Reserves Profit/(loss)
£ £
PRM Distribution Ltd 1,657,199 (10,453 )
PRM Enterprises Ltd 5,211,167 1,368,701
PRM Ireland Limited 1,113,747 (48,804 )
16. Stocks
2024 2023
£ £
Stock 990,233 1,142,175
17. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 3,600,681 3,924,113 - -
Amounts owed by group undertakings - - - 5,000,000
Other debtors 2,368,017 3,662,693 704 704
5,968,698 7,586,806 704 5,000,704
18. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 1,647,737 2,736,248 - -
Bank loans and overdrafts 2,476,169 2,093,423 13 -
Other creditors 508,436 691,321 31,032 31,006
Corporation tax 33,505 108,930 - -
Taxation and social security 43,176 81,885 - -
Accruals and deferred income 120,466 145,476 - -
4,829,489 5,857,283 31,045 31,006
Of the creditors the following amounts are secured, and due within one year:
Group
2024 2023
£ £
Bank loans and overdrafts 2,476,169 2,093,423
The Bank holds a legal charge over the site at Lissue Industrial Estate, Rathdown Road, Lisburn and also a legal charge over the property at Unit 4 Glenaden Complex, Altnagelvin Industrial Estate, Londonderry.
19. Share Capital
2024 2023
Allotted, called up and fully paid £ £
30,008 Ordinary Shares of £ 1.00 each 30,008 30,008
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20. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £104,498 (2023: £90,979).
21. Reserves
Group
2024
£
At 1 January 2024
11,641,746
Profit for the year 
214,322
Revaluation Reserve
                                      1,095,000
image
At 31 December 2024
12,951,068
image
Company
2024
£
At 1 January 2024
4,999,082
Profit/(loss) for the year
(122)
image
At 31 December 2024
4,998,960
image
22. Related Party Disclosures
During the period to 31 December 2024 PRM Distribution Ltd, PRM Enterprises Ltd and PRM Ireland Ltd had the following transactions with companies which are under the common control of the Directors and shareholders of PRM Group Ltd.
Sales to Related Parties 
£
Purchases from Related Parties
£
Other Services from / (to) Related Parties
£
Loan Balances owed to / (by) at Year End
£
Trade Balances owed to / (by) at Year End
£ 
Transactions with Other Related Parties 
876,448
3,920,978
(847,168)
1,474,000
(392,284)
23. Controlling Parties
The ultimate controlling party are the Directors due to their equity shareholding in the company.
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