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Director
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20 August 2025
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Director
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for and on behalf of
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Garvey Studios
14 Longstone Street
Lisburn
Co. Antrim
BT28 1TP
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| 2024 | 2023 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| TURNOVER | 3 |
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| Cost of sales |
( |
( |
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| GROSS PROFIT |
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| Distribution costs |
( |
( |
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| Administrative expenses |
( |
( |
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| Other operating income |
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| OPERATING (LOSS)/PROFIT | 5 |
( |
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| Profit on revaluation of investment property |
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| Other interest receivable and similar income | 10 |
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| Interest payable and similar charges | 11 |
( |
( |
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| PROFIT BEFORE TAXATION |
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| Tax on Profit | 12 |
( |
( |
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| PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |
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| OTHER COMPREHENSIVE INCOME: | ||||
| Gain on revaluation of property, plant and equipment |
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| TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |
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| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 13 |
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| Investment Properties | 14 |
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| CURRENT ASSETS | |||||
| Stocks | 16 |
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| Debtors | 17 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 18 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 19 |
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| Revaluation reserve | 21 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 12,981,076 | 11,671,754 | |||
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Director
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| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 15 |
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| CURRENT ASSETS | |||||
| Debtors | 17 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 18 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 19 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 5,028,968 | 5,029,090 | |||
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Director
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| Share Capital | Revaluation reserve | Profit and Loss Account | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| As at 1 January 2023 |
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9,335,298 |
| Profit for the year and total comprehensive income | - | - |
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2,336,456 |
| Dividends paid | - | - | - | - |
| As at 31 December 2023 and 1 January 2024 |
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11,671,754 |
| Profit for year | - | - | 214,322 |
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| Surplus on revaluation | - |
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- |
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| Other comprehensive income for the year | - |
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| Total comprehensive income for the year | - | 1,095,000 |
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1,309,322 |
| As at 31 December 2024 |
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12,981,076 |
| Share Capital | Profit and Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 January 2023 |
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( |
29,145 |
| Profit for the year and total comprehensive income | - |
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4,999,945 |
| As at 31 December 2023 and 1 January 2024 |
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5,029,090 |
| Loss for the year and total comprehensive income | - |
( |
(122) |
| As at 31 December 2024 |
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5,028,968 |
| 2024 | 2023 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| Cash flows from operating activities | ||||
| Net cash generated from operations | 1 |
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| Interest paid |
( |
( |
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| Tax paid |
( |
( |
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| Net cash generated from/(used in) operating activities |
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( |
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| Cash flows from investing activities | ||||
| Purchase of tangible assets |
( |
( |
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| Interest received |
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| Net cash used in investing activities |
( |
( |
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| Decrease in cash and cash equivalents |
( |
( |
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| Cash and cash equivalents at beginning of year | 2 |
( |
( |
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| Cash and cash equivalents at end of year | 2 |
( |
( |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Profit for the financial year |
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| Adjustments for: | |||
| Tax on profit |
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| Interest expense |
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| Interest income |
( |
( |
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| Depreciation of tangible assets |
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| Profit on revaluation of fixed assets | (225,000) | (2,175,000) | |
| Movements in working capital: | |||
| Decrease/(increase) in stocks |
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( |
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| Decrease/(increase) in trade and other debtors |
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( |
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| (Decrease)/increase in trade and other creditors |
( |
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| Net cash generated from operations |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Cash at bank and in hand |
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| Overdraft facilities repayable on demand |
( |
( |
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| Cash and cash equivalents as stated in the Statement of Cash Flows | (2,315,655) | (2,087,558) | |
| As at 1 January 2024 | Cash flows | As at 31 December 2024 | |
|---|---|---|---|
| £ | £ | £ | |
| Cash at bank and in hand |
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154,649 |
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| Overdraft facilities repayable on demand | (2,093,423) | (382,746) | (2,476,169) |
| Cash and cash equivalents |
( |
(228,097) |
( |
| 2024 | 2023 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| Cash flows from operating activities | ||||
| Net cash generated from/(used in) operations | 1 |
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( |
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| Net cash generated from/(used in) operating activities |
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( |
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| Cash flows from investing activities | ||||
| Dividends received |
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| Increase in cash and cash equivalents |
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| Cash and cash equivalents at beginning of year | 2 |
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| Cash and cash equivalents at end of year | 2 |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| (Loss)/profit for the financial year |
( |
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| Adjustments for: | |||
| Income from shares in group undertakings | - | (5,000,000) | |
| Movements in working capital: | |||
| Decrease/(increase) in trade and other debtors |
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( |
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| Increase in trade and other creditors |
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| Net cash generated from/(used in) operations |
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( |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Cash at bank and in hand |
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| Overdraft facilities repayable on demand |
( |
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| Cash and cash equivalents as stated in the Statement of Cash Flows | 5,029,290 | 29,386 | |
| As at 1 January 2024 | Cash flows | As at 31 December 2024 | |
|---|---|---|---|
| £ | £ | £ | |
| Cash at bank and in hand |
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4,999,917 |
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| Overdraft facilities repayable on demand | - | (13) | (13) |
| Cash and cash equivalents |
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4,999,904 |
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| Freehold |
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| Plant & Machinery |
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| Fixtures & Fittings |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
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| Europe |
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| 59,546,594 | 51,988,051 | ||
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Commission income |
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| Other operating income |
( |
( |
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| 629,097 | 519,197 | ||
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | (13,458) | (3,485) | |
| Depreciation of tangible fixed assets |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the group and company's financial statements |
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| Other Services | |||
| Other non-audit services |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other pension costs |
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| 2024 | 2023 | ||
|---|---|---|---|
| Office and administration |
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| Sales, marketing and distribution |
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| Management |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
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| Company contributions to money purchase pension schemes |
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| 2024 | 2023 | ||
|---|---|---|---|
| Money purchase pension schemes |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Corporation tax repayment interest | 1,119 | - | |
| Other interest receivable | 177,100 | 209,300 | |
| 178,219 | 209,300 | ||
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
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| Penalties on overdue tax | - |
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| Other finance charges |
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| 118,787 | 112,519 | ||
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The tax charge on the profit for the year was as follows:
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| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 23.5% |
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| Deferred Tax | |||||
| Deferred taxation |
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( |
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| Total tax charge for the period |
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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:
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| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 233,043 | 2,397,255 | |||
| Tax on profit at 25% (UK standard rate) |
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| Goodwill/depreciation not allowed for tax |
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| Expenses not deductible for tax purposes |
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| Capital allowances |
( |
( |
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| Difference in tax rates |
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| Revenue exempt from taxation |
( |
( |
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| Deferred tax from unrecognised tax loss or credit |
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( |
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| Total tax charge for the period | 18,721 | 60,799 | |||
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Plant & Machinery | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | |
| Cost or Valuation | ||||
| As at 1 January 2024 |
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| Additions |
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| Revaluation |
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| As at 31 December 2024 |
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| Depreciation | ||||
| As at 1 January 2024 |
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| Provided during the period |
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| As at 31 December 2024 |
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| Net Book Value | ||||
| As at 31 December 2024 |
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| As at 1 January 2024 |
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| 2024 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 January 2024 |
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| Revaluations | 225,000 |
| As at 31 December 2024 |
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| Subsidiaries | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
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| As at 31 December 2024 |
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| Provision | |
| As at 1 January 2024 |
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| As at 31 December 2024 |
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| Net Book Value | |
| As at 31 December 2024 |
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| As at 1 January 2024 |
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| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
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Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, Co Antrim, BT28 2RE |
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- |
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Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, Co Antrim, BT28 2RE. |
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- |
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Rathdown Road, Lissue Industrial Estate, Moira Road, Lisburn, Co Antrim, BT28 2RE. |
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- |
| Capital and Reserves | Profit/(loss) | |
|---|---|---|
| £ | £ | |
| PRM Distribution Ltd |
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( |
| PRM Enterprises Ltd |
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| PRM Ireland Limited |
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( |
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
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| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
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| Amounts owed by group undertakings | - | - | - | 5,000,000 | |||
| Other debtors | 2,368,017 | 3,662,693 | 704 | 704 | |||
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| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 508,436 | 691,321 | 31,032 | 31,006 | |||
| Corporation tax |
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| Taxation and social security | 43,176 | 81,885 | - | - | |||
| Accruals and deferred income |
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| Group | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Bank loans and overdrafts | 2,476,169 | 2,093,423 | ||
|
2024
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£
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At 1 January 2024
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11,641,746
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Profit for the year
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214,322
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Revaluation Reserve
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1,095,000
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At 31 December 2024
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12,951,068
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Company
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2024
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£
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At 1 January 2024
|
4,999,082
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Profit/(loss) for the year
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(122)
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At 31 December 2024
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4,998,960
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Sales to Related Parties
£
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Purchases from Related Parties
£
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Other Services from / (to) Related Parties
£
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Loan Balances owed to / (by) at Year End
£
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Trade Balances owed to / (by) at Year End
£
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Transactions with Other Related Parties
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876,448
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3,920,978
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(847,168)
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1,474,000
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(392,284)
|