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Registered number: 06909075
PREMIER TECHNICAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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PREMIER TECHNICAL LIMITED
REGISTERED NUMBER: 06909075
BALANCE SHEET
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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2025.
The notes on pages 2 to 8 form part of these financial statements.
Page 1
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PREMIER TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Premier Technical Limited is a private company limited by shares and registered in England and Wales. The address of the registered office is Commercial Road, Goldthorpe Industrial Estate, Rotherham, South Yorkshire, S63 9BL. The principal activity was the manufacturing of machinery for metallurgy.
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 (see note 2.3 for further details as to basis of preparation and the impact) and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Ultra Alloys Holdings Pte Ltd as at 31 December 2024 and these financial statements may be obtained from 186A Telok Ayer Street, Singapore (228095).
Subsequent to the reporting date, the Directors have implemented the decision to cease trading as a result of a wider group restructure that is taking place. A transfer of trade and the inventory relating to future trading has taken place as at 31 December 2024 as a result of this. The Directors believe it is no longer appropriate to prepare the financial statements on a going concern basis.
The financial statements have been prepared on a basis other than that of going concern which includes assessing the net realisable value of the assets of the company and fair value of the liabilities.
The financial statements do not include any provision for the future costs of ceasing the business except to the extent that such costs were committed at the balance sheet date. All assets and liabilities have been disclosed as due within one year.
Page 2
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PREMIER TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 3
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PREMIER TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
As a result of the basis of preparation detailed in note 2.1 and 2.3, all assets and liabilities have been included in the financial statements at fair value less cost of disposal and classified as current. No adjustments to the carrying value of tangible assets has been made as a result of this. See below for details of historical accounting policy that has been applied up to the date of reporting.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
As a result of the basis of preparation detailed in note 2.1 and 2.3, all assets and liabilities have been included in the financial statements at fair value less cost of disposal and classified as current. No adjustments to the carrying value of stocks has been made as a result of this. See below for details of historical accounting policy that has been applied up to the date of reporting.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Page 4
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PREMIER TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
As a result of the basis of preparation detailed in note 2.1 and 2.3, all assets and liabilities have been included in the financial statements at fair value less cost of disposal and classified as current. No adjustments to the carrying value of debtors has been made as a result of this. See below for details of historical accounting policy that has been applied up to the date of reporting.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net 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.
As a result of the basis of preparation detailed in note 2.1 and 2.3, all assets and liabilities have been included in the financial statements at fair value less cost of disposal and classified as current. No adjustments to the carrying value of creditors has been made as a result of this. See below for details of historical accounting policy that has been applied up to the date of reporting.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 14 (2023 - 15).
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Page 5
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PREMIER TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Page 6
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PREMIER TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Bank loans relates to a Coronavirus Business Interruption Loan and attracts interest of 2.5% per annum.
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Brought forward as at 1 January 2024
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Carried forward as at 31 December 2024
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This balance represents an estimate from management relating to the cessation of a lease.
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Related party transactions
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The company has taken the exemption under FRS 102 Section 1A not to disclose transactions and balances with other group companies, on the basis it is a wholly owned subsidiary and those transactions have been conducted on an arm's length basis.
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Welding Alloys Limited is the immediate parent company and Ultra Alloys Holdings Pte Ltd, a company registered in Singapore, is the ultimate parent company. Ultra Alloys Holdings Pte Ltd produce consolidated accounts which include Welding Alloys Limited and Premier Technical Limited. These accounts are publicly available at 186A Telok Ayer Street, Singapore (228095).
Management do not consider there to be one single ultimate controlling party.
Page 7
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PREMIER TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors' report on the financial statements for the year ended 31 December 2024 was qualified.
The qualification in the audit report was as follows:
In the prior year, we were not appointed as auditor of the Company until after 31 December 2023 and thus did not observe the counting of the physical stock at the end of the period. Thus we were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023, which are included in the Company Balance Sheet at 31 December 2024 as opening balances, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary. Furthermore, we were unable to verify the valuation of the opening stock balance and therefore the accuracy of the amounts included in costs of sales for the period.
Furthermore the audit report also included an emphasis of matter as follows:
We draw attention to note 2.3 to the financial statements which explains that the directors have ceased trading and and transferred the operations of the entity into the immediate parent company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2.3. Our opinion is not modified in respect of this matter.
The audit report was signed on 12 September 2025 by Will Winstone (Senior Statutory Auditor) on behalf of HaysMac LLP.
Page 8
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