1.
General Information
Premier Machine Tools Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
13348945
. The registered office is Adams Way, Springfield Business Park, Alcester, B49 6PU.
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.
Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tangible fixed assets 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 either a straight line or reducing balance method, as indicated below.
| Computer Equipment |
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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.
2.5.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.
2.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Premier Machine Tools Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
2.8.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
2.9.
Stock
Stocks are stated at the lower of cost and 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.
3.
Turnover
Analysis of turnover by geographical market is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
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| Europe |
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| 623,223 | 737,703 | ||
4.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
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5.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other pension costs |
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2024
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2023
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£
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£
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Directors' remuneration
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6.
Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
Premier Machine Tools Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7.
Interest Receivable and Similar Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
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8.
Tax on Profit
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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% | 25.0% |
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| Prior period adjustment |
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| Deferred Tax | |||||
| Deferred taxation |
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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 | 4,834 | 16,778 | |||
| Tax on profit at 25% (UK standard rate) |
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| Capital allowances |
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| Short term timing differences |
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| Prior period adjustment |
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| Difference in tax rates |
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| Deferred tax relating to changes in tax rates or laws |
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( |
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| Total tax charge for the period | 2,001 | 3,136 | |||
9.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
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| Disposals |
( |
| As at 31 December 2024 |
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...CONTINUED
Premier Machine Tools Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| Depreciation | |
| As at 1 January 2024 |
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| Provided during the period |
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| Disposals |
( |
| 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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10.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
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11.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Amounts owed by group undertakings |
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12.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Amounts owed to group undertakings |
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13.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 14 | 14 | |
Premier Machine Tools Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
14.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2024 |
|
14 |
| Balance at 31 December 2024 |
|
14 |
16.
Pension Commitments
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
During the year the charge to profit or loss in respect of defined contribution schemes was £36,462 (2023: £19,117).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
17.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
18.
Controlling Parties
The Company is a subsidiary undertaking of PMT Premier Machine Tools Ltd which is the immediate parent company registered in Ireland. The ultimate parent company is Sandvik AB registered in Sweden.
19.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.