Registration number: NI640822

Premier Protective Coatings Limited

(Registration number: NI640822)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	5,301	8,159
Current assets
Stocks	5	267,214	271,265
Debtors	6	255,550	471,046
Cash at bank and in hand		49,166	167,624
		571,930	909,935
Creditors: Amounts falling due within one year	7	(423,744)	(652,119)
Net current assets		148,186	257,816
Total assets less current liabilities		153,487	265,975
Creditors: Amounts falling due after more than one year	7	-	(129,843)
Provisions for liabilities		(1,326)	(2,040)
Net assets		152,161	134,092
Capital and reserves
Called up share capital	8	100	100
Retained earnings		152,061	133,992
Shareholders' funds		152,161	134,092

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Premier Protective Coatings Limited

(Registration number: NI640822)
Balance Sheet as at 31 December 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 June 2025 and signed on its behalf by:
 

......................................... Mr Eugene Dixon Director

......................................... Mr Adrian Dixon Director

Premier Protective Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 12 Sandholes Road, Cookstown, Tyrone, BT80 9AR.

These financial statements were authorised for issue by the Board on 30 June 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

These financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Premier Protective Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and equipment	20% straight line
Fixtures and fittings	20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost is determined using the first in, first out (FIFO) basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Premier Protective Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4	Tangible assets

	Fixtures and fittings  £	Plant & Equipment £	Total £
Cost or valuation
At 1 January 2024	23,544	104,136	127,680
Additions	1,114	929	2,043
At 31 December 2024	24,658	105,065	129,723
Depreciation
At 1 January 2024	20,080	99,441	119,521
Charge for the year	874	4,027	4,901
At 31 December 2024	20,954	103,468	124,422
Carrying amount
At 31 December 2024	3,704	1,597	5,301
At 31 December 2023	3,464	4,695	8,159

Premier Protective Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Stocks

	2024 £	2023 £
Stocks	267,214	271,265

6

Debtors

Current	Note	2024 £	2023 £
Trade debtors		188,077	436,122
Amounts owed by related parties	9	6,431	-
Prepayments		11,442	9,324
Other debtors		49,600	25,600
		255,550	471,046

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	16,616	41,571
Taxation and social security	20,344	76,042
Other creditors	386,784	534,506
	423,744	652,119

Creditors: amounts falling due after more than one year

	2024 £	2023 £
Other creditors	-	129,843

Premier Protective Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9	Related party transactions

The following balance was owed (to)/from the directors as the year end:

	2023 £	2023  £
Directors Current account	44,100	20,100

Summary of transactions with other related parties

During the year the company entered into transactions with Maine Surface Finishing Limited and Smyth Steel Ltd, both are companies controlled by the directors of Premier Protective Coatings Limited. These transactions are as follows:

	2024		2023
	£		£
Sales to Maine Surface Finishing Limited	689,452		789,515
Purchases from Maine Surface Finishing Limited	1,889,574		2,270,264
Creditor owed to Maine Surface Finishing Limited	328,450		583,984
Sales to Smyth Steel Limited	9,343		-
Debtor owed from Smyth Steel Limited	6,431		-

10	Parent and ultimate parent undertaking

The company's immediate parent is Maine Group Limited, incorporated in Northern Ireland.