REGISTERED NUMBER: 00589981 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

P.M.D. GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mrs C A Blake

B J Fisher

S J D Naylor

REGISTERED OFFICE:

Broad Lane

Tile Hill

Coventry

West Midlands

CV5 7AY

REGISTERED NUMBER:

00589981 (England and Wales)

SENIOR STATUTORY AUDITOR:

Wayne Gutteridge FCA

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

BANKERS:

National Westminster Bank Plc

PO Box 301

24 Broadgate

Coventry

CV1 1ZZ

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The group has achieved good turnover growth this year of 12.8% to £11,377,220 (2023 £10,090,452). This increase is partly due to the increase gold prices through the year which has also impacted the gross margin which has dropped slightly to 41.6% (2023 43.1%). Good control of administrative costs in spite of inflationary pressures has seen profit before tax improve to £327,015 (2023 £140,412). During the year the directors reassessed the value of the freehold properties which has positively impacted net assets £3,871,863 (2023 £3,212,000).

The directors are satisfied with the progress made in 2024 which they anticipate will continue in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

We do not consider the company to be exposed to any material adverse risks that are specific to the nature of the group's principal activities. However, measures are in place to mitigate the impact of any risks that do arise in the ordinary course of the group's business such as the risk of fluctuations in precious metal prices, declining markets in plating and surface coatings.

We are also aware that the economy and competition may impact upon the future operations of the group.

ON BEHALF OF THE BOARD:

B J Fisher - Director

29 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of electro-platers, electro-metallurgists and enamellers and manufacturers of plant, equipment and chemicals for the electroplating industry.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £61,500.

FUTURE DEVELOPMENTS

We are pleased that the group has again been profitable during the year. The group continues to operate with sufficient headroom on arranged banking facilities and this is expected to continue into the foreseeable future. We have therefore adopted the going concern basis of accounting in preparing the annual financial statements.

DIRECTORS

The directors during the year under review were:

Mrs C A Blake

B J Fisher

S J D Naylor

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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's and the 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

B J Fisher - Director

29 September 2025

Opinion

We have audited the financial statements of P.M.D. Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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's and the parent company's ability to continue as a going concern for a period of at least twelve 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business. We have concluded that there are no such key laws and regulations that are particular to the company's activities.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance.

Nevertheless, nothing has come to our attention that has given us significant cause for concern in the course of the procedures we haven undertaken in order to give our opinion on whether the financial statements are free from material misstatement, as shown above.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 we are required to state to them in a Report of the Auditors 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.

Wayne Gutteridge FCA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

29 September 2025

TURNOVER

3

11,377,220

10,090,452

Cost of sales

6,643,898

5,738,124

GROSS PROFIT

4,733,322

4,352,328

Administrative expenses

4,315,489

4,114,376

417,833

237,952

Other operating income

10,821

11,203

OPERATING PROFIT

5

428,654

249,155

Interest receivable and similar income

78,589

72,506

507,243

321,661

Interest payable and similar expenses

6

180,228

181,249

PROFIT BEFORE TAXATION

327,015

140,412

Tax on profit

7

273,356

(16,208

)

PROFIT FOR THE FINANCIAL YEAR

53,659

156,620

Profit attributable to:

Owners of the parent

53,659

156,620

PROFIT FOR THE YEAR

53,659

156,620

OTHER COMPREHENSIVE INCOME

Exchange differences on consolidation

104,961

(73,501

)

Revaluation of properties

750,324

-

Deferred tax on property revaluation

(187,581

)

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

667,704

(73,501

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

721,363

83,119

Total comprehensive income attributable to:

Owners of the parent

721,363

83,119

FIXED ASSETS

Intangible assets

10

83,372

131,022

Tangible assets

11

2,401,603

1,753,168

Investments

12

-

-

Investment property

13

-

-

2,484,975

1,884,190

CURRENT ASSETS

Stocks

14

1,725,589

1,715,407

Debtors

15

2,614,530

2,531,814

Cash at bank and in hand

470,493

419,247

4,810,612

4,666,468

CREDITORS

Amounts falling due within one year

16

2,872,855

2,912,252

NET CURRENT ASSETS

1,937,757

1,754,216

TOTAL ASSETS LESS CURRENT LIABILITIES

4,422,732

3,638,406

CREDITORS

Amounts falling due after more than one year

17

(231,242

)

(295,504

)

PROVISIONS FOR LIABILITIES

21

(319,627

)

(130,902

)

NET ASSETS

3,871,863

3,212,000

CAPITAL AND RESERVES

Called up share capital

22

4,100

4,100

Revaluation reserve

23

562,743

-

Capital redemption reserve

23

2,500

2,500

Other reserves

23

575,101

470,140

Retained earnings

23

2,727,419

2,735,260

SHAREHOLDERS' FUNDS

3,871,863

3,212,000

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

B J Fisher - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

1,975

8,679

Investments

12

176,199

203,097

Investment property

13

1,850,000

1,099,676

2,028,174

1,311,452

CURRENT ASSETS

Debtors

15

744,957

1,179,808

Cash at bank

60,000

60,000

804,957

1,239,808

CREDITORS

Amounts falling due within one year

16

1,050,373

507,838

NET CURRENT (LIABILITIES)/ASSETS

(245,416

)

731,970

TOTAL ASSETS LESS CURRENT LIABILITIES

1,782,758

2,043,422

CREDITORS

Amounts falling due after more than one year

17

(168,905

)

(211,937

)

PROVISIONS FOR LIABILITIES

21

(187,581

)

-

NET ASSETS

1,426,272

1,831,485

CAPITAL AND RESERVES

Called up share capital

22

4,100

4,100

Revaluation reserve

23

562,743

-

Retained earnings

23

859,429

1,827,385

SHAREHOLDERS' FUNDS

1,426,272

1,831,485

Company's (loss)/profit for the financial year

(906,456

)

17,265

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

B J Fisher - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

4,100

2,619,640

-

Changes in equity

Dividends

-

(41,000

)

-

Total comprehensive income

-

156,620

-

Balance at 31 December 2023

4,100

2,735,260

-

Changes in equity

Dividends

-

(61,500

)

-

Total comprehensive income

-

53,659

562,743

Balance at 31 December 2024

4,100

2,727,419

562,743

Capital

redemption

Other

Total

reserve

reserves

equity

£

£

£

Balance at 1 January 2023

2,500

543,641

3,169,881

Changes in equity

Dividends

-

-

(41,000

)

Total comprehensive income

-

(73,501

)

83,119

Balance at 31 December 2023

2,500

470,140

3,212,000

Changes in equity

Dividends

-

-

(61,500

)

Total comprehensive income

-

104,961

721,363

Balance at 31 December 2024

2,500

575,101

3,871,863

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

4,100

1,851,120

-

1,855,220

Changes in equity

Dividends

-

(41,000

)

-

(41,000

)

Total comprehensive income

-

17,265

-

17,265

Balance at 31 December 2023

4,100

1,827,385

-

1,831,485

Changes in equity

Dividends

-

(61,500

)

-

(61,500

)

Total comprehensive income

-

(906,456

)

562,743

(343,713

)

Balance at 31 December 2024

4,100

859,429

562,743

1,426,272

Cash flows from operating activities

Cash generated from operations

1

422,989

755,625

Interest paid

(178,217

)

(177,762

)

Interest element of hire purchase payments paid

(2,011

)

(3,487

)

Tax paid

(164,509

)

(65,051

)

Net cash from operating activities

78,252

509,325

Cash flows from investing activities

Purchase of intangible fixed assets

(35,723

)

(196,536

)

Purchase of tangible fixed assets

(68,601

)

(267,870

)

Sale of tangible fixed assets

9,062

65,598

Interest received

78,589

72,506

Net cash from investing activities

(16,673

)

(326,302

)

Cash flows from financing activities

Loan repayments in year

(76,573

)

(59,158

)

Capital repayments in year

(7,441

)

(6,768

)

Equity dividends paid

(61,500

)

(41,000

)

Foreign exchange on consolidation

104,961

(73,501

)

Net cash from financing activities

(40,553

)

(180,427

)

Increase in cash and cash equivalents

21,026

2,596

Cash and cash equivalents at beginning of year

2

13,586

10,990

Cash and cash equivalents at end of year

2

34,612

13,586

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

327,015

140,412

Depreciation charges

244,801

218,271

Profit on disposal of fixed assets

-

(38,201

)

Finance costs

180,228

181,249

Finance income

(78,589

)

(72,506

)

673,455

429,225

Increase in stocks

(10,182

)

(141,165

)

(Increase)/decrease in trade and other debtors

(84,235

)

160,985

(Decrease)/increase in trade and other creditors

(156,049

)

306,580

Cash generated from operations

422,989

755,625

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

470,493

419,247

Bank overdrafts

(435,881

)

(405,661

)

34,612

13,586

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

419,247

939,693

Bank overdrafts

(405,661

)

(928,703

)

13,586

10,990

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

419,247

51,246

470,493

Bank overdrafts

(405,661

)

(30,220

)

(435,881

)

13,586

21,026

34,612

Debt

Finance leases

(7,441

)

7,441

-

Debts falling due within 1 year

(80,133

)

22,910

(57,223

)

Debts falling due after 1 year

(227,802

)

53,663

(174,139

)

(315,376

)

84,014

(231,362

)

Total

(301,790

)

105,040

(196,750

)

1.	STATUTORY INFORMATION

P.M.D. Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

The financial statements have been prepared on a going concern basis as there are no material uncertainties about the group's or company's ability to continue its operations.

Basis of consolidation

The consolidated financial statements incorporate those of PMD Group Limited and of its subsidiary undertakings. All financial statements are made up to 31 December 2024, except for PMD Chemicals Private Limited whose financial statements are made up to 31 March 2025. The consolidated financial statements incorporate the management accounts of PMD Chemicals Private Limited for the year to 31 December 2024.

Critical accounting judgements and key sources of estimation uncertainty

The significant estimates and assumptions included within these financial statements are set out below:

Accounting estimates:

i) Stock provisioning

When calculating the stock provision management considers the potential resale ability of stock items, at or above cost, when determining the associated provision required.

Accounting judgements

ii) Stock provisioning

a) Chemical stock provisions are accounted for due to significant costs that would be incurred on disposals of the chemicals.

b) Gold stock provisions are accounted for on the basis that gold will be lost during the reclamation process.

Stock provisions have been made in these financial statements. The amounts and effect are disclosed in the notes below.

Turnover

Turnover comprises the value of sales (net of value added tax) of goods provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.