REGISTERED NUMBER: 02409471 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

P.M.D. CHEMICALS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B J Fisher

G P Pemberton

REGISTERED OFFICE:

401 Broad Lane

Coventry

West Midlands

CV5 7AX

REGISTERED NUMBER:

02409471 (England and Wales)

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

BANKERS:

National Westminster Bank Plc

24 Broadgate

Coventry

West Midlands

CV1 1ZZ

FIXED ASSETS

Intangible assets

4

83,372

131,022

Tangible assets

5

159,764

176,523

243,136

307,545

CURRENT ASSETS

Stocks

881,106

961,135

Debtors

1,181,064

1,291,133

Cash at bank and in hand

79,374

164,371

2,141,544

2,416,639

CREDITORS

Amounts falling due within one year

2,543,222

2,734,190

NET CURRENT LIABILITIES

(401,678

)

(317,551

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(158,542

)

(10,006

)

CREDITORS

Amounts falling due after more than one year

(5,234

)

(15,865

)

PROVISIONS FOR LIABILITIES

8

(51,673

)

(39,346

)

NET LIABILITIES

(215,449

)

(65,217

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(215,549

)

(65,317

)

SHAREHOLDERS' FUNDS

(215,449

)

(65,217

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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

1.	STATUTORY INFORMATION

P.m.d. Chemicals 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

At the balance sheet date the company had net current liabilities of £401,678 (2023 - £317,551), and total net liabilities of £215,449 (2023 - £65,217). The group have expressed their willingness to support the company as necessary and along with the forecasted future profitable trade the business is considered a going concern. The accounts and financial statements have therefore been prepared on a going concern basis.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to properties

-

over the lease term

Plant & machinery

-

15% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost of finished goods includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised costs using effective interest rate method, less impairment. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any loses arising from impairment are recognised in the income statement.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

196,536

Additions

35,723

At 31 December 2024

232,259

AMORTISATION

At 1 January 2024

65,514

Amortisation for year

83,373

At 31 December 2024

148,887

NET BOOK VALUE

At 31 December 2024

83,372

At 31 December 2023

131,022

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

298,689

Additions

34,121

Reclassification/transfer

16,760

At 31 December 2024

349,570

DEPRECIATION

At 1 January 2024

122,166

Charge for year

67,640

At 31 December 2024

189,806

NET BOOK VALUE

At 31 December 2024

159,764

At 31 December 2023

176,523

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

49,560

49,560

7.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Other creditors

475,939

552,001

The company has guaranteed the overdrafts of its parent undertaking and fellow subsidiary undertakings. At 31 December 2024 the total overdrafts in the group amounted to £1,118,070 (2023 - £1,193,334).

In addition the company has guaranteed the bank loan of its parent undertaking. At 31 December 2024 the loan amounted to £215,707 (2023 - £257,244).

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

51,673

39,346

Deferred

tax

£

Balance at 1 January 2024

39,346

Provided during year

12,327

Balance at 31 December 2024

51,673

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary £1 shares

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 January 2024

(65,317

)

Deficit for the year

(150,232

)

At 31 December 2024

(215,549

)

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Wayne Gutteridge ACA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £15,731 (2023 - £18,475). At 31 December 2024 outstanding contributions amounted to £2,945 (2023 - £2,570).

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

G P Pemberton

Balance outstanding at start of year

28,000

28,000

Amounts repaid

(4,500

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,500

28,000

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year Fisher & Partners (Management Services) Limited, a company in which B J Fisher is a director, provided management accounting services to P.M.D Chemicals Limited totalling £8,538 (2023 - £12,656). The amount due to the related party at the balance sheet date was £6,740 (2023 - £8,310).

15.	ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of PMD Group Limited, a company incorporated in England and Wales.