Company registration number 03747200 (England and Wales)
PDJ VIBRO LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PDJ VIBRO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
PDJ VIBRO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 October 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
3,101
Tangible assets
4
246
328,628
246
331,729
Current assets
Stocks
628,336
655,539
Debtors
5
855,135
309,319
Cash at bank and in hand
61,789
816,553
1,545,260
1,781,411
Creditors: amounts falling due within one year
6
(263,297)
(487,728)
Net current assets
1,281,963
1,293,683
Total assets less current liabilities
1,282,209
1,625,412
Creditors: amounts falling due after more than one year
7
-
0
(177,270)
Provisions for liabilities
-
0
(3,259)
Net assets
1,282,209
1,444,883
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
1,281,209
1,443,883
Total equity
1,282,209
1,444,883

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 October 2025 and are signed on its behalf by:
C Twibell
Director
Company registration number 03747200 (England and Wales)
PDJ VIBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

PDJ Vibro Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Orgreave Drive, Sheffield, United Kingdom, S13 9NR.

1.1
Reporting period

The company was acquired on 16 October 2024 by SurfacePrep UK Limited. The financial year end was extended to be coterminous with its new parent company. These financial statements have been prepared for a 14-month period ending 31 December 2024. Accordingly, the comparative amounts presented in the financial statements (including related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
1% straight line
Plant and equipment
25% straight line
Fixtures and fittings
10% straight line
Motor vehicles
33.33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

PDJ VIBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PDJ VIBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

PDJ VIBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
10
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 December 2024
61,999
Amortisation and impairment
At 1 November 2023
58,898
Amortisation charged for the period
3,101
At 31 December 2024
61,999
Carrying amount
At 31 December 2024
-
0
At 31 October 2023
3,101
4
Tangible fixed assets
Freehold buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
335,158
38,686
84,338
49,963
508,145
Disposals
(335,158)
-
0
-
0
(49,963)
(385,121)
At 31 December 2024
-
0
38,686
84,338
-
0
123,024
Depreciation and impairment
At 1 November 2023
35,220
38,312
71,962
34,023
179,517
Depreciation charged in the period
3,352
128
12,376
-
0
15,856
Eliminated in respect of disposals
(38,572)
-
0
-
0
(34,023)
(72,595)
At 31 December 2024
-
0
38,440
84,338
-
0
122,778
Carrying amount
At 31 December 2024
-
0
246
-
0
-
0
246
At 31 October 2023
299,938
374
12,376
15,940
328,628
PDJ VIBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
182,684
287,192
Amounts owed by group undertakings
540,000
-
0
Other debtors
2,000
-
0
Prepayments and accrued income
52,451
22,127
777,135
309,319
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
78,000
-
0
Total debtors
855,135
309,319
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
21,972
Obligations under finance leases
-
0
4,696
Trade creditors
141,358
139,510
Corporation tax
97,252
169,220
Other taxation and social security
17,446
60,503
Other creditors
6,787
87,501
Accruals and deferred income
454
4,326
263,297
487,728
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
-
0
162,038
Obligations under finance leases
-
0
15,232
-
0
177,270
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1,000
1,000
1,000
1,000
PDJ VIBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Qualified opinion

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period 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 qualified opinion

The company was acquired by SurfacePrep UK Limited on 16 October 2024, and the financial year end was extended to 31 December 2024. At the previous financial year end the financial statements were not subject to audit, and as such, no physical stock count was observed. We were unable to obtain sufficient appropriate audit evidence regarding the stock quantities held on 31 October 2023, which are recorded in the balance sheet at £655,539. Our attempts to verify these quantities through alternative audit procedures were unsuccessful. Consequently, we were unable to determine whether any adjustments to this balance were necessary.

In addition, although we observed the physical stock count at 31 December 2024, we have not been provided with sufficient appropriate audit evidence to support the valuation of stock recorded in the balance sheet at £628,336. As stock is a key component in determining the results of operations, we were unable to determine whether any adjustments were required to the profit reported in the profit and loss account.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to stock, described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

Senior Statutory Auditor:
Daniel Varley
Statutory Auditor:
BHP LLP
Date of audit report:
17 October 2025
PDJ VIBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
173,389
159,460
11
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 section 33.1A 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group which it is party to the transactions.

As part of the acquisition arrangements, the company sold its freehold property to the previous shareholders during the period. The sale of the property resulted in a profit on disposal of £153,413 shown as an exceptional item in the profit and loss account.

PDJ VIBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
12
Parent company

The immediate parent company is SurfacePrep UK Limited, a company registered in England and Wales.

Surface Preparation UK Holdings Limited is the ultimate UK parent company to the wider group and is registered in England and Wales.

PDJ Vibro Limited is consolidated within Surface Preparation UK Holdings Limited's group financial statements and copies can be obtained on request from the groups registered office, 36 Orgreave Drive, Sheffield, S13 9NR.

The ultimate parent company is COP Grand Rapids Investment, LLC, a company registered in Delaware, United States.

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