ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
Unaudited
for the year ended
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Pre-Met Holdings Limited
Company Information
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Pre-Met Holdings Limited
Contents
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Pre-Met Holdings Limited
Directors' report
for the year ended 31 August 2019
The directors present their report and the financial statements for the year ended 31 August 2019.
The profit for the year, after taxation, amounted to £337,608 (2018 - £103,000).
The directors who served during the year were:
At the time of signing the financial statements the directors are aware of the potential economic effects of the COVID-19 virus outbreak. The full impact of the pandemic on the UK economy and the group is yet to be seen. The directors will continue to mitigate this risk by following UK government guidelines and adapting and developing internal strategies. The directors have applied for and obtained CBILS funding for the subsidiary. The subsidiary company has also taken advantage of the government's furlough scheme. Otherwise there have been no significant events affecting the company since the year end.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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Pre-Met Holdings Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Pre-Met Holdings Limited for the year ended 31 August 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pre-Met Holdings Limited for the year ended 31 August 2019 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.
This report is made solely to the Board of directors of Pre-Met Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Pre-Met Holdings Limited and state those matters that we have agreed to state to the Board of directors of Pre-Met Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pre-Met Holdings Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Pre-Met Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Pre-Met Holdings Limited. You consider that Pre-Met Holdings Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
Chatham Maritime
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Pre-Met Holdings Limited
Statement of comprehensive income
for the year ended 31 August 2019
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Pre-Met Holdings Limited
Registered number: 05313906
Balance sheet
as at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 6 to 7 form part of these financial statements.
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Pre-Met Holdings Limited
Statement of changes in equity
for the year ended 31 August 2019
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Pre-Met Holdings Limited
Notes to the financial statements
for the year ended 31 August 2019
Pre-Met Holdings Limited is a private company limited by shares, with registration number 05313906, and is incorporated in England and Wales. The address of the registered office is Montague Place, Quayside, Chatham Maritime, Chatham, Kent, ME4 4QU, and the principal place of business is Studley Road, Redditch, Worcestershire, B98 7HJ. The principal activity of the company is act as a holding company of a subsidiary that manufactures precision metal presswork and related tools.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The current economic conditions continue to create uncertainty over the level of demand for the subsidiary company's products and the subsequent impact upon their cash flow requirements. The forecasts and projections show that the subsidiary should be able to operate within the level of its current facilities. However, the directors have considered whether a material uncertainty exists on the company's ability to continue as a going concern. The subsidiary company meets its day to day working capital requirements through a CID and overdraft facility. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the CID and overdraft facility by the subsidiary company's bankers.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
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Pre-Met Holdings Limited
Notes to the financial statements
for the year ended 31 August 2019
The company owns the entire Ordinary share capital of Pre-Met Limited. The subsidiary's registered office is Studley Road, Redditch, Worcestershire, B98 7HJ. The aggregate of share capital and reserves as at 31 August 2019 is £727,666. The loss for the year to 31 August 2019 is £31,036.
As at 31 August 2019, all of the companies within the group have given unlimited multilateral guarantees in respect of the group bank borrowings. At the year end the amount outstanding under the guarantee was £1,246,239 (2018: £671,970).
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