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REGISTERED NUMBER: 09437044 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Prime Products Ltd

Prime Products Ltd (Registered number: 09437044)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prime Products Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: N C Disley
Mrs M J Disley





REGISTERED OFFICE: A2 The Seedbed Centre Vanguard Way
Shoeburyness
Southend-On-Sea
Essex
SS3 9QY





REGISTERED NUMBER: 09437044 (England and Wales)





ACCOUNTANTS: Sygma Chartered Accountants
1 Sopwith Crescent
Wickford
Essex
SS11 8YU

Prime Products Ltd (Registered number: 09437044)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 86,514 34,951

CURRENT ASSETS
Stocks 17,500 18,626
Debtors 5 65,387 86,356
Cash at bank 20,212 22,486
103,099 127,468
CREDITORS
Amounts falling due within one year 6 132,614 139,530
NET CURRENT LIABILITIES (29,515 ) (12,062 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,999

22,889

CREDITORS
Amounts falling due after more than
one year

7

46,314

-
NET ASSETS 10,685 22,889

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 10,683 22,887
10,685 22,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Prime Products Ltd (Registered number: 09437044)

Balance Sheet - continued
28 February 2023


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

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 19 October 2023 and were signed on its behalf by:





N C Disley - Director


Prime Products Ltd (Registered number: 09437044)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Prime Products Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Prime Products Ltd (Registered number: 09437044)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 64,430
Additions 71,610
Disposals (15,684 )
At 28 February 2023 120,356
DEPRECIATION
At 1 March 2022 29,479
Charge for year 15,488
Eliminated on disposal (11,125 )
At 28 February 2023 33,842
NET BOOK VALUE
At 28 February 2023 86,514
At 28 February 2022 34,951

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 40,467 42,366
Other debtors 24,920 43,990
65,387 86,356

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 41,196 63,000
Hire purchase contracts 14,653 -
Trade creditors 58,537 42,356
Taxation and social security 16,773 32,720
Other creditors 1,455 1,454
132,614 139,530

Prime Products Ltd (Registered number: 09437044)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 46,314 -