1 September 2022 v2023.25.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP086684332022-09-012023-08-31086684332023-08-31086684332022-08-3108668433core:WithinOneYear2023-08-3108668433core:WithinOneYear2022-08-3108668433core:AfterOneYear2023-08-3108668433core:AfterOneYear2022-08-3108668433core:ShareCapital2023-08-3108668433core:ShareCapital2022-08-3108668433core:RetainedEarningsAccumulatedLosses2023-08-3108668433core:RetainedEarningsAccumulatedLosses2022-08-3108668433bus:Director12022-09-012023-08-3108668433bus:Director22022-09-012023-08-3108668433bus:RegisteredOffice2022-09-012023-08-31086684332021-09-012022-08-3108668433core:PlantMachinery2022-09-0108668433core:PlantMachinery2022-09-012023-08-3108668433core:PlantMachinery2023-08-3108668433core:PlantMachinery2022-08-310866843312022-09-012023-08-3108668433countries:EnglandWales2022-09-012023-08-3108668433bus:AuditExemptWithAccountantsReport2022-09-012023-08-3108668433bus:PrivateLimitedCompanyLtd2022-09-012023-08-3108668433bus:SmallEntities2022-09-012023-08-3108668433bus:FullAccounts2022-09-012023-08-31
Company registration number:
08668433
Primal Cars UK Ltd.
Unaudited Filleted Financial Statements for the year ended
31 August 2023
Assist Accountants Limited TA Proficient Tax
35 Tallon Road, Hutton, Brentwood, ESSEX, CM13 1TE, United Kingdom
Primal Cars UK Ltd.
Report to the board of directors on the preparation of the unaudited statutory financial statements of Primal Cars UK Ltd.
Year ended
31 August 2023
As described on the statement of financial position, the Board of Directors of
Primal Cars UK Ltd.
are responsible for the preparation of the
financial statements
for the year ended
31 August 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Assist Accountants Limited TA Proficient Tax
Primal Cars UK Ltd.
Statement of Financial Position
31 August 2023
20232022
Note££
Fixed assets    
Tangible assets 5
1,604,613
 
1,306,637
 
Current assets    
Debtors 6
131,569
  -  
Cash at bank and in hand
27,531
 
12,386
 
159,100
 
12,386
 
Creditors: amounts falling due within one year 7
(505,433
)
(389,060
)
Net current liabilities
(346,333
)
(376,674
)
Total assets less current liabilities 1,258,280   929,963  
Creditors: amounts falling due after more than one year 8
(626,803
)
(509,782
)
Net assets
631,477
 
420,181
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
631,377
 
420,081
 
Shareholders funds
631,477
 
420,181
 
For the year ending
31 August 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
2 November 2023
, and are signed on behalf of the board by:
Mr. M Imran
Mr. U Shahzad
DirectorDirector
Company registration number:
08668433
Primal Cars UK Ltd.
Notes to the Financial Statements
Year ended
31 August 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Fortis House 160 London Road
,
Barking, Essex
,
IG11 8BB
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 September 2022
1,946,348
 
Additions
502,828
 
Disposals
(64,981
)
At
31 August 2023
2,384,195
 
Depreciation  
At
1 September 2022
639,711
 
Charge
146,296
 
Disposals
(6,425
)
At
31 August 2023
779,582
 
Carrying amount  
At
31 August 2023
1,604,613
 
At 31 August 2022
1,306,637
 

6 Debtors

20232022
££
Trade debtors
10,569
  -  
Other debtors
121,000
  -  
131,569
  -  

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
29,577
 
29,576
 
Trade creditors
7,064
 
4,570
 
Taxation and social security
(14,541
)
4,038
 
Other creditors
483,333
 
350,876
 
505,433
 
389,060
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
36,652
 
70,056
 
Other creditors
590,151
 
439,726
 
626,803
 
509,782