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Registrar

Registration number: 02704145

Prime Appointments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Prime Appointments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Prime Appointments Limited

Company Information

Directors

R J Holmes

P S Holmes

J W O'Brien

L Drewell

Company secretary

R J Holmes

Registered office

Austin House
Newland Street
Witham
Essex
CM8 2BA

Bankers

HSBC Bank Plc
Chelmsford City Branch
Fenton House
85-89 New London Road
Chelmsford
Essex
CM2 OPP

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Prime Appointments Limited

(Registration number: 02704145)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

106,460

76,836

Current assets

 

Debtors

5

1,205,244

1,089,530

Cash at bank and in hand

 

1,389,174

1,304,106

 

2,594,418

2,393,636

Creditors: Amounts falling due within one year

6

(1,336,705)

(1,227,108)

Net current assets

 

1,257,713

1,166,528

Total assets less current liabilities

 

1,364,173

1,243,364

Provisions for liabilities

(20,791)

(12,965)

Net assets

 

1,343,382

1,230,399

Capital and reserves

 

Called up share capital

7

600

600

Retained earnings

1,342,782

1,229,799

Shareholders' funds

 

1,343,382

1,230,399

For the financial year ended 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2023 and signed on its behalf by:
 

R J Holmes
Company secretary and director

 

Prime Appointments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Austin House, Newland Street, Witham, Essex, CM8 2BA, England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of management services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised using the accrual model and are shown within other operating income.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Prime Appointments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Straight Line Method

Corporate clothing

50% Straight Line Method

Motor vehicles

15% Reducing Balance Method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 27).

 

Prime Appointments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Fixtures & fittings
£

Motor vehicles
 £

Corporate clothing
£

Total
£

Cost or valuation

At 1 August 2022

280,535

-

2,126

282,661

Additions

17,010

45,590

3,737

66,337

Disposals

(68,371)

-

-

(68,371)

At 31 July 2023

229,174

45,590

5,863

280,627

Depreciation

At 1 August 2022

205,559

-

266

205,825

Charge for the year

29,756

4,559

2,056

36,371

Eliminated on disposal

(68,029)

-

-

(68,029)

At 31 July 2023

167,286

4,559

2,322

174,167

Carrying amount

At 31 July 2023

61,888

41,031

3,541

106,460

At 31 July 2022

74,976

-

1,860

76,836

5

Debtors

2023
£

2022
£

Trade debtors

966,446

867,187

Other debtors

9,518

7,153

Prepayments and accrued income

229,280

215,190

1,205,244

1,089,530

 

Prime Appointments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Trade creditors

29,396

30,010

Amounts owed to group undertakings

357,693

70,031

Social security and other taxes

567,621

592,716

Other creditors

119,587

114,761

Corporation tax

111,011

188,053

Accruals and deferred income

151,397

231,537

1,336,705

1,227,108

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares 'A' of £1 each

592

592

592

592

Ordinary Shares 'B' of £0.01 each

800

8.00

800

8.00

 

1,392

600.00

1,392

600.00

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £18,099 (2022 - £28,831). The financial commitments not included in the balance sheet are in respect of operating leases.