Company registration number 01295540 (England and Wales)
PRIMEDECK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PRIMEDECK LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
PRIMEDECK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
4
2,692
2,692
Investments
5
60,961
60,961
63,653
63,653
Current assets
Debtors falling due after more than one year
7
2,825,000
2,825,000
Debtors falling due within one year
7
420,676
263,806
Cash at bank and in hand
663,211
624,391
3,908,887
3,713,197
Creditors: amounts falling due within one year
8
(2,368,006)
(2,352,949)
Net current assets
1,540,881
1,360,248
Net assets
1,604,534
1,423,901
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,604,434
1,423,801
Total equity
1,604,534
1,423,901

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
Mr S A Somji
Director
Company registration number 01295540 (England and Wales)
PRIMEDECK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100
1,304,490
1,304,590
Year ended 31 December 2021:
Profit and total comprehensive income
-
119,311
119,311
Balance at 31 December 2021
100
1,423,801
1,423,901
Year ended 31 December 2022:
Profit and total comprehensive income
-
180,633
180,633
Balance at 31 December 2022
100
1,604,434
1,604,534
PRIMEDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Primedeck Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Regina House, 124 Finchley Road, London, NW3 5HT.

1.1
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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
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.

PRIMEDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
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 statement of financial position 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, bank loans, loans from fellow group companies and preference shares 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 payments 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. Amounts 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.

1.6
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.

1.7
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.

1.8
Retirement benefits

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

PRIMEDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets

Determine whether there are any indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking account of residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of an asset and projected disposal values.

Valuation of investment properties

As described in note 4 to the financial statements, investment properties are stated at fair value based on the valuation performed by the company directors. The directors used observable market prices. However, the Covid-19 pandemic has caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in property valuations.

PRIMEDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
3
Employees

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

2022
2021
Number
Number
Total
3
5
4
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
2,692
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
60,961
60,961
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Heronston Investments Limited
United Kingdom
Ordinary shares
100.00
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
420,494
261,597
Other debtors
182
2,209
420,676
263,806
2022
2021
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,825,000
2,825,000
Total debtors
3,245,676
3,088,806
PRIMEDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
2,366,230
2,349,599
Taxation and social security
-
0
1,077
Other creditors
1,776
2,273
2,368,006
2,352,949
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 was unqualified.

Senior Statutory Auditor:
Mr Inderjith Sivlal
Statutory Auditor:
Hampden
10
Parent company

The immediate and ultimate parent undertaking is Shallan (UK) Limited, which prepares group financial statements. The registered office of Shallan (UK) Limited is 5th Floor, Regina House, 124 Finchley Road, London NW3 5HT.

2022-12-312022-01-01false01 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr A SomjiMr H SomjiMr S A SomjiMr U Mukherjee012955402022-01-012022-12-31012955402022-12-31012955402021-12-3101295540core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101295540core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3101295540core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101295540core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3101295540core:CurrentFinancialInstruments2022-12-3101295540core:CurrentFinancialInstruments2021-12-3101295540core:ShareCapital2022-12-3101295540core:ShareCapital2021-12-3101295540core:RetainedEarningsAccumulatedLosses2022-12-3101295540core:RetainedEarningsAccumulatedLosses2021-12-3101295540core:ShareCapital2020-12-3101295540core:RetainedEarningsAccumulatedLosses2020-12-3101295540bus:Director32022-01-012022-12-3101295540core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31012955402021-01-012021-12-3101295540core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31012955402021-12-3101295540core:Non-currentFinancialInstruments2022-12-3101295540core:Non-currentFinancialInstruments2021-12-3101295540core:WithinOneYear2022-12-3101295540core:WithinOneYear2021-12-3101295540bus:PrivateLimitedCompanyLtd2022-01-012022-12-3101295540bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3101295540bus:FRS1022022-01-012022-12-3101295540bus:Audited2022-01-012022-12-3101295540bus:Director12022-01-012022-12-3101295540bus:Director22022-01-012022-12-3101295540bus:CompanySecretary12022-01-012022-12-3101295540bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP