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REGISTERED NUMBER: 04649688 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Primetools Limited

Primetools Limited (Registered number: 04649688)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Primetools Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M J Candy
J C Rogers





SECRETARY: Mrs C J Candy





REGISTERED OFFICE: St. Barnabus Works
Radstock Road
Midsomer Norton
Radstock
Somerset
BA3 2AD





REGISTERED NUMBER: 04649688 (England and Wales)





ACCOUNTANTS: King Watkins Ltd
The Island House
Midsomer Norton
Radstock
Somerset
BA3 2DZ

Primetools Limited (Registered number: 04649688)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 61,538 61,028
61,538 61,028

CURRENT ASSETS
Stocks 900,000 690,000
Debtors 291,983 248,718
Cash at bank and in hand 730,674 267,345
1,922,657 1,206,063
CREDITORS
Amounts falling due within one year 1,432,578 833,978
NET CURRENT ASSETS 490,079 372,085
TOTAL ASSETS LESS CURRENT LIABILITIES 551,617 433,113

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 551,517 433,013
SHAREHOLDERS' FUNDS 551,617 433,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 16 November 2023 and were signed on its behalf by:





M J Candy - Director


Primetools Limited (Registered number: 04649688)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Primetools Limited 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - not provided
Fixtures & equipment - 33% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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.

Primetools Limited (Registered number: 04649688)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 10,000
AMORTISATION
At 1 April 2022
and 31 March 2023 10,000
NET BOOK VALUE

At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 120,344
Additions 5,101
At 31 March 2023 125,445
DEPRECIATION
At 1 April 2022 59,316
Charge for year 4,591
At 31 March 2023 63,907
NET BOOK VALUE
At 31 March 2023 61,538
At 31 March 2022 61,028

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Between one and five years 28,970 28,970

Primetools Limited (Registered number: 04649688)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 March 2023 the directors owed the company £81,488 (2022: £93,391).

During the year the following dividends were paid to company directors:
Mr M J Candy and immediate related family £99,750 (2022: £99,750) in respect of ordinary share capital.
Mr J C Rogers £5,250 in respect of ordinary share capital (2022: £5,250).

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M J Candy.