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REGISTERED NUMBER: 02880025 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Prime Service Group Limited

Prime Service Group Limited (Registered number: 02880025)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prime Service Group Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: C D Coughtrey
S J Coughtrey





REGISTERED OFFICE: Trafalgar House
Imberhorne Lane
East Grinstead
England
RH19 1TR





REGISTERED NUMBER: 02880025 (England and Wales)





ACCOUNTANTS: Ward Mackenzie Ltd
Chartered Accountants
Thatcher House
12 Mount Ephraim
Tunbridge Wells
Kent
TN4 8AS

Prime Service Group Limited (Registered number: 02880025)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 215,812 180,749
Investments 6 100 -
215,912 180,749

CURRENT ASSETS
Debtors 7 391,446 492,412
Cash at bank 44,518 238,256
435,964 730,668
CREDITORS
Amounts falling due within one year 8 (397,631 ) (432,463 )
NET CURRENT ASSETS 38,333 298,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

254,245

478,954

CREDITORS
Amounts falling due after more than one
year

9

(77,437

)

(56,751

)
NET ASSETS 176,808 422,203

CAPITAL AND RESERVES
Called up share capital 10 900 1,000
Share premium 11 19,448 19,448
Capital redemption reserve 11 100 -
Retained earnings 11 156,360 401,755
SHAREHOLDERS' FUNDS 176,808 422,203

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.

Prime Service Group Limited (Registered number: 02880025)

Balance Sheet - continued
31 March 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 6 November 2023 and were signed on its behalf by:





C D Coughtrey - Director


Prime Service Group Limited (Registered number: 02880025)

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

1. STATUTORY INFORMATION

Prime Service Group 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 2014, is being amortised evenly over its estimated useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 15% on cost
Computer equipment - 15% on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

DEFERRED TAX
Deferred tax is not recognised in respect of all timing differences that have originated but not reversed at the balance sheet date as these are considered immaterial.

3. EMPLOYEES AND DIRECTORS

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

Prime Service Group Limited (Registered number: 02880025)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 153,651
AMORTISATION
At 1 April 2022
and 31 March 2023 153,651
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 7,738 4,502 365,206 30,376 407,822
Additions 612 - 162,713 2,550 165,875
Disposals - - (114,413 ) - (114,413 )
At 31 March 2023 8,350 4,502 413,506 32,926 459,284
DEPRECIATION
At 1 April 2022 7,738 4,502 186,682 28,151 227,073
Charge for year 8 - 46,066 778 46,852
Eliminated on disposal - - (30,453 ) - (30,453 )
At 31 March 2023 7,746 4,502 202,295 28,929 243,472
NET BOOK VALUE
At 31 March 2023 604 - 211,211 3,997 215,812
At 31 March 2022 - - 178,524 2,225 180,749

Prime Service Group Limited (Registered number: 02880025)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 333,206
Additions 162,713
Disposals (114,413 )
Transfer to ownership (107,455 )
At 31 March 2023 274,051
DEPRECIATION
At 1 April 2022 171,108
Charge for year 39,766
Eliminated on disposal (30,453 )
Transfer to ownership (96,805 )
At 31 March 2023 83,616
NET BOOK VALUE
At 31 March 2023 190,435
At 31 March 2022 162,098

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 31 March 2023 100
NET BOOK VALUE
At 31 March 2023 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 349,478 463,186
Directors' current accounts - 2,745
Tax Debtors 24,674 -
Prepayments and accrued income 17,294 26,481
391,446 492,412

Prime Service Group Limited (Registered number: 02880025)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 60,320 47,207
Trade creditors 132,401 144,833
Amounts owed to associates 119,249 127,084
Corporation tax - 41,193
Social security and other tax 12,220 19,196
Pension 80 251
VAT 29,909 46,594
Other creditors 14,137 4,085
Directors' current accounts 27,195 -
Accrued expenses 2,120 2,020
397,631 432,463

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 77,437 56,751

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
900 Ordinary shares £1 900 1,000
(2022 - 1,000 )

During the year, the total number of shares decreased by 100 (£1 ordinary shares) through cancellation (effective date 30th September 2022) from 1,000 (£1 ordinary shares) to 900 (£1 ordinary shares).

11. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2022 401,755 19,448 - 421,203
Deficit for the year (135,395 ) (135,395 )
Purchase of own shares (110,000 ) - 100 (109,900 )
At 31 March 2023 156,360 19,448 100 175,908

Prime Service Group Limited (Registered number: 02880025)

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

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
C D Coughtrey
Balance outstanding at start of year (2,745 ) (2,745 )
Amounts advanced 29,941 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 27,196 (2,745 )

13. RELATED PARTY DISCLOSURES

During the year, the company entered into transactions with Prime Cleaning Service Ltd, a company having common control as below:

1. Management fees: £150,000 (2022 : £120,000)
2. Closing debtor: £202,129 (2022 : £226,129)
3. Closing creditor: £57,399 (2022 : £57,399)
4. Intercompany balance: £119,249 (2022 : £127,085)

At the end of the year Company owed £100 to Prime Service EOT Limited, a fully owned company.

14. ULTIMATE CONTROLLING PARTY

The controlling party is Prime Service EOT Limited.