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REGISTERED NUMBER: 06419519 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2022

for

Prime Studios Ltd

Prime Studios Ltd (Registered number: 06419519)






Contents of the Financial Statements
for the Year Ended 30 November 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prime Studios Ltd

Company Information
for the Year Ended 30 November 2022







DIRECTOR: B A Hepworth





REGISTERED OFFICE: 96 Kirkstall Road
Leeds
LS3 1HD





REGISTERED NUMBER: 06419519 (England and Wales)





ACCOUNTANTS: Charles Stewart & Co Limited
Chartered Accountants
3 Park Square
Leeds
LS1 2NE

Prime Studios Ltd (Registered number: 06419519)

Balance Sheet
30 November 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 276,670 312,680

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 5 235,585 204,371
Cash at bank and in hand 35,893 91,284
272,478 296,655
CREDITORS
Amounts falling due within one year 6 253,361 227,498
NET CURRENT ASSETS 19,117 69,157
TOTAL ASSETS LESS CURRENT
LIABILITIES

295,787

381,837

CREDITORS
Amounts falling due after more than one
year

7

(48,129

)

(65,314

)

PROVISIONS FOR LIABILITIES 8 (48,580 ) (49,233 )
NET ASSETS 199,078 267,290

CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Retained earnings 10 149,078 217,290
SHAREHOLDERS' FUNDS 199,078 267,290

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Studios Ltd (Registered number: 06419519)

Balance Sheet - continued
30 November 2022


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 director and authorised for issue on 29 November 2023 and were signed by:





B A Hepworth - Director


Prime Studios Ltd (Registered number: 06419519)

Notes to the Financial Statements
for the Year Ended 30 November 2022

1. STATUTORY INFORMATION

Prime Studios Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on cost

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.

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 16 (2021 - 14 ) .

Prime Studios Ltd (Registered number: 06419519)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 December 2021 36,500 752,676 18,595 807,771
Additions - 22,542 - 22,542
At 30 November 2022 36,500 775,218 18,595 830,313
DEPRECIATION
At 1 December 2021 36,500 440,878 17,713 495,091
Charge for year - 58,006 546 58,552
At 30 November 2022 36,500 498,884 18,259 553,643
NET BOOK VALUE
At 30 November 2022 - 276,334 336 276,670
At 30 November 2021 - 311,798 882 312,680

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 110,778 88,901
Corporation tax debtor 8,002 -
Sundry debtors and prepayments 116,805 115,470
235,585 204,371

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 156,207 95,839
Corporation tax - 17,133
Social security and other taxes 29,255 20,948
Bank loan 6,405 4,772
Accruals and deferred income 61,494 88,806
253,361 227,498

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loan 40,863 45,228
Directors' loan accounts 7,266 20,086
48,129 65,314

The bank loan represents a loan under HM Government Coronavirus Business Bounce Back Loan Scheme. The bank loan carries an interest rate of 2.5% per annum and it is repayable in accordance with the rules of the scheme.

Prime Studios Ltd (Registered number: 06419519)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

8. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 48,580 49,233

Deferred
tax
£   
Balance at 1 December 2021 49,233
Credit to Income Statement during year (653 )
Balance at 30 November 2022 48,580

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
50,000 Ordinary £1 50,000 50,000

10. RESERVES
Retained
earnings
£   

At 1 December 2021 217,290
Deficit for the year (68,212 )
At 30 November 2022 149,078

11. ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of its director, Mr B A Hepworth.