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Registration number: 10760117

Primor Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Primor Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Primor Limited

(Registration number: 10760117)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,666

12,888

Current assets

 

Debtors

5

27,815

23,152

Cash at bank and in hand

 

35,071

13,474

 

62,886

36,626

Creditors: Amounts falling due within one year

6

(64,783)

(44,455)

Net current liabilities

 

(1,897)

(7,829)

Total assets less current liabilities

 

769

5,059

Creditors: Amounts falling due after more than one year

6

-

(510)

Provisions for liabilities

(666)

(3,222)

Net assets

 

103

1,327

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3

1,227

Shareholders' funds

 

103

1,327

 

Primor Limited

(Registration number: 10760117)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 15 February 2024 and signed on its behalf by:
 

.........................................
Mr C Mulkern
Director

 

Primor Limited

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

1

General information

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

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of development and consultancy services for building projects. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Primor Limited

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

Asset class

Depreciation method and rate

Office equipment

33% Straight line basis

Motor vehicles

33% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 2 (2022 - 2).

 

Primor Limited

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

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

5,184

31,150

36,334

Additions

2,270

-

2,270

Disposals

(2,792)

(31,150)

(33,942)

At 31 December 2023

4,662

-

4,662

Depreciation

At 1 January 2023

3,538

19,908

23,446

Charge for the year

938

5,996

6,934

Eliminated on disposal

(2,480)

(25,904)

(28,384)

At 31 December 2023

1,996

-

1,996

Carrying amount

At 31 December 2023

2,666

-

2,666

At 31 December 2022

1,646

11,242

12,888

5

Debtors

Current

2023
£

2022
£

Trade debtors

19,200

18,986

Prepayments

-

1,666

Other debtors

8,615

2,500

 

27,815

23,152

 

Primor Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

-

6,123

Trade creditors

235

90

Taxation and social security

64,476

36,691

Other creditors

72

1,551

64,783

44,455

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

510

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

6,123

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

510

Hire purchase liabilities are secured on the assets to which they relate.

 

Primor Limited

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

8

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr C Mulkern

Directors loan account

(739)

4,500

(704)

3,057

         
       

Mrs T Mulkern

Directors loan account

(738)

4,500

(704)

3,058

         
       

 

Other transactions with directors

Mr C Mulkern and Mrs T Mulkern had a loan account with the company. At the balance sheet date the amount due to/(from) Mr C Mulkern and Mrs T Mulkern was (£6,115) (2022: £1,477).