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PRIMUS-SILVA LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






PRIMUS-SILVA LTD (REGISTERED NUMBER: 02413508)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PRIMUS-SILVA LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTOR: R Jagrud



REGISTERED OFFICE: 85 Great Portland Street
Great Portland Street
London
W1W 7LT



REGISTERED NUMBER: 02413508 (England and Wales)



AUDITORS: JRW
Chartered Accountants &
Statutory Auditor
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL



SOLICITORS: Shepherd & Wedderburn
10 St Pauls Churchyard
5th Floor Condor House
London
EC4M 8AL

PRIMUS-SILVA LTD (REGISTERED NUMBER: 02413508)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,456 -

CURRENT ASSETS
Stocks 284,304 244,002
Debtors: amounts falling due within one
year

5

270,279

344,466
Debtors: amounts falling due after more
than one year

5

1,000,000

1,250,000
Cash at bank 107,577 53,317
1,662,160 1,891,785
CREDITORS
Amounts falling due within one year 6 95,473 147,995
NET CURRENT ASSETS 1,566,687 1,743,790
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,583,143

1,743,790

CAPITAL AND RESERVES
Called up share capital 1,450,000 1,450,000
Retained earnings 133,143 293,790
SHAREHOLDERS' FUNDS 1,583,143 1,743,790

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 11th March 2024 and were signed by:





R Jagrud - Director


PRIMUS-SILVA LTD (REGISTERED NUMBER: 02413508)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Primus-Silva 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.

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.

Going Concern
The directors have considered the potential impact of current worldwide events on the business and are satisfied that the company has sufficient cash reserves and support from its parent company to meet all financial obligations for the foreseeable future.

The directors have approved the budget for 2024 for the company and the Primus- Silva Group. These reflect:

- The continued impact of ongoing worldwide factors on the group and the wider economy affecting primarily inflation and consumer spend.
- Continuation of borrowing arrangements.
- That whilst profit margins on stock items may reduce, this is part of a longer term strategy which aims for growth and market shares.
- Continued support for the company by the group by supply of goods & services.

The budget indicates that the group will continue to operate within its agreed borrowing limits. The current business on hand and future expectations, regarding the future financial development, is line with the approved scenario and will continue to be monitored and controlled. The Board of Directors declared Going Concern for Primus-Silva Group and for the affiliated companies within the group including Primus- Silva Ltd.

Turnover
The company operates an online store for the sale of outdoor equipment and also sells these items via third party wholesalers. Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. This is usually at the point when the customer has taken delivery of the goods.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

PRIMUS-SILVA LTD (REGISTERED NUMBER: 02413508)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PRIMUS-SILVA LTD (REGISTERED NUMBER: 02413508)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st January 2023 - - 3,587 3,587
Additions 3,627 18,701 - 22,328
At 31st December 2023 3,627 18,701 3,587 25,915
DEPRECIATION
At 1st January 2023 - - 3,587 3,587
Charge for year 1,197 4,675 - 5,872
At 31st December 2023 1,197 4,675 3,587 9,459
NET BOOK VALUE
At 31st December 2023 2,430 14,026 - 16,456
At 31st December 2022 - - - -

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 261,188 326,004
Amounts owed by group undertakings - 13,606
Other debtors 9,091 4,856
270,279 344,466

PRIMUS-SILVA LTD (REGISTERED NUMBER: 02413508)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 1,000,000 1,250,000

Aggregate amounts 1,270,279 1,594,466

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 9,830 12,035
Amounts owed to group undertakings 24,216 -
Taxation and social security 27,919 102,442
Other creditors 33,508 33,518
95,473 147,995

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 33,174 17,609
Between one and five years 93,793 8,278
126,967 25,887

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Gibson (Senior Statutory Auditor)
for and on behalf of JRW

9. ULTIMATE CONTROLLING PARTY

The company is a subsidiary undertaking of Primus-Silva Sweden AB which is incorporated in Sweden.

The smallest and largest group in which the results of the company are consolidated is that headed by Primus-Silva Group AB, a company also incorporated in Sweden.