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Company No: 05104042 (England and Wales)

PRIMECO LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

PRIMECO LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

PRIMECO LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
PRIMECO LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTOR Mr D G Nugent
SECRETARY Mrs A Nugent
REGISTERED OFFICE 19 The Terrace
Torquay
TQ1 1BN
United Kingdom
COMPANY NUMBER 05104042 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
PRIMECO LIMITED

BALANCE SHEET

As at 30 November 2023
PRIMECO LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,613 3,717
Investment property 4 9,059,999 7,459,999
Investments 5 0 378,344
9,064,612 7,842,060
Current assets
Debtors 6 1,575 3,879
Cash at bank and in hand 7 183,403 434,740
184,978 438,619
Creditors: amounts falling due within one year 8 ( 3,061,873) ( 3,050,682)
Net current liabilities (2,876,895) (2,612,063)
Total assets less current liabilities 6,187,717 5,229,997
Creditors: amounts falling due after more than one year 9 ( 1,050,000) ( 1,150,000)
Provision for liabilities 10, 11 ( 498,814) ( 319,375)
Net assets 4,638,903 3,760,622
Capital and reserves
Called-up share capital 12 1 1
Profit and loss account 4,638,902 3,760,621
Total shareholder's funds 4,638,903 3,760,622

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Primeco Limited (registered number: 05104042) were approved and authorised for issue by the Director on 04 April 2024. They were signed on its behalf by:

Mr D G Nugent
Director
PRIMECO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
PRIMECO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Primeco Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 19 The Terrace, Torquay, TQ1 1BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance sheet and likely future cash flows at the date of approving theses financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly , they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the service provided under contracts with the tenants to the extent that there is a right to the consideration. Where tenants pay rent in advance, the amount is recorded as deferred income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2022 4,957 4,957
Additions 2,849 2,849
At 30 November 2023 7,806 7,806
Accumulated depreciation
At 01 December 2022 1,240 1,240
Charge for the financial year 1,953 1,953
At 30 November 2023 3,193 3,193
Net book value
At 30 November 2023 4,613 4,613
At 30 November 2022 3,717 3,717

4. Investment property

Investment property
£
Valuation
As at 01 December 2022 7,459,999
Additions 1,420,000
Fair value movement 180,000
As at 30 November 2023 9,059,999

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 378,344
Disposals ( 378,344)
At 30 November 2023 0
Carrying value at 30 November 2023 0
Carrying value at 30 November 2022 378,344

6. Debtors

2023 2022
£ £
Trade debtors 1,575 3,879

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 183,403 434,740

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 8,793 1,720
Taxation and social security 50,443 136,817
Other creditors 3,002,637 2,912,145
3,061,873 3,050,682

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 1,050,000 1,150,000

There are no amounts included above in respect of which any security has been given by the small entity.

10. Provision for liabilities

2023 2022
£ £
Deferred tax 498,814 319,375

11. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 319,375) ( 296,955)
Charged to the Statement of Income and Retained Earnings ( 179,439) ( 22,420)
At the end of financial year ( 498,814) ( 319,375)

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

13. Reserves

Included in the profit and loss account balance carried forward are non-distributable reserves of £2,638,694 (2022 - £1,871,077). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment property.