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REGISTERED NUMBER: 05129061 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

PRIMROSE BANK LTD

PRIMROSE BANK LTD (REGISTERED NUMBER: 05129061)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRIMROSE BANK LTD

COMPANY INFORMATION
for the year ended 30 April 2023







DIRECTORS: Dr G Abbas
Mrs E C Abbas
Mr D Moore Deceased
Mrs J E Moore





REGISTERED OFFICE: 153 Breck Road
Poulton-Le-Fylde
Lancashire
FY6 7HJ





REGISTERED NUMBER: 05129061 (England and Wales)





ACCOUNTANTS: Jones Harris Limited
Chartered Accountants
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

PRIMROSE BANK LTD (REGISTERED NUMBER: 05129061)

BALANCE SHEET
30 April 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,704,537 1,755,507
1,704,537 1,755,507

CURRENT ASSETS
Stocks 400 400
Debtors 6 107,992 103,373
Cash at bank and in hand 79,774 136,393
188,166 240,166
CREDITORS
Amounts falling due within one year 7 (452,839 ) (477,813 )
NET CURRENT LIABILITIES (264,673 ) (237,647 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,439,864

1,517,860

CREDITORS
Amounts falling due after more than one
year

8

(1,011,390

)

(1,085,950

)

PROVISIONS FOR LIABILITIES 10 (25,006 ) (33,227 )
NET ASSETS 403,468 398,683

CAPITAL AND RESERVES
Called up share capital 140 140
Retained earnings 403,328 398,543
SHAREHOLDERS' FUNDS 403,468 398,683

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

PRIMROSE BANK LTD (REGISTERED NUMBER: 05129061)

BALANCE SHEET - continued
30 April 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 19 December 2023 and were signed on its behalf by:





Dr G Abbas - Director


PRIMROSE BANK LTD (REGISTERED NUMBER: 05129061)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2023

1. STATUTORY INFORMATION

Primrose Bank 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.

Turnover
Turnover represents the value of services provided to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 10% on cost

Freehold property is not depreciated because the directors feel the standard to which the property has to be kept to will not result in a reduction in value.

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

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.


PRIMROSE BANK LTD (REGISTERED NUMBER: 05129061)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023

2. ACCOUNTING POLICIES - continued
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.

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 40 (2022 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 125,000
AMORTISATION
At 1 May 2022
and 30 April 2023 125,000
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

PRIMROSE BANK LTD (REGISTERED NUMBER: 05129061)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 May 2022 1,537,829 570,486 2,108,315
Disposals - (60,752 ) (60,752 )
At 30 April 2023 1,537,829 509,734 2,047,563
DEPRECIATION
At 1 May 2022 - 352,808 352,808
Charge for year - 50,969 50,969
Eliminated on disposal - (60,751 ) (60,751 )
At 30 April 2023 - 343,026 343,026
NET BOOK VALUE
At 30 April 2023 1,537,829 166,708 1,704,537
At 30 April 2022 1,537,829 217,678 1,755,507

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 98,219 74,815
Prepayments 9,773 28,558
107,992 103,373

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 74,330 71,928
Trade creditors 9,750 8,198
Tax 14,218 23,218
Social security and other taxes 6,371 -
Directors' current accounts 337,270 363,641
Accruals and deferred income 10,900 10,828
452,839 477,813

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,011,390 1,085,950

Bank loans outstanding at the year end amounted to £1,085,720 (2022 - £1,157,878) and include instalments due after more than five years of £715,718 (2022 - £789,520).

PRIMROSE BANK LTD (REGISTERED NUMBER: 05129061)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,085,720 1,157,878

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 25,006 33,227

Deferred
tax
£   
Balance at 1 May 2022 33,227
Credit to Income Statement during year (8,221 )
Balance at 30 April 2023 25,006

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 (2022 - £50,000) were paid to the directors .