PRIME BUSINESS LIMITED Filleted Accounts Cover
PRIME BUSINESS LIMITED
Company No. 06096514
Information for Filing with The Registrar
30 June 2023
PRIME BUSINESS LIMITED Directors Report Registrar
The Director presents his report and the accounts for the year ended 30 June 2023.
Principal activities
The principal activity of the company during the year under review was the provision of management services.
Director
The Director who served at any time during the year was as follows:
S.J. MCGUIRE
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
S.J. MCGUIRE
Company Secretary
09 February 2024
PRIME BUSINESS LIMITED Balance Sheet Registrar
at
30 June 2023
Company No.
06096514
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
2,3233,468
2,3233,468
Current assets
Debtors
5
38,37324,284
Cash at bank and in hand
7,058728
45,43125,012
Creditors: Amount falling due within one year
6
(136,821)
(104,338)
Net current liabilities
(91,390)
(79,326)
Total assets less current liabilities
(89,067)
(75,858)
Creditors: Amounts falling due after more than one year
7
(12,406)
(14,363)
Net liabilities
(101,473)
(90,221)
Capital and reserves
Called up share capital
1,0001,000
Profit and loss account
8
(102,473)
(91,221)
Total equity
(101,473)
(90,221)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 09 February 2024 and signed on its behalf by:
S.J. MCGUIRE
Director
09 February 2024
PRIME BUSINESS LIMITED Notes to the Accounts Registrar
for the year ended 30 June 2023
1
General information
PRIME BUSINESS LIMITED is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 06096514
Its registered office is:
Unit 5
Pucknall Farm Dores Lane
Braishfield
Romsey
SO51 0QJ
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
The accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company for the foreseeable future.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Computer equipment
33% Reducing balance
Furniture, fittings and equipment
33% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
44
4
Tangible fixed assets
Computer equipment
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 July 2022
6,6573,76410,421
At 30 June 2023
6,6573,76410,421
Depreciation
At 1 July 2022
4,2102,7436,953
Charge for the year
7194261,145
At 30 June 2023
4,9293,1698,098
Net book values
At 30 June 2023
1,7285952,323
At 30 June 2022
2,447
1,021
3,468
5
Debtors
2023
2022
£
£
Trade debtors
15,120-
VAT recoverable
239770
Other debtors
22,63923,139
Prepayments and accrued income
375375
38,37324,284
6
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,0854,688
Other loans
91,36286,362
Trade creditors
810716
Taxes and social security
2,827
959
Loans from directors
24,9964,086
Other creditors
9,5936,353
Accruals and deferred income
1,1481,174
136,821104,338
7
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,40614,363
12,40614,363
8
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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