Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3140other retail sale in non-specialised storestrue2022-03-19falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13989155 2022-03-18 13989155 2022-03-19 2023-03-31 13989155 2021-04-01 2022-03-18 13989155 2023-03-31 13989155 c:Director1 2022-03-19 2023-03-31 13989155 d:CurrentFinancialInstruments 2023-03-31 13989155 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13989155 d:ShareCapital 2022-03-19 2023-03-31 13989155 d:ShareCapital 2023-03-31 13989155 d:RetainedEarningsAccumulatedLosses 2022-03-19 2023-03-31 13989155 d:RetainedEarningsAccumulatedLosses 2023-03-31 13989155 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 13989155 c:FRS102 2022-03-19 2023-03-31 13989155 c:AuditExempt-NoAccountantsReport 2022-03-19 2023-03-31 13989155 c:FullAccounts 2022-03-19 2023-03-31 13989155 c:PrivateLimitedCompanyLtd 2022-03-19 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 13989155










IN THE PRIME LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2023

 
IN THE PRIME LIMITED
REGISTERED NUMBER: 13989155

BALANCE SHEET
AS AT 31 MARCH 2023

2023
Note
£

  

Current assets
  

Stocks
  
5,000

Debtors: amounts falling due within one year
 5 
28,035

Cash at bank and in hand
 6 
88,492

  
121,527

Creditors: amounts falling due within one year
 7 
(73,011)

Net current assets
  
 
 
48,516

  

Net assets
  
48,516


Capital and reserves
  

Called up share capital 
  
3

Profit and loss account
  
48,513

  
48,516


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question 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 financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G Baker
Director
Date: 7 March 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
IN THE PRIME LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
48,513
48,513


Contributions by and distributions to owners

Shares issued during the period
3
-
3


Total transactions with owners
3
-
3


At 31 March 2023
3
48,513
48,516

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
IN THE PRIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

In The Prime Limited is a private Company, limited by shares, incorporated in England and
Wales. The company was incorporated on 19 March 2022 and commenced trading on 31 March 2022.
The registered office is Peartree Centre, 1 Chadds Lane, Peartree Bridge, Milton Keynes, MK6 3EB.
The functional and presentational currency is GBP, rounded to the nearest whole £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
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 Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
IN THE PRIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 4

 
IN THE PRIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
IN THE PRIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


        2023
            No.






Average number of employees
4


4.


Stocks

2023
£

Finished goods and goods for resale
5,000

5,000



5.


Debtors

2023
£


Trade debtors
28,032

Other debtors
3

28,035



6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
88,492

88,492


Page 6

 
IN THE PRIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
46,655

Corporation tax
11,379

Other taxation and social security
7,767

Other creditors
4,650

Accruals and deferred income
2,560

73,011



8.


Financial instruments

2023
£

Financial assets


Financial assets measured at fair value through profit or loss
88,492



 
Page 7