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REGISTERED NUMBER: SC457028 (Scotland)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

PRIME JOINERY SOLUTIONS LTD

PRIME JOINERY SOLUTIONS LTD (REGISTERED NUMBER: SC457028)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRIME JOINERY SOLUTIONS LTD

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: A D Moir
Mrs L M Moir





SECRETARY: Mrs L M Moir





REGISTERED OFFICE: 8 Bramble Court
Lennoxtown
Glasgow
Strathclyde
G66 7GH





REGISTERED NUMBER: SC457028 (Scotland)





ACCOUNTANTS: Kean Jarman & Company
Chartered Accountants
27 Ingram Street
Glasgow
G1 1HA

PRIME JOINERY SOLUTIONS LTD (REGISTERED NUMBER: SC457028)

BALANCE SHEET
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 159,016 122,763

CURRENT ASSETS
Stocks 766,079 415,706
Debtors 5 514,934 91,772
Cash at bank and in hand 977,522 1,083,601
2,258,535 1,591,079
CREDITORS
Amounts falling due within one year 6 505,884 254,308
NET CURRENT ASSETS 1,752,651 1,336,771
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,911,667

1,459,534

CREDITORS
Amounts falling due after more than one
year

7

(32,875

)

(50,512

)

PROVISIONS FOR LIABILITIES (39,759 ) (23,325 )
NET ASSETS 1,839,033 1,385,697

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,839,031 1,385,695
SHAREHOLDERS' FUNDS 1,839,033 1,385,697

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

PRIME JOINERY SOLUTIONS LTD (REGISTERED NUMBER: SC457028)

BALANCE SHEET - continued
31 August 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 18 April 2024 and were signed on its behalf by:





A D Moir - Director


PRIME JOINERY SOLUTIONS LTD (REGISTERED NUMBER: SC457028)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Prime Joinery Solutions Ltd is a private company, limited by shares , registered in Scotland. 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 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

PRIME JOINERY SOLUTIONS LTD (REGISTERED NUMBER: SC457028)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 14 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2022 2,991 1,450 176,500 180,941
Additions - 420 84,610 85,030
Disposals - - (25,027 ) (25,027 )
At 31 August 2023 2,991 1,870 236,083 240,944
DEPRECIATION
At 1 September 2022 2,277 1,097 54,804 58,178
Charge for year 143 154 39,457 39,754
Eliminated on disposal - - (16,004 ) (16,004 )
At 31 August 2023 2,420 1,251 78,257 81,928
NET BOOK VALUE
At 31 August 2023 571 619 157,826 159,016
At 31 August 2022 714 353 121,696 122,763

PRIME JOINERY SOLUTIONS LTD (REGISTERED NUMBER: SC457028)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2022
and 31 August 2023 70,550
DEPRECIATION
At 1 September 2022 14,110
Charge for year 11,288
At 31 August 2023 25,398
NET BOOK VALUE
At 31 August 2023 45,152
At 31 August 2022 56,440

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 405,353 43,764
VAT 102,125 41,924
Prepayments and accrued income 7,456 6,084
514,934 91,772

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 9,900 9,900
Hire purchase contracts 7,637 7,637
Trade creditors 288,075 86,690
Tax 142,352 110,392
Social security and other taxes 27,330 14,028
Directors' current accounts 478 125
Accrued expenses 30,112 25,536
505,884 254,308

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans - 1-2 years 9,900 9,900
Bank loans - 2-5 years 7,700 17,700
Hire purchase contracts 15,275 22,912
32,875 50,512

PRIME JOINERY SOLUTIONS LTD (REGISTERED NUMBER: SC457028)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

8. RELATED PARTY DISCLOSURES

The directors were owed £478 (2022-£125) at the year end. £478 was the maximum amount outstanding during the year.