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REGISTERED NUMBER: 05992336 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PRIME ACCOUNTANTS & BUSINESS
ADVISERS LIMITED

PRIME ACCOUNTANTS & BUSINESS
ADVISERS LIMITED (REGISTERED NUMBER: 05992336)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRIME ACCOUNTANTS & BUSINESS
ADVISERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: K H Johns
J B Skelding
M N Davies
A Pym
J P Kitson
S Harcourt
P Guise
L Dudley
E J Clewes





SECRETARY: J B Skelding





REGISTERED OFFICE: 5 Argosy Court
Scimitar Way
Whitley Business Park
Coventry
CV3 4GA





REGISTERED NUMBER: 05992336 (England and Wales)






PRIME ACCOUNTANTS & BUSINESS
ADVISERS LIMITED (REGISTERED NUMBER: 05992336)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 526,064 324,736
Tangible assets 5 288,576 268,273
Investments 6 2 753,752
814,642 1,346,761

CURRENT ASSETS
Stocks 824,499 1,220,484
Debtors 7 2,234,057 1,883,648
Cash at bank and in hand 367,868 122
3,426,424 3,104,254
CREDITORS
Amounts falling due within one year 8 1,764,232 2,614,430
NET CURRENT ASSETS 1,662,192 489,824
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,476,834

1,836,585

CREDITORS
Amounts falling due after more than one
year

9

(1,643,599

)

(786,821

)

PROVISIONS FOR LIABILITIES (39,999 ) (39,999 )
NET ASSETS 793,236 1,009,765

CAPITAL AND RESERVES
Called up share capital 751 801
Share premium - 968,363
Capital redemption reserve 50 -
Retained earnings 792,435 40,601
SHAREHOLDERS' FUNDS 793,236 1,009,765

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 ACCOUNTANTS & BUSINESS
ADVISERS LIMITED (REGISTERED NUMBER: 05992336)

BALANCE SHEET - continued
31 DECEMBER 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 24 April 2024 and were signed on its behalf by:





J B Skelding - Director


PRIME ACCOUNTANTS & BUSINESS
ADVISERS LIMITED (REGISTERED NUMBER: 05992336)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Prime Accountants & Business Advisers Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Prime Accountants & Business Advisers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the cost of services provided stated net of value added tax.

Goodwill
Goodwill on acquisitions made in 2018 and 2021 is being amortised over its expected useful life of 5 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.
Improvements to property - over remaining life of lease
Plant and machinery - 33.33% on cost, 20% on cost and over remaining life of lease
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

On 1 July 2023, the remaining trade and assets of the subsidiary company which was purchased 1 October 2021, were hived up into Prime Accountants & Business Advisers Limited. Goodwill has been calculated on the fair values of the net assets at the time of acquisition and allowance has been made for amortisation to date.

Work in progress
Work in progress is valued at net realisable value.


PRIME ACCOUNTANTS & BUSINESS
ADVISERS LIMITED (REGISTERED NUMBER: 05992336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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.

Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 83 (2022 - 87 ) .

PRIME ACCOUNTANTS & BUSINESS
ADVISERS LIMITED (REGISTERED NUMBER: 05992336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 4,698,185
Reclassification/transfer 956,480
At 31 December 2023 5,654,665
AMORTISATION
At 1 January 2023 4,373,449
Charge for year 420,384
Reclassification/transfer 334,768
At 31 December 2023 5,128,601
NET BOOK VALUE
At 31 December 2023 526,064
At 31 December 2022 324,736

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 126,700 271,649 - 398,349
Additions - 23,579 53,032 76,611
At 31 December 2023 126,700 295,228 53,032 474,960
DEPRECIATION
At 1 January 2023 - 130,076 - 130,076
Charge for year 11,518 34,846 9,944 56,308
At 31 December 2023 11,518 164,922 9,944 186,384
NET BOOK VALUE
At 31 December 2023 115,182 130,306 43,088 288,576
At 31 December 2022 126,700 141,573 - 268,273

PRIME ACCOUNTANTS & BUSINESS
ADVISERS LIMITED (REGISTERED NUMBER: 05992336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 753,752
Disposals (48,520 )
Impairments (83,518 )
Reclassification/transfer (621,712 )
At 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 753,752

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,040,234 1,744,051
Other debtors 193,823 139,597
2,234,057 1,883,648

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 268,000 293,271
Trade creditors 163,003 238,693
Amounts owed to group undertakings 110,762 -
Taxation and social security 832,802 770,424
Other creditors 389,665 1,312,042
1,764,232 2,614,430

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 513,599 786,821
Other creditors 1,130,000 -
1,643,599 786,821

PRIME ACCOUNTANTS & BUSINESS
ADVISERS LIMITED (REGISTERED NUMBER: 05992336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 314,542 314,542
Between one and five years 943,404 1,113,456
In more than five years 791,841 938,027
2,049,787 2,366,025

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 25,271
Bank loans 781,599 1,054,821
781,599 1,080,092

The bank overdrafts and loans are partially secured by personal guarantees provided by certain of the directors and via a debenture over the company's assets.

12. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Prime Accountants Group Limited, registered office 5 Argosy Court, Scimitar Way, Whitley Business Park, Coventry, CV3 4GA.

13. SHARE PREMIUM

On 19 September 2023, a capital reduction was undertaken whereby the share premium account was transferred to distributable reserves.