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COMPANY REGISTRATION NUMBER: 01196526
Primebuys Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Primebuys Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
762,206
768,514
Current assets
Stocks
821,244
826,184
Debtors
6
29,550
23,912
Cash at bank and in hand
85,146
86,510
----------
----------
935,940
936,606
Creditors: amounts falling due within one year
7
1,063,154
1,092,865
-------------
-------------
Net current liabilities
127,214
156,259
----------
----------
Total assets less current liabilities
634,992
612,255
Creditors: amounts falling due after more than one year
8
202,284
221,284
Provisions
Taxation including deferred tax
4,086
5,663
----------
----------
Net assets
428,622
385,308
----------
----------
Capital and reserves
Called up share capital
100
100
Undistributable reserve
28,321
28,321
Profit and loss account
400,201
356,887
----------
----------
Shareholders funds
428,622
385,308
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Primebuys Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr C D Thompson
Mr D F E Thompson
Director
Director
Company registration number: 01196526
Primebuys Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7A, Bessingby Industrial Estate, Bridlington, East Yorkshire, DN14 6SJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. The company recognises income from property development at the point of completion of the contract of sale. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
(h) Stocks
Stock of properties for resale is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes direct expenditure incurred on acquiring and placing properties in an appropriate condition for sale.
(i) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(j) Defined contribution plans
The company operates a defind contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Investment property
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023
758,041
42,824
800,865
Disposals
( 11,000)
( 11,000)
----------
--------
----------
At 31 December 2023
758,041
31,824
789,865
----------
--------
----------
Depreciation
At 1 January 2023
32,351
32,351
Charge for the year
463
463
Disposals
( 5,155)
( 5,155)
----------
--------
----------
At 31 December 2023
27,659
27,659
----------
--------
----------
Carrying amount
At 31 December 2023
758,041
4,165
762,206
----------
--------
----------
At 31 December 2022
758,041
10,473
768,514
----------
--------
----------
Tangible assets held at valuation
The investment properties were valued in December 2023 by the directors who have experience in the location and category of the investment properties being valued.
6. Debtors
2023
2022
£
£
Trade debtors
25,809
21,210
Other debtors
3,741
2,702
--------
--------
29,550
23,912
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,000
19,000
Trade creditors
5,332
2,018
Corporation tax
12,022
10,579
Director loan accounts
566,438
579,631
Other creditors
460,362
481,637
-------------
-------------
1,063,154
1,092,865
-------------
-------------
The bank loans are secured by a fixed charge over the associated asset and a fixed and floating charge over the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
202,284
221,284
----------
----------
The bank loans are secured by a fixed charge over the associated asset and a fixed and floating charge over the company.
9. Related party transactions
During the year the directors made available interest free loans to the company which are repayable on demand . As at 31 December 2023 the total balance owed to the directors was £ 566,438 (2022: £579,631).