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REGISTERED NUMBER: SC449831 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Prime Secure Systems Ltd

Prime Secure Systems Ltd (Registered number: SC449831)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Prime Secure Systems Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: K McDaid
S D Titheridge
Mrs D Kondol
D Clark
S Fraser





REGISTERED OFFICE: 65 Townsend Street
GLASGOW
G4 0LA





REGISTERED NUMBER: SC449831 (Scotland)





AUDITORS: The Kelvin Partnership Ltd
Statutory Auditor
Chartered Accountants
The Cooper Building
505 Great Western Road
Glasgow
G12 8HN

Prime Secure Systems Ltd (Registered number: SC449831)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 385,349 1,252,037

CURRENT ASSETS
Debtors 6 6,789,519 3,377,850
Cash at bank and in hand 2,690,959 4,465,924
9,480,478 7,843,774
CREDITORS
Amounts falling due within one year 7 3,676,308 2,928,745
NET CURRENT ASSETS 5,804,170 4,915,029
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,189,519

6,167,066

CREDITORS
Amounts falling due after more than one
year

8

(185,606

)

(140,965

)

PROVISIONS FOR LIABILITIES (66,669 ) (216,402 )
NET ASSETS 5,937,244 5,809,699

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,937,144 5,809,599
5,937,244 5,809,699

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 31 July 2024 and were signed on its behalf by:





K McDaid - Director


Prime Secure Systems Ltd (Registered number: SC449831)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Prime Secure Systems 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 United Kingdom and the Republic of Ireland and the Companies Act 2006

The accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all periods presented.

Preparation of consolidated financial statements
The financial statements contain information about Prime Secure Systems Ltd 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.

Going concern basis
The financial statements have been prepared on the going concern basis. The directors believe that the company has adequate resources and support to continue to operate for the foreseeable future.

Due to the continued profitability of the business, the strength of the company's balance sheet and the nature of the company's business the directors are of the view that the company will continue as a going concern and, therefore will realise its assets, liabilities and commitments in the ordinary course of business.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods.

Prime Secure Systems Ltd (Registered number: SC449831)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable. excluding discounts, rebates, value added tax and other sales taxes..

Revenue from the sale of goods and services is recognised when goods are delivered and legal title has passed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Prime Secure Systems Ltd (Registered number: SC449831)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.

Financial instruments are recognized in the company's financial statements when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are only 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.


Prime Secure Systems Ltd (Registered number: SC449831)

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Provisions
Provisions are recognised where a legal or constructive obligation has been incurred which will probably lead to an outflow of resources that can be reasonably estimated. Provisions are recorded for the estimated ultimate liability that is expected to arise, taking into account the time value of money where material.

A contingent liability is disclosed where the existence of the obligation will only be confirmed by future events, or where the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow of economic benefits is probable.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investment with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 156 (2022 - 212 ) .

Prime Secure Systems Ltd (Registered number: SC449831)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. AUDITORS' REMUNERATION
Period
1.6.22
Year Ended to
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

7,000

5,500
Total audit fees 7,000 5,500

Auditors' remuneration for non audit work 1,000 1,000
Total non-audit fees 1,000 1,000
Total fees payable 8,000 6,500

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 - 2,518,842 33,746
Additions 22,493 586,182 1,296
Disposals - (3,045,383 ) -
At 31 December 2023 22,493 59,641 35,042
DEPRECIATION
At 1 January 2023 - 1,562,294 17,435
Charge for year 750 229,526 6,929
Eliminated on disposal - (1,763,644 ) -
At 31 December 2023 750 28,176 24,364
NET BOOK VALUE
At 31 December 2023 21,743 31,465 10,678
At 31 December 2022 - 956,548 16,311

Prime Secure Systems Ltd (Registered number: SC449831)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 370,662 63,163 2,986,413
Additions 126,483 21,521 757,975
Disposals (24,251 ) - (3,069,634 )
At 31 December 2023 472,894 84,684 674,754
DEPRECIATION
At 1 January 2023 121,950 32,697 1,734,376
Charge for year 82,290 15,802 335,297
Eliminated on disposal (16,624 ) - (1,780,268 )
At 31 December 2023 187,616 48,499 289,405
NET BOOK VALUE
At 31 December 2023 285,278 36,185 385,349
At 31 December 2022 248,712 30,466 1,252,037

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 4,540,036 2,729,930
Amounts owed by group undertakings 1,938,102 -
Other debtors 311,381 647,920
6,789,519 3,377,850

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 56,063 73,844
Trade creditors 1,329,111 480,584
Amounts owed to group undertakings 35,873 -
Taxation and social security 1,432,025 1,126,195
Other creditors 823,236 1,248,122
3,676,308 2,928,745

Prime Secure Systems Ltd (Registered number: SC449831)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 185,606 140,965

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 56,063 73,844
Between one and five years 185,606 140,965
241,669 214,809

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 77,780 23,362
Between one and five years 281,780 -
In more than five years 161,500 -
521,060 23,362

10. SECURED DEBTS

Hire Purchase
Hire purchase is secured over the assets it relates to.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Brian Meldrum CA (Senior Statutory Auditor)
for and on behalf of The Kelvin Partnership Ltd

12. PENSION COMMITMENTS

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge for the year amounted £86,364 (2022 - £70,622). At the year end there was an outstanding balance due to the pension scheme of £269.

Prime Secure Systems Ltd (Registered number: SC449831)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. RELATED PARTY DISCLOSURES

The company is a wholly owed subsidiary of the Prime Trading Group (UK) Limited and has taken advantage of exemption conferred by section 33 of FRS 102 "Related Party Disclosures" not to disclose transactions with Prime Trading Group (UK) Limited or other wholly owned subsidiaries within the group.

14. ULTIMATE CONTROLLING PARTY

The directors regard Prime Trading Group (UK) Ltd. as the company's ultimate parent company.

The only company within the Prime Trading Group (UK) Ltd for which group financial statements are drawn up and of which the company is a member is Prime Trading Group (UK) Ltd. Copies of the group financial statements can be obtained from its registered office at 15 Alban park, Hatfield, St. Albans, United Kingdom,
AL4 0JJ.