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Registered number: 05334793
Prime Production Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Synergy Accountancy Services LLP
Chartered Certified Accountants
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of Prime Production Ltd For The Year Ended 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Prime Production Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Prime Production Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Prime Production Ltd and state those matters that we have agreed to state to the director of Prime Production Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prime Production Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Prime Production Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Prime Production Ltd . You consider that Prime Production Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Prime Production Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
1 August 2024
Synergy Accountancy Services LLP
Chartered Certified Accountants
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Page 1
Page 2
Balance Sheet
Registered number: 05334793
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 179,875 212,084
179,875 212,084
CURRENT ASSETS
Debtors 5 976,574 1,002,317
Cash at bank and in hand 925,206 923,384
1,901,780 1,925,701
Creditors: Amounts Falling Due Within One Year 6 (153,626 ) (201,535 )
NET CURRENT ASSETS (LIABILITIES) 1,748,154 1,724,166
TOTAL ASSETS LESS CURRENT LIABILITIES 1,928,029 1,936,250
PROVISIONS FOR LIABILITIES
Deferred Taxation (44,969 ) (40,296 )
NET ASSETS 1,883,060 1,895,954
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 1,882,960 1,895,854
SHAREHOLDERS' FUNDS 1,883,060 1,895,954
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Page 3
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Harun Salah
Director
1 August 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Prime Production Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05334793 . The registered office is 129-133 High Street, Slough, Berkshire, SL1 1DH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 15)
15 15
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 138,972 252,443 391,415
Additions - 12,203 12,203
As at 31 March 2024 138,972 264,646 403,618
Depreciation
As at 1 April 2023 31,290 148,041 179,331
Provided during the period 26,921 17,491 44,412
As at 31 March 2024 58,211 165,532 223,743
Net Book Value
As at 31 March 2024 80,761 99,114 179,875
As at 1 April 2023 107,682 104,402 212,084
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 400,507 413,520
Other debtors 576,067 588,797
976,574 1,002,317
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 75,104 116,678
Other creditors 44,091 35,918
Taxation and social security 34,431 48,939
153,626 201,535
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 20,000 20,000
Later than one year and not later than five years 80,000 80,000
Later than five years 80,000 33,333
180,000 133,333
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10. Related Party Transactions
Included in Other Debtors is an interest-free loan, repayable on demand, amounting to £30,600 (2023 - £30,600) to a company in which the shareholders have a common interest.
Included in Other Debtors is an interest-free loan, repayable on demand, amounting to £175,000 (2023 - £175,000) to a company in which one of the shareholders has a common interest.
Included in Other Debtors is an interest-free loan, repayable on demand, amounting to £330,685 (2022 - £300,505) to a company in which the shareholders have a common interest.
The opening balance on the directors' current account was £1,934. The total debits and credits in the director's loan account were £75,582 (2023 - £75,745) and £74,028 (2023 - £73,400) respectively. The balance at 31 March 2024 was £380.
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