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REGISTERED NUMBER: 14319736 (England and Wales)















Financial Statements for the Period 26 August 2022 to 31 December 2023

for

Prime Workforce Solutions Ltd

Prime Workforce Solutions Ltd (Registered number: 14319736)






Contents of the Financial Statements
for the Period 26 August 2022 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Prime Workforce Solutions Ltd

Company Information
for the Period 26 August 2022 to 31 December 2023







DIRECTORS: R Dempster
M T Edwards
T Mallin





REGISTERED OFFICE: 15 Alban Park
Hatfield Road
St. Albans
AL4 0JJ





REGISTERED NUMBER: 14319736 (England and Wales)





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

Prime Workforce Solutions Ltd (Registered number: 14319736)

Balance Sheet
31 December 2023

Notes £    £   
FIXED ASSETS
Tangible assets 5 2,091

CURRENT ASSETS
Debtors 6 36,042
Cash at bank 40,640
76,682
CREDITORS
Amounts falling due within one year 7 240,654
NET CURRENT LIABILITIES (163,972 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(161,881

)

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings (161,981 )
(161,881 )

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:





T Mallin - Director


Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements
for the Period 26 August 2022 to 31 December 2023

1. STATUTORY INFORMATION

Prime Workforce Solutions Ltd 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.

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.

The preparation of financial statements in compliance with Section 1A of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policy.

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

The principal accounting policies adopted are set out below. These policies have been consistently applied to all periods presented.

Going concern basis
The company is a start up business and will be supported by its parent company Prime Trading Group (UK) Ltd in its initial stages of growth.The support of the group and its own cash balances ensure that the company has the platform to operate profitably and efficiently in the future.

In the opinion of the directors, the company will continue for the foreseeable future and it is appropriate to prepare the financial statements using the going concern basis.

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

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.
Computer equipment - 20% on cost

Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements - continued
for the Period 26 August 2022 to 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.

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.

Taxation
Taxation for the period 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.


Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements - continued
for the Period 26 August 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued
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 period 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.

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.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Holiday pay accrual
A liability is recognised to the extent of any unused pay entitlement which is accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements - continued
for the Period 26 August 2022 to 31 December 2023

4. AUDITORS' REMUNERATION
£   
Fees payable to the company's auditors for the audit of the
company's financial statements

2,000
Total audit fees 2,000

Auditors' remuneration for non audit work 500
Total non-audit fees 500
Total fees payable 2,500

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 2,151
At 31 December 2023 2,151
DEPRECIATION
Charge for period 60
At 31 December 2023 60
NET BOOK VALUE
At 31 December 2023 2,091

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 20,792
Other debtors 15,250
36,042

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 4,763
Amounts owed to group undertakings 203,910
Taxation and social security 7,136
Other creditors 24,845
240,654

Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements - continued
for the Period 26 August 2022 to 31 December 2023

8. 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

9. 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 to £6,105. At the year end there was no outstanding balance due to the pension scheme.

10. 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.

At year end, included in Debtors is an amount of 13,500 due from Select Solutions Ltd which is a related entity.

11. 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.