0 false false false false false false false true false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 12,366 12,366 xbrli:pure xbrli:shares iso4217:GBP 03987120 2023-04-01 2024-03-31 03987120 2024-03-31 03987120 2023-03-31 03987120 2022-04-01 2023-03-31 03987120 2023-03-31 03987120 2022-03-31 03987120 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 03987120 core:FurnitureFittings 2023-04-01 2024-03-31 03987120 bus:Director1 2023-04-01 2024-03-31 03987120 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 03987120 core:FurnitureFittings 2024-03-31 03987120 core:WithinOneYear 2024-03-31 03987120 core:WithinOneYear 2023-03-31 03987120 core:ShareCapital 2024-03-31 03987120 core:ShareCapital 2023-03-31 03987120 core:RetainedEarningsAccumulatedLosses 2024-03-31 03987120 core:RetainedEarningsAccumulatedLosses 2023-03-31 03987120 bus:SmallEntities 2023-04-01 2024-03-31 03987120 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03987120 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03987120 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03987120 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 03987120
Prismo Limited
Filleted Unaudited Financial Statements
31 March 2024
Prismo Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Creditors: amounts falling due within one year
6
94,816
94,816
--------
--------
Net current liabilities
94,816
94,816
--------
--------
Total assets less current liabilities
( 94,816)
( 94,816)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 94,817)
( 94,817)
--------
--------
Shareholders deficit
( 94,816)
( 94,816)
--------
--------
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 statement of comprehensive income has not been delivered.
The company did not trade during the current year or prior year and has not made either a profit or loss.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 August 2024 , and are signed on behalf of the board by:
Mr G S Smith
Director
Company registration number: 03987120
Prismo Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Church Croft, Unsworth, Bury, BL9 8JD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and 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.
Income statement
The company is dormant as defined by section 1169 of the Companies Act 2006. The company received no income and incurred no expenditure during the current year or prior year and therefore no income statement is presented within these financial statements. There have been no movements in shareholders deficit during the current year or prior year.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or four years.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
25% straight line
Website Development
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Intangible assets
Development costs
£
Cost
At 1 April 2023 and 31 March 2024
12,366
--------
Amortisation
At 1 April 2023 and 31 March 2024
12,366
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
3,784
3,970
7,754
-------
-------
-------
Depreciation
At 1 April 2023 and 31 March 2024
3,784
3,970
7,754
-------
-------
-------
Carrying amount
At 31 March 2024
-------
-------
-------
At 31 March 2023
-------
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
94,816
94,816
--------
--------
7. Director's advances, credits and guarantees
None.
8. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.