Prime Engineering (Sheffield) Limited 04800580 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is is that of machining activities. Digita Accounts Production Advanced 6.30.9574.0 true true 04800580 2023-01-01 2023-12-31 04800580 2023-12-31 04800580 bus:OrdinaryShareClass1 2023-12-31 04800580 core:RetainedEarningsAccumulatedLosses 2023-12-31 04800580 core:ShareCapital 2023-12-31 04800580 core:CurrentFinancialInstruments 2023-12-31 04800580 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04800580 core:FurnitureFittings 2023-12-31 04800580 core:MotorVehicles 2023-12-31 04800580 core:PlantMachinery 2023-12-31 04800580 bus:SmallEntities 2023-01-01 2023-12-31 04800580 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04800580 bus:FullAccounts 2023-01-01 2023-12-31 04800580 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04800580 bus:RegisteredOffice 2023-01-01 2023-12-31 04800580 bus:Director1 2023-01-01 2023-12-31 04800580 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04800580 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04800580 bus:Agent1 2023-01-01 2023-12-31 04800580 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04800580 core:ShareCapital 2023-01-01 2023-12-31 04800580 core:FurnitureFittings 2023-01-01 2023-12-31 04800580 core:MotorVehicles 2023-01-01 2023-12-31 04800580 core:PlantMachinery 2023-01-01 2023-12-31 04800580 countries:AllCountries 2023-01-01 2023-12-31 04800580 dpl:AdministrativeExpenses 2023-01-01 2023-12-31 04800580 dpl:CostSales 2023-01-01 2023-12-31 04800580 2022-12-31 04800580 core:RetainedEarningsAccumulatedLosses 2022-12-31 04800580 core:ShareCapital 2022-12-31 04800580 core:FurnitureFittings 2022-12-31 04800580 core:MotorVehicles 2022-12-31 04800580 core:PlantMachinery 2022-12-31 04800580 2022-01-01 2022-12-31 04800580 2022-12-31 04800580 bus:OrdinaryShareClass1 2022-12-31 04800580 core:CurrentFinancialInstruments 2022-12-31 04800580 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04800580 core:FurnitureFittings 2022-12-31 04800580 core:MotorVehicles 2022-12-31 04800580 core:PlantMachinery 2022-12-31 04800580 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04800580 core:ShareCapital 2022-01-01 2022-12-31 04800580 dpl:AdministrativeExpenses 2022-01-01 2022-12-31 04800580 dpl:CostSales 2022-01-01 2022-12-31 04800580 2021-12-31 04800580 core:RetainedEarningsAccumulatedLosses 2021-12-31 04800580 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04800580

Prime Engineering (Sheffield) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Prime Engineering (Sheffield) Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

iXBRL Detailed Profit and Loss Account

13 to 14

 

Prime Engineering (Sheffield) Limited

Company Information

Director

Mr Stephen Peter Prime

Registered office

213 Derbyshire Lane
Norton Lees
Sheffield
South Yorkshire
S8 8SA

Accountants

Thorntons Accountants Limited
Chartered Certified Accountants
213 Derbyshire Lane
Norton Lees
Sheffield
South Yorkshire
S8 8SA

 

Prime Engineering (Sheffield) Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr Stephen Peter Prime

Principal activity

The principal activity of the company is is that of machining activities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 14 August 2024
 

.........................................
Mr Stephen Peter Prime
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Prime Engineering (Sheffield) Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Prime Engineering (Sheffield) Limited for the year ended 31 December 2023 as set out on pages 4 to 12 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/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Prime Engineering (Sheffield) Limited, 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 Engineering (Sheffield) Limited and state those matters that we have agreed to state to the Board of Directors of Prime Engineering (Sheffield) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prime Engineering (Sheffield) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Prime Engineering (Sheffield) Limited 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 of Prime Engineering (Sheffield) Limited. You consider that Prime Engineering (Sheffield) Limited 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 Engineering (Sheffield) Limited. 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 statutory accounts.

......................................

Thorntons Accountants Limited
Chartered Certified Accountants
213 Derbyshire Lane
Norton Lees
Sheffield
South Yorkshire
S8 8SA

14 August 2024

 

Prime Engineering (Sheffield) Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

810,324

740,066

Cost of sales

 

(514,655)

(474,852)

Gross profit

 

295,669

265,214

Administrative expenses

 

(199,508)

(184,884)

Operating profit

 

96,161

80,330

Other interest receivable and similar income

 

4,267

295

Interest payable and similar expenses

 

(21)

(621)

   

4,246

(326)

Profit before tax

4

100,407

80,004

Tax on profit

 

(30,966)

(21,264)

Profit for the financial year

 

69,441

58,740

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Prime Engineering (Sheffield) Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

69,441

58,740

Total comprehensive income for the year

69,441

58,740

 

Prime Engineering (Sheffield) Limited

(Registration number: 04800580)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

156,826

98,879

Current assets

 

Stocks

6

300

30,300

Debtors

7

173,401

190,796

Cash at bank and in hand

 

607,854

626,011

 

781,555

847,107

Creditors: Amounts falling due within one year

8

(87,307)

(162,441)

Net current assets

 

694,248

684,666

Total assets less current liabilities

 

851,074

783,545

Provisions for liabilities

(9,718)

(10,615)

Net assets

 

841,356

772,930

Capital and reserves

 

Called up share capital

9

60,000

60,000

Retained earnings

781,356

712,930

Shareholders' funds

 

841,356

772,930

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 14 August 2024
 

.........................................
Mr Stephen Peter Prime
Director

 

Prime Engineering (Sheffield) Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

60,000

712,930

772,930

Profit for the year

-

69,441

69,441

Dividends

-

(1,015)

(1,015)

At 31 December 2023

60,000

781,356

841,356

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

60,000

654,190

714,190

Profit for the year

-

58,740

58,740

At 31 December 2022

60,000

712,930

772,930

 

Prime Engineering (Sheffield) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
213 Derbyshire Lane
Norton Lees
Sheffield
South Yorkshire
S8 8SA

These financial statements were authorised for issue by the director on 14 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Prime Engineering (Sheffield) Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Prime Engineering (Sheffield) Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

25,359

26,084

 

Prime Engineering (Sheffield) Limited

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

12,436

95,209

113,047

220,692

Additions

4,199

742

109,389

114,330

Disposals

-

(800)

(36,000)

(36,800)

At 31 December 2023

16,635

95,151

186,436

298,222

Depreciation

At 1 January 2023

9,657

67,150

45,006

121,813

Charge for the year

880

2,822

21,658

25,360

Eliminated on disposal

-

(620)

(5,157)

(5,777)

At 31 December 2023

10,537

69,352

61,507

141,396

Carrying amount

At 31 December 2023

6,098

25,799

124,929

156,826

At 31 December 2022

2,779

28,059

68,041

98,879

6

Stocks

2023
£

2022
£

Other inventories

300

30,300

7

Debtors

2023
£

2022
£

Trade debtors

170,749

186,366

Prepayments

2,652

4,430

173,401

190,796

 

Prime Engineering (Sheffield) Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,873

103,257

Taxation and social security

63,644

45,209

Accruals and deferred income

6,783

6,525

Other creditors

8,007

7,450

87,307

162,441

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

60,000

60,000

60,000

60,000

       

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

40,002

41,000

 

Prime Engineering (Sheffield) Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

Turnover/revenue

810,324

740,066

Cost of sales

Opening raw materials

(30,300)

(19,890)

Purchase of raw materials and consumables

(291,024)

(320,942)

Closing raw materials

300

30,300

Freight and haulage costs

(16,407)

(12,885)

Wages and salaries excluding directors

(133,149)

(134,734)

Social security costs excluding directors

(15,670)

(14,826)

Pension costs defined contribution schemes excluding directors

(1,875)

(1,875)

Staff costs excluding directors

(150,694)

(151,435)

External commission costs

(26,530)

-

Gross profit

295,669

265,214

Distribution costs

Administrative expenses

Audit and accountancy other services

(3,450)

(3,360)

Advertising, promotions and marketing costs

(12,771)

(1,850)

Client entertaining costs

(18,684)

(18,328)

Rent, rates and services costs

(14,779)

(13,626)

Utilities costs

(16,354)

(15,883)

Other repairs and maintenance costs

(12,501)

(6,155)

Depreciation of fixed assets

(25,359)

(26,084)

Vehicle costs

(14,156)

(13,636)

Salaries and fees, directors

(40,002)

(41,000)

Social security costs, directors

(3,788)

(3,442)

Staff costs, directors

(43,790)

(44,442)

Travel and subsistence

(381)

-

Legal and professional costs

(4,020)

(9,083)

Bad debts and impairment losses

(2,802)

-

Bank charges

(120)

(193)

Insurance costs

(10,297)

(8,409)

Telecommunications

(2,645)

(1,563)

Printing, postage and stationery

(1,442)

(908)

Other costs

(13,933)

(21,364)

 

Prime Engineering (Sheffield) Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

Other operating income

Other items

Loss from disposal of fixed assets

(2,024)

-

Profit on ordinary activities before finance charges and interest

96,161

80,330

Bank interest and similar income receivable

4,267

295

Non-bank interest and similar charges

(21)

(621)

Profit on ordinary activities before taxation

100,407

80,004

Tax on profit or loss on ordinary activities

(30,966)

(21,264)

Profit for the financial year

69,441

58,740