Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Richard Mark Mathias David Francis Speakman 24 May 2024 The principal activity of the Company during the financial year was the construction of domestic buildings. On completion of initial development site, several residential properties were let to tenants prior to sale. 08130936 2023-12-31 08130936 2022-12-31 08130936 core:CurrentFinancialInstruments 2023-12-31 08130936 core:CurrentFinancialInstruments 2022-12-31 08130936 core:ShareCapital 2023-12-31 08130936 core:ShareCapital 2022-12-31 08130936 core:RetainedEarningsAccumulatedLosses 2023-12-31 08130936 core:RetainedEarningsAccumulatedLosses 2022-12-31 08130936 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 08130936 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 08130936 bus:OrdinaryShareClass1 2023-12-31 08130936 bus:OrdinaryShareClass2 2023-12-31 08130936 bus:PreferenceShareClass1 2023-12-31 08130936 2023-01-01 2023-12-31 08130936 bus:FilletedAccounts 2023-01-01 2023-12-31 08130936 bus:SmallEntities 2023-01-01 2023-12-31 08130936 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08130936 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08130936 bus:Director1 2023-01-01 2023-12-31 08130936 bus:Director2 2023-01-01 2023-12-31 08130936 2022-01-01 2022-12-31 08130936 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08130936 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 08130936 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 08130936 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 08130936 bus:PreferenceShareClass1 2023-01-01 2023-12-31 08130936 bus:PreferenceShareClass1 2022-01-01 2022-12-31 08130936 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08130936 (England and Wales)

PRIME STRUCTURES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PRIME STRUCTURES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PRIME STRUCTURES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
PRIME STRUCTURES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
2023 2022
£ £
Current assets
Stocks 125,000 125,000
Debtors 3 234 234
Cash at bank and in hand 4,028 5,260
129,262 130,494
Creditors: amounts falling due within one year 4 ( 3,493,276) ( 3,498,870)
Net current liabilities (3,364,014) (3,368,376)
Total assets less current liabilities (3,364,014) (3,368,376)
Net liabilities ( 3,364,014) ( 3,368,376)
Capital and reserves
Called-up share capital 5 2,596,470 2,596,470
Profit and loss account ( 5,960,484 ) ( 5,964,846 )
Total shareholders' deficit ( 3,364,014) ( 3,368,376)

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.

Directors' responsibilities:

The financial statements of Prime Structures Limited (registered number: 08130936) were approved and authorised for issue by the Board of Directors on 24 May 2024. They were signed on its behalf by:

Richard Mark Mathias
Director
PRIME STRUCTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PRIME STRUCTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Prime Structures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £3,364,014. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Debtors

2023 2022
£ £
VAT recoverable 234 234

4. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Parent undertakings 113,093 118,685
Accruals 2,850 2,852
Other creditors 3,377,333 3,377,333
3,493,276 3,498,870

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Deferred ordinary share of £ 1.00 1 1
1 Ordinary share of £ 1.00 1 1
2 2
2,596,468 Redeemable preference shares of £ 1.00 each 2,596,468 2,596,468
2,596,470 2,596,470

6. Ultimate controlling party

The parent company is Genus Capital Limited, a company registered in England and Wales, registered number 10384968. The registered office is 2nd Floor Stratus House, Emperor Way, Exeter Business Park, EX1 3QS. The ultimate holding company of Genus Capital Limited is SCP Genus Holdings, incorporated in Monaco.