Registered number
07564755
Prime Time AV Lab Limited
Filleted Accounts
31 March 2024
Prime Time AV Lab Limited
Registered number: 07564755
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 60,450 75,562
Current assets
Debtors 5 3,472,392 3,305,045
Investments held as current assets 6 2,555,074 2,553,490
Cash at bank and in hand 122,366 462,777
6,149,832 6,321,312
Creditors: amounts falling due within one year 7 (284,625) (371,421)
Net current assets 5,865,207 5,949,891
Net assets 5,925,657 6,025,453
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 5,905,895 6,015,453
CT-Carry back loss refund 9,762 -
Shareholder's funds 5,925,657 6,025,453
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Rostyslav Braharnyk
Director
Approved by the board on 9 September 2024
Prime Time AV Lab Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 1,773,202
At 31 March 2024 1,773,202
Amortisation
At 1 April 2023 1,773,202
At 31 March 2024 1,773,202
Net book value
At 31 March 2024 -
4 Tangible fixed assets
Fixtures, fittings, tools and equipment
£
Cost
At 1 April 2023 360,307
At 31 March 2024 360,307
Depreciation
At 1 April 2023 284,745
Charge for the year 15,112
At 31 March 2024 299,857
Net book value
At 31 March 2024 60,450
At 31 March 2023 75,562
5 Debtors 2024 2023
£ £
Trade debtors 21,506 35,691
Other debtors 3,450,886 3,269,354
3,472,392 3,305,045
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 2,555,074 2,553,490
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,443 4,145
Corporation tax 264,129 355,103
Other taxes and social security costs 1,188 1,303
Other creditors 11,865 10,870
284,625 371,421
8 Related party transactions
Included within other creditors is directors loan of £6,864 (2023 - £4,870)
9 Controlling party
Mr Rostyslav Braharnyk is the ultimate controlling party.
10 Other information
Prime Time AV Lab Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 4, Cranbrook House
61 Cranbrook Road
Ilford
Essex
IG1 4PG
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