PRIME VAPE LIMITED
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Company registration number 11166028
Date
Approval date of the accounts by the board 06/09/2024
Date
Date of signing on the audit/accountants report 06/09/2024
Date of engagement letter (required for Date
CA and ACCA reports)
Person signing directors' report:
Name of director Mr. Saleem Muhammad
Or, name of secretary
Name of director signing balance sheet Mr. Saleem Muhammad
Address of registered office:
Address line 1 66 Old Hall Lane
Address line 2 Rusholme
City or town Manchester
County or region England
Postcode M13 0UD
Name of auditors/accountants Clearcut Accounting
Type of firm (eg Chartered Accountants) Accountants and Tax Advisers
Address of auditors/accountants
Address line 1 Suite 2, Parkway 5
Address line 2 Parkway Business Centre
City or town 300 Princess Road
County or region Manchester
Postcode M14 7HR
Prior year adjustments (+ for a gain; - for a loss) £
Correction of prior year errors
Effect of retrospective changes in accounting policies
More info on prior year adjustments
Number Number
Average number of persons employed by the company 1 1
Registered number
11166028
PRIME VAPE LIMITED
Filleted Accounts
30 June 2024
PRIME VAPE LIMITED
Registered number: 11166028
Balance Sheet
as at 30 June 2024
Notes 2024 2022
£ £
Fixed assets
Tangible assets 3 - 305
Current assets
Stocks - 11,750
Debtors 4 8,812 12,600
Cash at bank and in hand 4,127 11,261
12,939 35,611
Creditors: amounts falling due within one year 5 (325) (12,457)
Net current assets 12,614 23,154
Total assets less current liabilities 12,614 23,459
Creditors: amounts falling due after more than one year 6 (11,267) (25,897)
Net assets/(liabilities) 1,347 (2,438)
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,346 (2,439)
Shareholder's funds 1,347 (2,438)
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.
Mr. Saleem Muhammad
Director
Approved by the board on 6 September 2024
PRIME VAPE LIMITED
Notes to the Accounts
for the period from 1 January 2023 to 30 June 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
FA - Plant and Machinery over 3 years
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 and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 999
At 30 June 2024 999
Depreciation
At 1 January 2023 694
Charge for the period 305
At 30 June 2024 999
Net book value
At 30 June 2024 -
At 31 December 2022 305
4 Debtors 2024 2022
£ £
Trade debtors 33 2,391
Other debtors 8,779 10,209
8,812 12,600
5 Creditors: amounts falling due within one year 2024 2022
£ £
Trade creditors - 10,930
Taxation and social security costs 325 372
Other creditors - 1,155
325 12,457
6 Creditors: amounts falling due after one year 2024 2022
£ £
Bank loans 11,267 25,897
7 Controlling party
The director controls the company.
8 Other information
PRIME VAPE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
66 Old Hall Lane
Rusholme
Manchester
England
M13 0UD
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