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REGISTERED NUMBER: 06452722 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PRIORITY ONE IT LIMITED

PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 4

Notes to the Financial Statements 5


PRIORITY ONE IT LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: J D Abbott
S M Thomson
Mrs S J Thomson





SECRETARY: S Thomson





REGISTERED OFFICE: 18 Crucifix Lane
LONDON
SE1 3JW





REGISTERED NUMBER: 06452722 (England and Wales)





ACCOUNTANTS: Stein Richards
Chartered Accountants
10 London Mews
Paddington
LONDON
W2 1HY

PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 291,542
Tangible assets 5 22,658 37,617
22,658 329,159

CURRENT ASSETS
Debtors 6 663,358 812,874
Cash at bank 149,740 197,566
813,098 1,010,440
CREDITORS
Amounts falling due within one year 7 427,917 1,194,436
NET CURRENT ASSETS/(LIABILITIES) 385,181 (183,996 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

407,839

145,163

PROVISIONS FOR LIABILITIES 4,532 -
NET ASSETS 403,307 145,163

CAPITAL AND RESERVES
Called up share capital 105 105
Share premium 9 50,585 50,585
Retained earnings 9 352,617 94,473
SHAREHOLDERS' FUNDS 403,307 145,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722)

BALANCE SHEET - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





S M Thomson - Director


PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 105 632,327 50,585 683,017

Changes in equity
Dividends - (566,154 ) - (566,154 )
Total comprehensive income - 28,300 - 28,300
Balance at 31 December 2022 105 94,473 50,585 145,163

Changes in equity
Total comprehensive income - 258,144 - 258,144
Balance at 31 December 2023 105 352,617 50,585 403,307

PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Priority One It Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured as the fair value of consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised.

Rendering of services
Revenue from a contract to provide services are recognised in the period to which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable the Company will receive the consideration due under the contract; and
- the stage of completion of the contact at the period end of reporting period can be measured by reliably;

Provision of goods
Revenue from sale of goods are recognised in respect of invoiced goods which have been invoiced and supplied in the period.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% straight line
Office equipment - 25% straight line

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments/receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised costs using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date.


PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred until the development phase reached is expected to generate future economic benefit due to the existence of a market. Once this phase is reached the development costs are capitalised and amortised over the assets estimated economic lifetime of 10 years.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

Share options
For transactions with employees, the fair value of the equity instruments shall be measured at grant date. Any share based payment charge arising from the measurement at fair value and the actual grant price will be charged to the Income Statement over the applicable vesting period.

For equity-settled share based payment transactions, an entity shall measure the services received and the corresponding increase in equity, at the fair value of services received, unless that fair value cannot be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 37 ) .

PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 323,935
Disposals (323,935 )
At 31 December 2023 -
AMORTISATION
At 1 January 2023 32,393
Eliminated on disposal (32,393 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 291,542

5. TANGIBLE FIXED ASSETS
Fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 7,851 237,987 245,838
Additions - 6,783 6,783
Disposals (6,243 ) (197,765 ) (204,008 )
At 31 December 2023 1,608 47,005 48,613
DEPRECIATION
At 1 January 2023 5,466 202,755 208,221
Charge for year 402 9,853 10,255
Eliminated on disposal (5,224 ) (187,297 ) (192,521 )
At 31 December 2023 644 25,311 25,955
NET BOOK VALUE
At 31 December 2023 964 21,694 22,658
At 31 December 2022 2,385 35,232 37,617

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 468,858 484,557
Other debtors 194,500 328,317
663,358 812,874

PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 148,053 181,993
Taxation and social security 225,403 175,606
Other creditors 54,461 836,837
427,917 1,194,436

8. SHARE OPTION SCHEME

The company's share option scheme is a Share Incentive Plan (SIP) with the first award made on 1 January 2017. The company has 5,000 non-voting £0.001 A shares held in a SIP Trust which can be awarded to eligible employees as Free shares. To be eligible the individual must be an employee of the company, employed for a qualifying period (typically 18 months) and entered into a Free Share agreement. The number of shares awarded shall be determined by the directors with the market value at the award date of shares awarded not to exceed £3,600 per individual. The number of shares awarded is with reference to performance criteria. The Free Shares must be held within the Trust under the ownership of the Trustees for a holding period of 3 years.

Shares were valued using 5 times multiple of the averaged expected profits for the financial years ended 31 December 2017-2019. The valuation was £10/share.

The first shares were awarded in the year ended 31 December 2017 as follows:
2,434 Free shares with an exercise price of £nil.

The total charge for the year ended 31 December 2017 relating to employee share based payments plans was £24,340.

No movement in shares arose in the current period.

9. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 94,473 50,585 145,058
Profit for the year 258,144 258,144
At 31 December 2023 352,617 50,585 403,202

10. OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet amount to £33,300 (2022: £33,300).

11. RELATED PARTY DISCLOSURES

During the year the company repaid the brought forward balance owed to the directors in the sum of £280,000 in full. In the prior year this was disclosed in in Other creditors. No interest was paid on the loan.

During the year, the company loaned £123,257 to a UK Incorporated company owned n y the same shareholders. The balance is included within Other debtors. The loan is repayable on demand and no interest is charged.