Prime Organic Limited 06800431 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the selling of organic feed supplements Digita Accounts Production Advanced 6.30.9574.0 true false true 06800431 2023-01-01 2023-12-31 06800431 2023-12-31 06800431 core:RetainedEarningsAccumulatedLosses 2023-12-31 06800431 core:ShareCapital 2023-12-31 06800431 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06800431 bus:SmallEntities 2023-01-01 2023-12-31 06800431 bus:Audited 2023-01-01 2023-12-31 06800431 bus:FullAccounts 2023-01-01 2023-12-31 06800431 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06800431 bus:RegisteredOffice 2023-01-01 2023-12-31 06800431 bus:Director4 2023-01-01 2023-12-31 06800431 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06800431 core:ParentEntities 2023-01-01 2023-12-31 06800431 1 2023-01-01 2023-12-31 06800431 countries:England 2023-01-01 2023-12-31 06800431 countries:Germany 2023-01-01 2023-12-31 06800431 2022-01-01 2022-12-31 06800431 2022-12-31 06800431 core:RetainedEarningsAccumulatedLosses 2022-12-31 06800431 core:ShareCapital 2022-12-31 06800431 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Company registration number: 06800431

Prime Organic Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Prime Organic Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Prime Organic Limited

(Registration number: 06800431)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

262,559

63,261

Debtors

5

19,204

164,133

Cash at bank and in hand

 

396,502

549,609

 

678,265

777,003

Creditors: Amounts falling due within one year

6

(103,930)

(70,646)

Net assets

 

574,335

706,357

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

574,334

706,356

Total equity

 

574,335

706,357

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 


D C Hughes
Director

   
 

Prime Organic Limited

Notes to the 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.

The address of its registered office is:
5C Business Park
1 Concorde Drive
Clevedon
North Somerset
BS21 6UH

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.

These financial statements are presented in Sterling (£).

Going concern

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

The directors have concluded that the company is a going concern and have prepared the financial statements on that basis. Their assessment has incorporated current and forecast trading (profits and cashflows), including consideration of demand for the company’s product and the certainty of supply.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods net of value added tax in the ordinary course of the company’s activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, 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.

The current 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.

 

Prime Organic Limited

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

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.

Debtors

Trade debtors are amounts due from customers for goods 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.

Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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. Other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities are measured individually at fair value net of transaction costs and subsequently at amortised cost using the effective interest method.

 

Prime Organic Limited

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

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

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 distributions to the company's shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2022 - 3).

4

Stocks

2023
£

2022
£

Stock

262,559

63,261

5

Debtors

2023
£

2022
£

Trade debtors

10,107

118,568

Prepayments

695

38,892

Other debtors

8,402

6,673

 

19,204

164,133

 

Prime Organic Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

45,680

9,601

Accruals and deferred income

58,250

61,045

103,930

70,646

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,000 (2022 - £24,000).

8

Related party transactions

Summary of transactions with parent

The company has taken advantage not to disclose transactions with other group companies on the grounds it is a wholly-owned subsidiary.
 

9

Parent and ultimate parent undertaking

The ultimate controlling party is Peter Cremer GmbH.

The parent of the largest group in which these financial statements are consolidated is Peter Cremer GmbH, incorporated in Germany.

The address of Peter Cremer GmbH is:
Glockengiesserwall 3
20095 Hamburg
Germany

10

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 March 2024 was Christopher Walford BSc ACA, who signed for and on behalf of Albert Goodman LLP.