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Company registration number: 03814050

Prime Molasses Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Prime Molasses Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Prime Molasses Limited

(Registration number: 03814050)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

151,725

-

Tangible assets

5

22,638

31,705

Investments

6

1

1

Other financial assets

2

2

 

174,366

31,708

Current assets

 

Stocks

7

83,178

153,099

Debtors

8

3,468,767

4,067,337

Cash at bank and in hand

 

22,885

13,479

 

3,574,830

4,233,915

Creditors: Amounts falling due within one year

9

(1,508,060)

(2,406,928)

Net current assets

 

2,066,770

1,826,987

Net assets

 

2,241,136

1,858,695

Capital and reserves

 

Called up share capital

9

9

Profit and loss account

2,241,127

1,858,686

Total equity

 

2,241,136

1,858,695

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 Molasses 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 (£).

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Prime Molasses Limited

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

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.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Office equipment

25% straight line

Intangible assets

Intangible assets are stated at cost, less accumulated amortisation and accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

10% straight line from the date the asset is availible for use

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Prime Molasses Limited

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

Debtors

Trade debtors are amounts due from customers for merchandise 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.

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

 

Prime Molasses Limited

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

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2022 - 7).

 

Prime Molasses Limited

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

4

Intangible assets

Computer software costs
 £

Total
£

Cost or valuation

Additions acquired separately

151,725

151,725

At 31 December 2023

151,725

151,725

Carrying amount

At 31 December 2023

151,725

151,725

5

Tangible assets

Furniture, fittings and equipment
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

27,685

27,643

55,328

Additions

300

3,258

3,558

At 31 December 2023

27,985

30,901

58,886

Depreciation

At 1 January 2023

8,165

15,458

23,623

Charge for the year

6,792

5,833

12,625

At 31 December 2023

14,957

21,291

36,248

Carrying amount

At 31 December 2023

13,028

9,610

22,638

At 31 December 2022

19,520

12,185

31,705

 

Prime Molasses Limited

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2023

1

Provision

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

2

2

At 31 December 2023

2

2

Impairment

Carrying amount

At 31 December 2023

2

2

7

Stocks

2023
£

2022
£

Raw materials and consumables

83,178

153,099

 

Prime Molasses Limited

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

8

Debtors

Current

2023
£

2022
£

Trade debtors

3,304,284

3,895,966

Prepayments

46,647

35,254

Other debtors

117,836

136,117

 

3,468,767

4,067,337

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

352,744

312,180

Taxation and social security

179,601

126,055

Accruals and deferred income

419,632

419,698

Other creditors

27,984

9,183

Amounts owed to group undertakings

528,099

1,539,812

1,508,060

2,406,928

10

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 £628,320 (2022 - £1,053,612). This is in relation to non-cancellable operating leases of which £458,537 (2022 - £457,696) is due to be paid within 1 year, and £83,615 (2022 - £595,916) is due to be paid over 2-5 years.

11

Related party transactions

Directors' remuneration

Summary of transactions with entities with joint control or significant interest

The company maintains an interest free loan account with an entity with joint control or significant influence. At the balance sheet date the amount due to this entity was £23,406 (2022 - £6,343).

The company has taken advantage of the exemption not to disclose transactions with other group companies on the grounds that it is wholly owned.

 

 

Prime Molasses Limited

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

12

Relationship between entity and parents

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

13

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.