Company registration number:
for the Year Ended
Prime Molasses Limited
(Registration number: 03814050)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Investments |
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Other financial assets |
2 |
2 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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
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Prime Molasses Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Prime Molasses Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Intangible assets |
Computer software costs |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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Tangible assets |
Furniture, fittings and equipment |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Prime Molasses Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2023 |
2 |
2 |
At 31 December 2023 |
2 |
2 |
Impairment |
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Carrying amount |
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At 31 December 2023 |
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2 |
Stocks |
2023 |
2022 |
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Raw materials and consumables |
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Prime Molasses Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Amounts owed to group undertakings |
528,099 |
1,539,812 |
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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 £
Related party transactions |
Directors' remuneration
Summary of transactions with entities with joint control or significant interest
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
Relationship between entity and parents |
The parent of the largest group in which these financial statements are consolidated is
The address of Peter Cremer GmbH is:
20095 Hamburg
Germany
Audit Report |