Registered number
05322957
NPRIME Limited
Filleted Accounts
31 December 2023
NPRIME Limited
Registered number: 05322957
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,435,546 1,535,456
Current assets
Stocks - 36,065
Debtors 4 116,663 566,993
Cash at bank and in hand 997 74,700
117,660 677,758
Creditors: amounts falling due within one year 5 (299,200) (550,151)
Net current (liabilities)/assets (181,540) 127,607
Total assets less current liabilities 1,254,006 1,663,063
Creditors: amounts falling due after more than one year 6 (435,625) (533,611)
Provisions for liabilities (96,038) (79,067)
Deferred income 8 (87,362) (89,258)
Net assets 634,981 961,127
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 633,981 960,127
Shareholders' funds 634,981 961,127
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Ciaran O'Shea
Director
Approved by the board on 24.09.2024
NPRIME Limited
Notes to the Accounts
for the year ended 31 December 2023
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).
The results for the year to 31st December 2023 were disappointing and trade continued to be slow in the first half of the following year to 31st December 2024. The company is reliant on the continued support of the bank.
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:
Freehold buildings over 50 years
Plant and machinery 15 - 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 17
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 1,117,342 1,230,677 2,348,019
Additions - 15,431 15,431
Disposals - (28,072) (28,072)
At 31 December 2023 1,117,342 1,218,036 2,335,378
Depreciation
At 1 January 2023 100,564 711,999 812,563
Charge for the year 22,347 84,493 106,840
On disposals - (19,571) (19,571)
At 31 December 2023 122,911 776,921 899,832
Net book value
At 31 December 2023 994,431 441,115 1,435,546
At 31 December 2022 1,016,778 518,678 1,535,456
4 Debtors 2023 2022
£ £
Trade debtors 54,114 541,832
Other debtors 62,549 25,161
116,663 566,993
Included in debtors is £30504 R&D tax credit claim.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 159,172 122,786
Obligations under finance lease and hire purchase contracts 7,964 10,176
Trade creditors 66,689 268,460
Taxation and social security costs 51,002 116,300
Other creditors 14,373 32,429
299,200 550,151
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 429,396 519,868
Obligations under finance lease and hire purchase contracts 6,229 13,743
435,625 533,611
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 91,961 138,877
Secured bank loans 535,428 642,749
The security comprises: A first legal mortgage over the freehold property together with a debenture comprising fixed and floating charges over all the assets and undertakings. The Company has 2 CBLS loans: total owed £171,667, (2022: £233,333)
8 Deferred income
In 2019 the company entered into a grant agreement with Barnlsey,Doncaster,Rotherham and Sheffield combined authority. The grant, from the Business Investment Fund, totalled £94956. The grant represented 19% of the total cost of building the extention to the existing property. The project outcomes were the creation of 10 additional jobs. Due to the impact of Covid 19 the timescale for the creation of the jobs has been extended. £1900 has been transfered to the P&L account to set against depreciation on the property. The grant terms provide for the potential clawback of £1900 per job not created.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 2,918 100
10 Controlling party
The company is a wholly owned subsidiary of NPRIME Holdings Limited. Nprime Holdings Limited is the controlling party.
11 Other information
NPRIME Limited is a private company limited by shares and incorporated in England. Its registered office is:
386 Coleridge Road
Sheffield
S9 5DD
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