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REGISTERED NUMBER: 02543023 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Priority Business Limited

Priority Business Limited (Registered number: 02543023)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Priority Business Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: J G Ashley-Cowan





SECRETARY: Mrs C Ashley-Cowan





REGISTERED OFFICE: Priority House
8 Turret Lane
Ipswich
Suffolk
IP4 1DL





REGISTERED NUMBER: 02543023 (England and Wales)





ACCOUNTANTS: Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ

Priority Business Limited (Registered number: 02543023)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 588,160 495,955

CURRENT ASSETS
Debtors 5 1,351,095 1,138,234
Cash at bank and in hand 1,347,949 1,674,474
2,699,044 2,812,708
CREDITORS
Amounts falling due within one year 6 1,575,732 1,592,795
NET CURRENT ASSETS 1,123,312 1,219,913
TOTAL ASSETS LESS CURRENT LIABILITIES 1,711,472 1,715,868

CREDITORS
Amounts falling due after more than one
year

7

(15,000

)

(25,000

)

PROVISIONS FOR LIABILITIES (144,717 ) (90,988 )
NET ASSETS 1,551,755 1,599,880

CAPITAL AND RESERVES
Called up share capital 9 167,000 167,000
Share premium 28,000 28,000
Retained earnings 1,356,755 1,404,880
SHAREHOLDERS' FUNDS 1,551,755 1,599,880

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 director acknowledges his 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 Business Limited (Registered number: 02543023)

Statement of Financial Position - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 July 2024 and were signed by:





J G Ashley-Cowan - Director


Priority Business Limited (Registered number: 02543023)

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

1. STATUTORY INFORMATION

Priority Business 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents commissions earned on hotel bookings and charges for management services excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - in accordance with the property lease
Computer equipment - 33% on cost
Fixtures and fittings - 15% on cost
Computer software - 10% on cost

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 accounts receivable and payable, bank facilities and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


Priority Business Limited (Registered number: 02543023)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Computer and Computer
improvements equipment fittings software Totals
£    £    £    £    £   
COST
At 1 January 2023 65,301 133,250 51,338 511,623 761,512
Additions - 8,047 1,641 121,926 131,614
Disposals - (649 ) - - (649 )
At 31 December 2023 65,301 140,648 52,979 633,549 892,477
DEPRECIATION
At 1 January 2023 26,867 95,477 43,404 99,809 265,557
Charge for year 4,478 16,559 5,884 12,349 39,270
Eliminated on disposal - (510 ) - - (510 )
At 31 December 2023 31,345 111,526 49,288 112,158 304,317
NET BOOK VALUE
At 31 December 2023 33,956 29,122 3,691 521,391 588,160
At 31 December 2022 38,434 37,773 7,934 411,814 495,955

Priority Business Limited (Registered number: 02543023)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,133,739 904,205
Amounts owed by related company 174,909 166,140
Director's current account 1,877 10,561
Corporation tax - 18,645
Prepayments 40,570 38,683
1,351,095 1,138,234

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,370,156 1,484,478
Taxation and social security 103,477 75,991
Other creditors 92,099 22,326
1,575,732 1,592,795

The bank loan relates to a government backed business Bounce Back Loan.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 15,000 25,000

The bank loan relates to a government backed business Bounce Back Loan.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 45,000 45,000
Between one and five years 180,000 180,000
In more than five years 116,250 161,250
341,250 386,250

The lease payments relate to a 15 year property lease commencing 27 July 2016.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
835,000 Ordinary 20p 167,000 167,000

Priority Business Limited (Registered number: 02543023)

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

10. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 100,000 100,000

The capital commitments relate to the development of a new IT system.

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J G Ashley-Cowan
Balance outstanding at start of year 10,561 (1,659 )
Amounts advanced 107,316 93,845
Amounts repaid (116,000 ) (81,625 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,877 10,561

12. RELATED PARTY DISCLOSURES

The company operates from a property owned by a related company, Little Pumpkin Properties Limited. The rent paid during the year was £45,000 (2022 - £45,000).

Included within debtors is £174,909 (2022 - £166,140) owed by Little Pumpkin Properties Limited. This amount is repayable on demand and carries interest at a rate of base plus 0.5% per annum.

13. BSP OUTSTANDING CASH SALES

As at 31 December 2023, the amount due to BSP for outstanding cash sales was £63 (2022 - £nil).