Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true22023-01-01The principal activity of the company is the purchase and rental of property at the Prime Four Business Park.2truefalsetruetrue SC479663 2023-01-01 2023-12-31 SC479663 2022-01-01 2022-12-31 SC479663 2023-12-31 SC479663 2022-12-31 SC479663 c:CompanySecretary1 2023-01-01 2023-12-31 SC479663 c:Director1 2023-01-01 2023-12-31 SC479663 c:Director2 2023-01-01 2023-12-31 SC479663 c:RegisteredOffice 2023-01-01 2023-12-31 SC479663 d:PlantMachinery 2023-01-01 2023-12-31 SC479663 d:PlantMachinery 2023-12-31 SC479663 d:PlantMachinery 2022-12-31 SC479663 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC479663 d:FreeholdInvestmentProperty 2023-12-31 SC479663 d:FreeholdInvestmentProperty 2022-12-31 SC479663 d:CurrentFinancialInstruments 2023-12-31 SC479663 d:CurrentFinancialInstruments 2022-12-31 SC479663 d:Non-currentFinancialInstruments 2023-12-31 SC479663 d:Non-currentFinancialInstruments 2022-12-31 SC479663 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC479663 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC479663 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC479663 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 SC479663 d:ShareCapital 2023-12-31 SC479663 d:ShareCapital 2022-12-31 SC479663 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC479663 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC479663 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 SC479663 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 SC479663 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC479663 c:OrdinaryShareClass1 2023-12-31 SC479663 c:OrdinaryShareClass1 2022-12-31 SC479663 c:FRS102 2023-01-01 2023-12-31 SC479663 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC479663 c:FullAccounts 2023-01-01 2023-12-31 SC479663 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number:SC479663













PRIME FOUR (SERVICES) LIMITED






UNAUDITED
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
PRIME FOUR (SERVICES) LIMITED
 

COMPANY INFORMATION


Directors
G M Bone 
S C Oag 




Company secretary
Brodies Secretarial Services Limited



Registered number
SC479663



Registered office
12 Rubislaw Terrace Lane

Aberdeen

AB10 1XF




Accountants
AAB Business & Tax Advisory LLP
Chartered Accountants

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
PRIME FOUR (SERVICES) LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11

 
PRIME FOUR (SERVICES) LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
PRIME FOUR (SERVICES) LIMITED
REGISTERED NUMBER:SC479663

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
2,007
3,272

Investment property
 5 
1,685,000
1,685,000

  
1,687,007
1,688,272

Current assets
  

Debtors: amounts falling due within one year
 6 
47,883
20,444

Cash at bank and in hand
 7 
7,376
13,274

  
55,259
33,718

Creditors: amounts falling due within one year
 8 
(593,821)
(633,404)

Net current liabilities
  
 
 
(538,562)
 
 
(599,686)

Total assets less current liabilities
  
1,148,445
1,088,586

Creditors: amounts falling due after more than one year
 9 
(610,000)
(682,000)

  

Net assets
  
538,445
406,586


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
537,445
405,586

  
538,445
406,586

Page 2

 
PRIME FOUR (SERVICES) LIMITED
REGISTERED NUMBER:SC479663

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S C Oag
Director

Date: 23 September 2024


The notes on pages 4 to 11 form part of these financial statements.
Page 3

 
PRIME FOUR (SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Prime Four (Services) Limited is a limited liability company incorporated in Scotland whose registered office is 12 Rubislaw Terrace Lane, Aberdeen, AB10 1XF.  The principal activity of the company is the purchase and rental of property at the Prime Four Business Park. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. 
 
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements. 

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied
during the period, exclusive of Value Added Tax and trade discounts.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
PRIME FOUR (SERVICES) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the Balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
PRIME FOUR (SERVICES) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.8

Investment property

Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 6

 
PRIME FOUR (SERVICES) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
PRIME FOUR (SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
12,650



At 31 December 2023

12,650



Depreciation


At 1 January 2023
9,378


Charge for the year on owned assets
1,265



At 31 December 2023

10,643



Net book value



At 31 December 2023
2,007



At 31 December 2022
3,272


5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,685,000



At 31 December 2023
1,685,000

The investment property was revalued during 2021 by external qualified chartered surveyors. The directors believe this valuation reflects the current market value and economic climate as at 31 December 2023.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,690,105
1,690,105

Page 8

 
PRIME FOUR (SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
37,128
5,415

Prepayments and accrued income
10,755
15,029

47,883
20,444



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,376
13,274

7,376
13,274



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
72,000
72,000

Trade creditors
8,849
7,451

Amounts owed to group undertakings
330,450
330,450

Amounts owed to related undertakings
131,270
-

Corporation tax
-
21,650

Other taxation and social security
7,505
9,230

Other creditors
-
152,018

Accruals and deferred income
43,747
40,605

593,821
633,404


The bank borrowings are secured by a standard security over the company's property and by a bond and floating charge over the assets of the company.

Page 9

 
PRIME FOUR (SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
610,000
682,000

610,000
682,000



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
7,376
13,274




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 10

 
PRIME FOUR (SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

The company has taken advantage of the exemptions given by section 1AC.35 of Financial Reporting Standard 102 which allows exemption from disclosure of related party transactions with other group companies.
Transactions
During the year the company charged rent of £104,590 (2022: £104,590) to companies with common directors. There are no amounts outstanding from these companies at the year end. 
During the year the company has paid management charges amounting to £25,200 (2022: £25,200)  to a company with common directors.  At the year end £2,520 (2022 : £nil) remains owed to this company.
During the year the company has received loans from a company with common directors amounting to £128,750.  This balance remains owed to this company at the year end.


13.


Controlling party

The ultimate parent company of Prime Four (Services) Limited is Drum VC Limited, a company registered in Scotland.


Page 11