2023-01-012023-12-312023-12-31false07524060PRIME SOURCE MANAGEMENT LIMITED2024-09-25iso4217:GBPxbrli:pure075240602023-01-01075240602023-12-31075240602023-01-012023-12-31075240602022-01-01075240602022-12-31075240602022-01-012022-12-3107524060bus:SmallEntities2023-01-012023-12-3107524060bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3107524060bus:FullAccounts2023-01-012023-12-3107524060bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107524060core:WithinOneYear2023-12-3107524060core:AfterOneYear2023-12-3107524060core:WithinOneYear2022-12-3107524060core:AfterOneYear2022-12-3107524060core:ShareCapital2023-12-3107524060core:SharePremium2023-12-3107524060core:RevaluationReserve2023-12-3107524060core:OtherReservesSubtotal2023-12-3107524060core:RetainedEarningsAccumulatedLosses2023-12-3107524060core:ShareCapital2022-12-3107524060core:SharePremium2022-12-3107524060core:RevaluationReserve2022-12-3107524060core:OtherReservesSubtotal2022-12-3107524060core:RetainedEarningsAccumulatedLosses2022-12-3107524060core:LandBuildings2023-12-3107524060core:PlantMachinery2023-12-3107524060core:Vehicles2023-12-3107524060core:FurnitureFittings2023-12-3107524060core:OfficeEquipment2023-12-3107524060core:NetGoodwill2023-12-3107524060core:IntangibleAssetsOtherThanGoodwill2023-12-3107524060core:ListedExchangeTraded2023-12-3107524060core:UnlistedNon-exchangeTraded2023-12-3107524060core:LandBuildings2022-12-3107524060core:PlantMachinery2022-12-3107524060core:Vehicles2022-12-3107524060core:FurnitureFittings2022-12-3107524060core:OfficeEquipment2022-12-3107524060core:NetGoodwill2022-12-3107524060core:IntangibleAssetsOtherThanGoodwill2022-12-3107524060core:ListedExchangeTraded2022-12-3107524060core:UnlistedNon-exchangeTraded2022-12-3107524060core:LandBuildings2023-01-012023-12-3107524060core:PlantMachinery2023-01-012023-12-3107524060core:Vehicles2023-01-012023-12-3107524060core:FurnitureFittings2023-01-012023-12-3107524060core:OfficeEquipment2023-01-012023-12-3107524060core:NetGoodwill2023-01-012023-12-3107524060core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107524060core:ListedExchangeTraded2023-01-012023-12-3107524060core:UnlistedNon-exchangeTraded2023-01-012023-12-3107524060core:MoreThanFiveYears2023-01-012023-12-3107524060core:Non-currentFinancialInstruments2023-12-3107524060core:Non-currentFinancialInstruments2022-12-3107524060dpl:CostSales2023-01-012023-12-3107524060dpl:DistributionCosts2023-01-012023-12-3107524060core:LandBuildings2023-01-012023-12-3107524060core:PlantMachinery2023-01-012023-12-3107524060core:Vehicles2023-01-012023-12-3107524060core:FurnitureFittings2023-01-012023-12-3107524060core:OfficeEquipment2023-01-012023-12-3107524060dpl:AdministrativeExpenses2023-01-012023-12-3107524060core:NetGoodwill2023-01-012023-12-3107524060core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107524060dpl:GroupUndertakings2023-01-012023-12-3107524060dpl:ParticipatingInterests2023-01-012023-12-3107524060dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3107524060core:ListedExchangeTraded2023-01-012023-12-3107524060dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3107524060core:UnlistedNon-exchangeTraded2023-01-012023-12-3107524060dpl:CostSales2022-01-012022-12-3107524060dpl:DistributionCosts2022-01-012022-12-3107524060core:LandBuildings2022-01-012022-12-3107524060core:PlantMachinery2022-01-012022-12-3107524060core:Vehicles2022-01-012022-12-3107524060core:FurnitureFittings2022-01-012022-12-3107524060core:OfficeEquipment2022-01-012022-12-3107524060dpl:AdministrativeExpenses2022-01-012022-12-3107524060core:NetGoodwill2022-01-012022-12-3107524060core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3107524060dpl:GroupUndertakings2022-01-012022-12-3107524060dpl:ParticipatingInterests2022-01-012022-12-3107524060dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3107524060core:ListedExchangeTraded2022-01-012022-12-3107524060dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3107524060core:UnlistedNon-exchangeTraded2022-01-012022-12-3107524060core:NetGoodwill2023-12-3107524060core:IntangibleAssetsOtherThanGoodwill2023-12-3107524060core:LandBuildings2023-12-3107524060core:PlantMachinery2023-12-3107524060core:Vehicles2023-12-3107524060core:FurnitureFittings2023-12-3107524060core:OfficeEquipment2023-12-3107524060core:AfterOneYear2023-12-3107524060core:WithinOneYear2023-12-3107524060core:ListedExchangeTraded2023-12-3107524060core:UnlistedNon-exchangeTraded2023-12-3107524060core:ShareCapital2023-12-3107524060core:SharePremium2023-12-3107524060core:RevaluationReserve2023-12-3107524060core:OtherReservesSubtotal2023-12-3107524060core:RetainedEarningsAccumulatedLosses2023-12-3107524060core:NetGoodwill2022-12-3107524060core:IntangibleAssetsOtherThanGoodwill2022-12-3107524060core:LandBuildings2022-12-3107524060core:PlantMachinery2022-12-3107524060core:Vehicles2022-12-3107524060core:FurnitureFittings2022-12-3107524060core:OfficeEquipment2022-12-3107524060core:AfterOneYear2022-12-3107524060core:WithinOneYear2022-12-3107524060core:ListedExch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PRIME SOURCE MANAGEMENT LIMITED

Registered Number
07524060
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PRIME SOURCE MANAGEMENT LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

MARSH, Clare
MARSH, Ian

Registered Address

5 Forest Drive Elmbridge Gate
Fyfield
Ongar
CM5 0TP

Registered Number

07524060 (England and Wales)
PRIME SOURCE MANAGEMENT LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4103,53041,729
Investments5821921
104,35142,650
Current assets
Debtors61,223,602502,892
Cash at bank and on hand399,860561,000
1,623,4621,063,892
Creditors amounts falling due within one year7(908,984)(36,570)
Net current assets (liabilities)714,4781,027,322
Total assets less current liabilities818,8291,069,972
Net assets818,8291,069,972
Capital and reserves
Called up share capital200200
Profit and loss account818,6291,069,772
Shareholders' funds818,8291,069,972
The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2024, and are signed on its behalf by:
MARSH, Ian
Director
Registered Company No. 07524060
PRIME SOURCE MANAGEMENT LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
Prime Source Management 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 Company principal activities during the period were that of arranging the manufacturing and sale of garments together with research and development to enable the resolution of technical uncertainties relating to the development of new and existing products. In addition the company provides after sales services to its Hong Kong based subsidiary.
Basis of preparation
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 policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined benefit pension plan
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.
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.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Fixtures and fittings - 20% straight line Motor vehicles - 25% straight line Office Equipment - 33% straight line
Investments
Investments in subsidiary undertakings are recognised at cost
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Related parties
Prime Source Design Limited Prime Source Management Limited and Prime Source Design Limited had common directors and shareholders. Directors and shareholders The company is under the control of Mr I Marsh and Mrs C Marsh who are both directors and each owns 100 shares in PSML.
2.Average number of employees

20232022
Average number of employees during the year65
3.Prior period adjustment
Prior period adjustment for corporation tax has been made in current year's account. The R&D claim was reversed for the year 2021 and 2022 and the adjustment have been made for it in current year.
4.Tangible fixed assets

Vehicles

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 January 2361,6774,95619,30885,941
Additions119,9419046,876127,721
Disposals(50,917)--(50,917)
At 31 December 23130,7015,86026,184162,745
Depreciation and impairment
At 01 January 2326,8011,70915,70244,212
Charge for year41,6691,0193,07445,762
On disposals(30,763)--(30,763)
Other adjustments--44
At 31 December 2337,7072,72818,78059,215
Net book value
At 31 December 2392,9943,1327,404103,530
At 31 December 2234,8763,2473,60641,729
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 23921921
Disposals(100)(100)
At 31 December 23821821
Net book value
At 31 December 23821821
At 31 December 22921921

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables2,1951,500
Amounts owed by group undertakings1,124,829433,109
Other debtors59,99766,910
Prepayments and accrued income36,5811,373
Total1,223,602502,892
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables9,36917,318
Amounts owed to related parties889,840-
Taxation and social security7,7877,224
Other creditors-2
Accrued liabilities and deferred income1,98812,026
Total908,98436,570