2023-01-012023-12-312023-12-31false09468043PRIME SOURCE DESIGN LIMITED2024-09-25iso4217:GBPxbrli:pure094680432023-01-01094680432023-12-31094680432023-01-012023-12-31094680432022-01-01094680432022-12-31094680432022-01-012022-12-3109468043bus:SmallEntities2023-01-012023-12-3109468043bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3109468043bus:AbridgedAccounts2023-01-012023-12-3109468043bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109468043core:WithinOneYear2023-12-3109468043core:AfterOneYear2023-12-3109468043core:WithinOneYear2022-12-3109468043core:AfterOneYear2022-12-3109468043core:ShareCapital2023-12-3109468043core:SharePremium2023-12-3109468043core:RevaluationReserve2023-12-3109468043core:OtherReservesSubtotal2023-12-3109468043core:RetainedEarningsAccumulatedLosses2023-12-3109468043core:ShareCapital2022-12-3109468043core:SharePremium2022-12-3109468043core:RevaluationReserve2022-12-3109468043core:OtherReservesSubtotal2022-12-3109468043core:RetainedEarningsAccumulatedLosses2022-12-3109468043core:LandBuildings2023-12-3109468043core:PlantMachinery2023-12-3109468043core:Vehicles2023-12-3109468043core:FurnitureFittings2023-12-3109468043core:OfficeEquipment2023-12-3109468043core:NetGoodwill2023-12-3109468043core:IntangibleAssetsOtherThanGoodwill2023-12-3109468043core:ListedExchangeTraded2023-12-3109468043core:UnlistedNon-exchangeTraded2023-12-3109468043core:LandBuildings2022-12-3109468043core:PlantMachinery2022-12-3109468043core:Vehicles2022-12-3109468043core:FurnitureFittings2022-12-3109468043core:OfficeEquipment2022-12-3109468043core:NetGoodwill2022-12-3109468043core:IntangibleAssetsOtherThanGoodwill2022-12-3109468043core:ListedExchangeTraded2022-12-3109468043core:UnlistedNon-exchangeTraded2022-12-3109468043core:LandBuildings2023-01-012023-12-3109468043core:PlantMachinery2023-01-012023-12-3109468043core:Vehicles2023-01-012023-12-3109468043core:FurnitureFittings2023-01-012023-12-3109468043core:OfficeEquipment2023-01-012023-12-3109468043core:NetGoodwill2023-01-012023-12-3109468043core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109468043core:ListedExchangeTraded2023-01-012023-12-3109468043core:UnlistedNon-exchangeTraded2023-01-012023-12-3109468043core:MoreThanFiveYears2023-01-012023-12-3109468043core:Non-currentFinancialInstruments2023-12-3109468043core:Non-currentFinancialInstruments2022-12-3109468043dpl:CostSales2023-01-012023-12-3109468043dpl:DistributionCosts2023-01-012023-12-3109468043core:LandBuildings2023-01-012023-12-3109468043core:PlantMachinery2023-01-012023-12-3109468043core:Vehicles2023-01-012023-12-3109468043core:FurnitureFittings2023-01-012023-12-3109468043core:OfficeEquipment2023-01-012023-12-3109468043dpl:AdministrativeExpenses2023-01-012023-12-3109468043core:NetGoodwill2023-01-012023-12-3109468043core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109468043dpl:GroupUndertakings2023-01-012023-12-3109468043dpl:ParticipatingInterests2023-01-012023-12-3109468043dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3109468043core:ListedExchangeTraded2023-01-012023-12-3109468043dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3109468043core:UnlistedNon-exchangeTraded2023-01-012023-12-3109468043dpl:CostSales2022-01-012022-12-3109468043dpl:DistributionCosts2022-01-012022-12-3109468043core:LandBuildings2022-01-012022-12-3109468043core:PlantMachinery2022-01-012022-12-3109468043core:Vehicles2022-01-012022-12-3109468043core:FurnitureFittings2022-01-012022-12-3109468043core:OfficeEquipment2022-01-012022-12-3109468043dpl:AdministrativeExpenses2022-01-012022-12-3109468043core:NetGoodwill2022-01-012022-12-3109468043core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3109468043dpl:GroupUndertakings2022-01-012022-12-3109468043dpl:ParticipatingInterests2022-01-012022-12-3109468043dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3109468043core:ListedExchangeTraded2022-01-012022-12-3109468043dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3109468043core:UnlistedNon-exchangeTraded2022-01-012022-12-3109468043core:NetGoodwill2023-12-3109468043core:IntangibleAssetsOtherThanGoodwill2023-12-3109468043core:LandBuildings2023-12-3109468043core:PlantMachinery2023-12-3109468043core:Vehicles2023-12-3109468043core:FurnitureFittings2023-12-3109468043core:OfficeEquipment2023-12-3109468043core:AfterOneYear2023-12-3109468043core:WithinOneYear2023-12-3109468043core:ListedExchangeTraded2023-12-3109468043core:UnlistedNon-exchangeTraded2023-12-3109468043core:ShareCapital2023-12-3109468043core:SharePremium2023-12-3109468043core:RevaluationReserve2023-12-3109468043core:OtherReservesSubtotal2023-12-3109468043core:RetainedEarningsAccumulatedLosses2023-12-3109468043core:NetGoodwill2022-12-3109468043core:IntangibleAssetsOtherThanGoodwill2022-12-3109468043core:LandBuildings2022-12-3109468043core:PlantMachinery2022-12-3109468043core:Vehicles2022-12-3109468043core:FurnitureFittings2022-12-3109468043core:OfficeEquipment2022-12-3109468043core:AfterOneYear2022-12-3109468043core:WithinOneYear2022-12-3109468043core:Listed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PRIME SOURCE DESIGN LIMITED

Registered Number
09468043
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PRIME SOURCE DESIGN 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

09468043 (England and Wales)
PRIME SOURCE DESIGN LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

ASSETS
Fixed assets
Tangible assets4387,740384,715
387,740384,715
Current assets
Debtors52,0262,874
Cash at bank and in hand8,0433,509
10,0696,383
10,0696,383
397,809391,098
CAPITAL, RESERVES AND LIABILITIES
Capital and reserves
Called up share capital100100
Profit and loss account(25,773)(26,766)
(25,673)(26,666)
Liabilities
Creditors amounts falling due within one year6423,482417,764
397,809391,098
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. 09468043
PRIME SOURCE DESIGN LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
Prime Source Design 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.
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.
Going concern
Total liabilities exceed current assets at the balance sheet date. The directors consider, however that the company has sufficient liquid assets, to meet its liabilities as and when they fall due, and that the company has sufficient support from its creditors. Accordingly, the director considers that it is appropriate to prepare the accounts on a going concern basis.
Turnover policy
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
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
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investments
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
2.Average number of employees
The average number of employees during the year was NIL

20232022
Average number of employees during the year00
3.Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23414,494
Additions4,601
At 31 December 23389,504
Depreciation and impairment
At 01 January 2329,778
Charge for year1,577
At 31 December 231,765
Net book value
At 31 December 23387,740
At 31 December 22384,715
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures & Fittings - 20% straight line method
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables2,0262,874
Total2,0262,874
Amount Due from TDS - £548 Deposit - £1,478
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables146,833145,493
Bank borrowings and overdrafts981980
Amounts owed to related parties274,391270,691
Accrued liabilities and deferred income1,277600
Total423,482417,764