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COMPANY REGISTRATION NUMBER: 02672268
Primetone Builders Limited
Filleted Unaudited Financial Statements
31 December 2023
Primetone Builders Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Primetone Builders Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,413
1,814
Current assets
Debtors
7
2,777,069
2,516,428
Cash at bank and in hand
201,946
285,453
------------
------------
2,979,015
2,801,881
Creditors: amounts falling due within one year
8
183,651
141,775
------------
------------
Net current assets
2,795,364
2,660,106
------------
------------
Total assets less current liabilities
2,796,777
2,661,920
------------
------------
Net assets
2,796,777
2,661,920
------------
------------
Capital and reserves
Called up share capital
9
4
4
Profit and loss account
2,796,773
2,661,916
------------
------------
Shareholders funds
2,796,777
2,661,920
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Primetone Builders Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr K F Rabbitte
Director
Company registration number: 02672268
Primetone Builders Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with the provision of FRS 102 Section 1A small entities, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture and Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
20% reducing balance
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
70,843
3,102
--------
-------
Tax on profit
70,843
3,102
--------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
295,700
12,497
---------
--------
Profit on ordinary activities by rate of tax
69,549
2,374
Effect of expenses not deductible for tax purposes
1,200
630
Effect of capital allowances and depreciation
94
98
---------
--------
Tax on profit
70,843
3,102
---------
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
29,597
6,904
3,878
40,379
--------
-------
-------
--------
Depreciation
At 1 January 2023
29,385
6,138
3,042
38,565
Charge for the year
42
191
168
401
--------
-------
-------
--------
At 31 December 2023
29,427
6,329
3,210
38,966
--------
-------
-------
--------
Carrying amount
At 31 December 2023
170
575
668
1,413
--------
-------
-------
--------
At 31 December 2022
212
766
836
1,814
--------
-------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
169,509
39,301
Prepayments and accrued income
3,679
1,064
Director's loan account
185,894
88,632
Amounts owed by a related undertaking
2,391,221
2,371,856
Other debtors
26,766
15,575
------------
------------
2,777,069
2,516,428
------------
------------
The majority of amounts owed by the related undertaking is likely to fall due after more than one year.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
60,731
Trade creditors
37,472
89,340
Accruals and deferred income
9,013
9,960
Corporation tax
70,843
35,934
Social security and other taxes
4,497
1,819
Other creditors
1,095
4,722
---------
---------
183,651
141,775
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
1,400
10,000
Later than 1 year and not later than 5 years
1,400
-------
--------
1,400
11,400
-------
--------
11. Director's advances, credits and guarantees
At the year end the director owed the company £185,894 (2022: £88,632) by way of a directors loan account. This loan, which is shown amongst debtor, has been charged interest of £4,110 (2022: £2,671) and is repayable on demand. The maximum amount outstanding during the year was £257,846.
12. Related party transactions
The company is owed £2,391,221 (2022: £2,371,856) by a related entity. Interest of £29,521 (2022: £28,475) was charged on this loan.