Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Property development, property dealing and provision of bridging loans.2truefalse2023-06-01 07641418 2023-06-01 2024-05-31 07641418 2022-06-01 2023-05-31 07641418 2024-05-31 07641418 2023-05-31 07641418 c:Director2 2023-06-01 2024-05-31 07641418 d:CurrentFinancialInstruments 2024-05-31 07641418 d:CurrentFinancialInstruments 2023-05-31 07641418 d:Non-currentFinancialInstruments 2024-05-31 07641418 d:Non-currentFinancialInstruments 2023-05-31 07641418 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 07641418 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 07641418 d:ShareCapital 2024-05-31 07641418 d:ShareCapital 2023-05-31 07641418 d:RetainedEarningsAccumulatedLosses 2024-05-31 07641418 d:RetainedEarningsAccumulatedLosses 2023-05-31 07641418 c:FRS102 2023-06-01 2024-05-31 07641418 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 07641418 c:FullAccounts 2023-06-01 2024-05-31 07641418 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07641418 2 2023-06-01 2024-05-31 07641418 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 07641418










PRIMETOWN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
PRIMETOWN LIMITED
REGISTERED NUMBER: 07641418

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
7,700
7,700

Debtors: amounts falling due within one year
 4 
848,096
2,017,168

Cash at bank and in hand
  
916,375
1,788,835

  
1,772,171
3,813,703

Creditors: amounts falling due within one year
 5 
(1,475,108)
(3,475,413)

Net current assets
  
 
 
297,063
 
 
338,290

Total assets less current liabilities
  
297,063
338,290

  

Net assets
  
297,063
338,290


Capital and reserves
  

Called up share capital 
  
900,002
900,002

Profit and loss account
  
(602,939)
(561,712)

  
297,063
338,290

Page 1

 
PRIMETOWN LIMITED
REGISTERED NUMBER: 07641418
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

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 profit and loss account or the directors' report 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: 




J M Tamman
Director

Date: 1 October 2024

The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
PRIMETOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Primetown Limited is a private company limited by shares and registered in England and Wales (07641418). The registerd office address is 14th Floor, 33 Cavendish Square, London, W1G 0PW. 

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Revenue

Revenue is recognised from interest received from bridging loans issued. Interest income is recognised on an accruals basis in accordance with the terms outlined in the relevant loan agreement. 
The company also receives consultancy fees on an ad hoc basis. 

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
PRIMETOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.7

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.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.

Financial liabilities

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 4

 
PRIMETOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
7,700
7,700


2024
2023
£
£

Due within one year

Other debtors
840,930
2,010,283

Prepayments and accrued income
7,166
6,885

848,096
2,017,168


Page 5

 
PRIMETOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
5
1,110

Other creditors
1,468,913
3,468,914

Accruals and deferred income
6,190
5,389

1,475,108
3,475,413



6.


Related party transactions

Included within other creditors due within one year is an interest free loan to a shareholder to the value of £1,468,913 (2023: £3,468,914). This is repayable on demand.

 
Page 6