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REGISTERED NUMBER: SC390484 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Primate Incorporated Limited

Primate Incorporated Limited (Registered number: SC390484)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Primate Incorporated Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: B A Oleszczyk
G F McLachlan
R Mackenzie-Smith





REGISTERED OFFICE: 6 Logie Mill
Beaverbank Business Park
Edinburgh
Lothian
EH7 4HG





REGISTERED NUMBER: SC390484 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Primate Incorporated Limited (Registered number: SC390484)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,675 4,086

CURRENT ASSETS
Debtors 5 69,952 76,022
Cash at bank 82,737 124,195
152,689 200,217
CREDITORS
Amounts falling due within one year 6 80,624 108,964
NET CURRENT ASSETS 72,065 91,253
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,740

95,339

CREDITORS
Amounts falling due after more than one year 7 (15,000 ) (21,667 )

PROVISIONS FOR LIABILITIES 9 (444 ) (1,244 )
NET ASSETS 58,296 72,428

CAPITAL AND RESERVES
Called up share capital 10 3 3
Retained earnings 58,293 72,425
SHAREHOLDERS' FUNDS 58,296 72,428

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:




G F McLachlan - Director



B A Oleszczyk - Director


Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Primate Incorporated Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:


Improvements to property-33% on cost
Fixtures and fittings-33% on cost
Computer equipment-33% on cost
Plant and Machinery -20% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Pension costs and other post-retirement benefits
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.

Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 9,220 317 16,205 24,687 50,429
Additions - - 1,045 864 1,909
Disposals - (107 ) (3,674 ) (924 ) (4,705 )
At 31 March 2024 9,220 210 13,576 24,627 47,633
DEPRECIATION
At 1 April 2023 9,220 106 15,415 21,602 46,343
Charge for year - 42 696 2,903 3,641
Eliminated on disposal - (22 ) (3,424 ) (580 ) (4,026 )
At 31 March 2024 9,220 126 12,687 23,925 45,958
NET BOOK VALUE
At 31 March 2024 - 84 889 702 1,675
At 31 March 2023 - 211 790 3,085 4,086

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 62,812 70,867
Other debtors 5,175 -
Prepayments and accrued income 1,965 5,155
69,952 76,022

Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 8,028 3,422
Credit card 37 608
Tax 6,945 9,037
Social security and other taxes 5,049 8,649
VAT 31,061 38,196
Other creditors 1,943 1,417
Directors' current accounts 754 7,270
Accrued expenses 6,364 8,274
Deferred income 10,443 22,091
Government Loan 10,000 10,000
80,624 108,964

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Government Loan 15,000 21,667

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 17,250 30,000
Between one and five years - 37,500
17,250 67,500

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 444 1,244

Deferred
tax
£   
Balance at 1 April 2023 1,244
Provided during year (800 )
Balance at 31 March 2024 444

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
300 Ordinary £0.01 3 3

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed the directors £754 as at 31 March 2024 (2023: £7,270).

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £72,349 were paid to the directors (2023: £87,326).

Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. ULTIMATE CONTROLLING PARTY

There is no overall controlling interest.