Silverfin false false 31/07/2024 01/08/2023 31/07/2024 Thomas Hartley Cutting 18/07/2016 05 September 2024 The principal activity of the company during the year was consulting engineers. 10284146 2024-07-31 10284146 bus:Director1 2024-07-31 10284146 2023-07-31 10284146 core:CurrentFinancialInstruments 2024-07-31 10284146 core:CurrentFinancialInstruments 2023-07-31 10284146 core:ShareCapital 2024-07-31 10284146 core:ShareCapital 2023-07-31 10284146 core:RetainedEarningsAccumulatedLosses 2024-07-31 10284146 core:RetainedEarningsAccumulatedLosses 2023-07-31 10284146 core:ToolsEquipment 2023-07-31 10284146 core:ToolsEquipment 2024-07-31 10284146 bus:OrdinaryShareClass1 2024-07-31 10284146 bus:OrdinaryShareClass2 2024-07-31 10284146 bus:OrdinaryShareClass3 2024-07-31 10284146 bus:OrdinaryShareClass4 2024-07-31 10284146 2023-08-01 2024-07-31 10284146 bus:FilletedAccounts 2023-08-01 2024-07-31 10284146 bus:SmallEntities 2023-08-01 2024-07-31 10284146 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 10284146 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10284146 bus:Director1 2023-08-01 2024-07-31 10284146 core:ToolsEquipment 2023-08-01 2024-07-31 10284146 2022-08-01 2023-07-31 10284146 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 10284146 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 10284146 bus:OrdinaryShareClass2 2023-08-01 2024-07-31 10284146 bus:OrdinaryShareClass2 2022-08-01 2023-07-31 10284146 bus:OrdinaryShareClass3 2023-08-01 2024-07-31 10284146 bus:OrdinaryShareClass3 2022-08-01 2023-07-31 10284146 bus:OrdinaryShareClass4 2023-08-01 2024-07-31 10284146 bus:OrdinaryShareClass4 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10284146 (England and Wales)

PRIOR ASSOCIATES (SOHAM) LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

PRIOR ASSOCIATES (SOHAM) LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

PRIOR ASSOCIATES (SOHAM) LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2024
PRIOR ASSOCIATES (SOHAM) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
DIRECTOR Thomas Hartley Cutting
REGISTERED OFFICE 44 Morley Drive
Ely
CB6 3FQ
England
United Kingdom
BUSINESS ADDRESS 1st Floor
Soham Town Rangers FC
Julius Martin Lane
Soham
Ely
Cambridgeshire
CB7 5WQ
COMPANY NUMBER 10284146 (England and Wales)
ACCOUNTANT Corbett Accountants Limited
Bakersfield
82 Station Road
Soham
Ely
Cambridgeshire
CB7 5DZ
PRIOR ASSOCIATES (SOHAM) LIMITED

BALANCE SHEET

As at 31 July 2024
PRIOR ASSOCIATES (SOHAM) LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 10,845 9,271
10,845 9,271
Current assets
Debtors 4 46,297 32,807
Cash at bank and in hand 56,373 117,591
102,670 150,398
Creditors: amounts falling due within one year 5 ( 76,293) ( 88,067)
Net current assets 26,377 62,331
Total assets less current liabilities 37,222 71,602
Provision for liabilities 6 ( 2,249) ( 1,904)
Net assets 34,973 69,698
Capital and reserves
Called-up share capital 7 320 320
Profit and loss account 34,653 69,378
Total shareholders' funds 34,973 69,698

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Prior Associates (Soham) Limited (registered number: 10284146) were approved and authorised for issue by the Director on 05 September 2024. They were signed on its behalf by:

Thomas Hartley Cutting
Director
PRIOR ASSOCIATES (SOHAM) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
PRIOR ASSOCIATES (SOHAM) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Prior Associates (Soham) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 44 Morley Drive, Ely, CB6 3FQ, England, United Kingdom. The principal place of business is 1st Floor, Soham Town Rangers FC, Julius Martin Lane, Soham, Ely, Cambridgeshire, CB7 5WQ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

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

Tools and equipment 20 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the 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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 5

3. Tangible assets

Tools and equipment Total
£ £
Cost
At 01 August 2023 23,382 23,382
Additions 4,287 4,287
At 31 July 2024 27,669 27,669
Accumulated depreciation
At 01 August 2023 14,111 14,111
Charge for the financial year 2,713 2,713
At 31 July 2024 16,824 16,824
Net book value
At 31 July 2024 10,845 10,845
At 31 July 2023 9,271 9,271

4. Debtors

2024 2023
£ £
Trade debtors 36,265 22,525
Other debtors 10,032 10,282
46,297 32,807

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 1,620
Amounts owed to director 9,407 10,022
Corporation tax 23,858 27,766
Other taxation and social security 12,871 18,604
Other creditors 30,157 30,055
76,293 88,067

6. Provision for liabilities

2024 2023
£ £
Deferred tax 2,249 1,904

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 A ordinary shares of £ 1.00 each 200 200
50 B ordinary shares of £ 1.00 each 50 50
50 C ordinary shares of £ 1.00 each 50 50
20 D ordinary shares of £ 1.00 each 20 20
320 320

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
The director charged the company for use of office during the year. 1,800 1,800
Included within creditors is a director's loan. This loan is interest free and there are no repayment terms. 9,407 10,022
Dividends were paid in the year in respect of shares held by the company's director. 37,000 53,500