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REGISTERED NUMBER: 01434326 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Primatel Products Limited

Primatel Products Limited (Registered number: 01434326)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Primatel Products Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: B W Cardwell
P D Galliflent-Holmes





REGISTERED OFFICE: Dorset House
297 Kingston Road
Leatherhead
Surrey
KT22 7PL





REGISTERED NUMBER: 01434326 (England and Wales)





ACCOUNTANTS: Butt Miller
Chartered Accountants
1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY

Primatel Products Limited (Registered number: 01434326)

Statement of Financial Position
31 January 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 3,208 -
Tangible assets 5 893 725
4,101 725

CURRENT ASSETS
Stocks 6 12,508 9,750
Debtors 7 779,077 658,624
Cash at bank 66 28,228
791,651 696,602
CREDITORS
Amounts falling due within one year 8 (1,170,808 ) (1,189,586 )
NET CURRENT LIABILITIES (379,157 ) (492,984 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(375,056

)

(492,259

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (375,156 ) (492,359 )
(375,056 ) (492,259 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:




P D Galliflent-Holmes - Director


Primatel Products Limited (Registered number: 01434326)

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


1. STATUTORY INFORMATION

Primatel Products 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the the outcome of a contract cannot be estimated reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


Primatel Products Limited (Registered number: 01434326)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Operating leases
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 3,710
At 31 January 2024 3,710
AMORTISATION
Charge for year 502
At 31 January 2024 502
NET BOOK VALUE
At 31 January 2024 3,208

Primatel Products Limited (Registered number: 01434326)

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


5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 February 2023 4,542
Additions 384
At 31 January 2024 4,926
DEPRECIATION
At 1 February 2023 3,817
Charge for year 216
At 31 January 2024 4,033
NET BOOK VALUE
At 31 January 2024 893
At 31 January 2023 725

6. STOCKS
2024 2023
£    £   
Stocks 12,508 9,750

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 83,512 91,806
Amounts owed by group undertakings 362,074 341,166
Other debtors 148,000 63,622
Merchant debtors 10,046 5,879
Directors' current accounts 168,832 156,151
Prepayments and accrued income 6,613 -
779,077 658,624

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 11,199 18,081
Trade creditors 796,598 851,075
Social security and other taxes 2,366 91
VAT 61,804 4,365
Other creditors 58,080 28
Directors' current accounts 190,811 310,646
Accruals and deferred income 49,950 5,300
1,170,808 1,189,586

Primatel Products Limited (Registered number: 01434326)

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


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
P D Galliflent-Holmes
Balance outstanding at start of year 156,151 102,458
Amounts advanced 12,993 54,005
Amounts repaid (312 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 168,832 156,151

B W Cardwell
Balance outstanding at start of year (310,646 ) -
Amounts advanced 120,147 39,666
Amounts repaid (312 ) (350,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (190,811 ) (310,646 )

The above loans are unsecured, repayable on demand and where applicable, interest has been charged at the HMRC approved rate.

B W Cardwell holds a fixed and floating charge over the assets of the company in respect of a personal loan made to the company for £350,000 which is interest free and repayable on demand. The balance of this loan as at 31st January 2024 was £191,333. (2023: £310,333).