Registered number
09569159
Primmer Olds UK Limited
Filleted Accounts
31 July 2024
Primmer Olds UK Limited
Registered number: 09569159
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 45,000 81,000
Tangible assets 4 41,266 45,703
86,266 126,703
Current assets
Debtors 5 362,875 483,937
Cash at bank and in hand 358,823 84,444
721,698 568,381
Creditors: amounts falling due within one year 6 (370,980) (219,733)
Net current assets 350,718 348,648
Total assets less current liabilities 436,984 475,351
Creditors: amounts falling due after more than one year 7 (36,667) (76,667)
Provisions for liabilities (10,317) (8,684)
Net assets 390,000 390,000
Capital and reserves
Called up share capital 4 4
Share premium 339,996 339,996
Profit and loss account 50,000 50,000
Shareholder's funds 390,000 390,000
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D. Walker
Director
Approved by the board on 14 November 2024
Primmer Olds UK Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 15% - reducing balance
Fixtures, fittings, tools and equipment 15% - reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 360,000
At 31 July 2024 360,000
Amortisation
At 1 August 2023 279,000
Provided during the year 36,000
At 31 July 2024 315,000
Net book value
At 31 July 2024 45,000
At 31 July 2023 81,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures & fittings Motor vehicles Total
£ £ £
Cost
At 1 August 2023 39,504 55,611 95,115
Additions 2,764 - 2,764
At 31 July 2024 42,268 55,611 97,879
Depreciation
At 1 August 2023 24,111 25,301 49,412
Charge for the year 2,655 4,546 7,201
At 31 July 2024 26,766 29,847 56,613
Net book value
At 31 July 2024 15,502 25,764 41,266
At 31 July 2023 15,393 30,310 45,703
5 Debtors 2024 2023
£ £
Trade debtors 161,263 103,991
Amounts owed by group undertakings and undertakings in which the company has a participating interest 66,604 265,195
Other debtors 135,008 114,751
362,875 483,937
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 40,000 40,000
Obligations under finance lease and hire purchase contracts - 19,281
Trade creditors 38,898 26,171
Amounts owed to group undertakings and undertakings in which the company has a participating interest 27,464 33,134
Taxation and social security costs 203,166 86,353
Other creditors 61,452 14,794
370,980 219,733
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 36,667 76,667
8 Controlling party
The parent company of Primmer Olds UK Ltd is Primmer Olds BAS Ltd and its registered office is Mountbatten House, 1 Grosvenor Square, Southampton, Hampshire, SO15 2JU.
9 Other information
Primmer Olds UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
Mountbatten House
1 Grosvenor Square
Southampton
Hampshire
SO15 2JU
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