Acorah Software Products - Accounts Production 16.0.110 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 08308244 Mr Paul Wiggins Mr Mark Cattle iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08308244 2023-05-31 08308244 2024-05-31 08308244 2023-06-01 2024-05-31 08308244 frs-core:CurrentFinancialInstruments 2024-05-31 08308244 frs-core:Non-currentFinancialInstruments 2024-05-31 08308244 frs-core:BetweenOneFiveYears 2024-05-31 08308244 frs-core:ComputerEquipment 2024-05-31 08308244 frs-core:ComputerEquipment 2023-06-01 2024-05-31 08308244 frs-core:ComputerEquipment 2023-05-31 08308244 frs-core:FurnitureFittings 2024-05-31 08308244 frs-core:FurnitureFittings 2023-06-01 2024-05-31 08308244 frs-core:FurnitureFittings 2023-05-31 08308244 frs-core:NetGoodwill 2024-05-31 08308244 frs-core:NetGoodwill 2023-06-01 2024-05-31 08308244 frs-core:NetGoodwill 2023-05-31 08308244 frs-core:PlantMachinery 2024-05-31 08308244 frs-core:PlantMachinery 2023-06-01 2024-05-31 08308244 frs-core:PlantMachinery 2023-05-31 08308244 frs-core:WithinOneYear 2024-05-31 08308244 frs-core:RevaluationReserve 2023-06-01 2024-05-31 08308244 frs-core:RevaluationReserve 2023-05-31 08308244 frs-core:RevaluationReserve 2024-05-31 08308244 frs-core:ShareCapital 2024-05-31 08308244 frs-core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 08308244 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 08308244 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08308244 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 08308244 frs-bus:SmallEntities 2023-06-01 2024-05-31 08308244 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08308244 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08308244 frs-bus:OrdinaryShareClass2 2023-06-01 2024-05-31 08308244 frs-bus:OrdinaryShareClass2 2024-05-31 08308244 frs-bus:OrdinaryShareClass3 2023-06-01 2024-05-31 08308244 frs-bus:OrdinaryShareClass3 2024-05-31 08308244 frs-bus:OrdinaryShareClass4 2023-06-01 2024-05-31 08308244 frs-bus:OrdinaryShareClass4 2024-05-31 08308244 frs-bus:OrdinaryShareClass5 2023-06-01 2024-05-31 08308244 frs-bus:OrdinaryShareClass5 2024-05-31 08308244 frs-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-05-31 08308244 frs-bus:Director1 2023-06-01 2024-05-31 08308244 frs-bus:Director2 2023-06-01 2024-05-31 08308244 frs-countries:EnglandWales 2023-06-01 2024-05-31 08308244 2022-05-31 08308244 2023-05-31 08308244 2022-06-01 2023-05-31 08308244 frs-core:CurrentFinancialInstruments 2023-05-31 08308244 frs-core:Non-currentFinancialInstruments 2023-05-31 08308244 frs-core:BetweenOneFiveYears 2023-05-31 08308244 frs-core:PlantMachinery 2022-06-01 2023-05-31 08308244 frs-core:WithinOneYear 2023-05-31 08308244 frs-core:RevaluationReserve 2022-06-01 2023-05-31 08308244 frs-core:RevaluationReserve 2022-05-31 08308244 frs-core:RevaluationReserve 2023-05-31 08308244 frs-core:ShareCapital 2022-05-31 08308244 frs-core:ShareCapital 2023-05-31 08308244 frs-core:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 08308244 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-05-31 08308244 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 08308244 frs-bus:OrdinaryShareClass2 2022-06-01 2023-05-31 08308244 frs-bus:OrdinaryShareClass3 2022-06-01 2023-05-31 08308244 frs-bus:OrdinaryShareClass4 2022-06-01 2023-05-31 08308244 frs-bus:OrdinaryShareClass5 2022-06-01 2023-05-31 08308244 frs-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-05-31
Registered number: 08308244
Prima Tooling Limited
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—9
Page 1
Balance Sheet
Registered number: 08308244
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 920,779 928,570
920,779 928,570
CURRENT ASSETS
Stocks 6 197,660 181,114
Debtors 7 209,838 322,852
Cash at bank and in hand 563,212 459,333
970,710 963,299
Creditors: Amounts Falling Due Within One Year 8 (274,647 ) (316,774 )
NET CURRENT ASSETS (LIABILITIES) 696,063 646,525
TOTAL ASSETS LESS CURRENT LIABILITIES 1,616,842 1,575,095
Creditors: Amounts Falling Due After More Than One Year 9 (74,366 ) (79,492 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 13 (216,903 ) (217,029 )
NET ASSETS 1,325,573 1,278,574
CAPITAL AND RESERVES
Called up share capital 14 110 110
Revaluation reserve 18 308,480 342,756
Profit and Loss Account 1,016,983 935,708
SHAREHOLDERS' FUNDS 1,325,573 1,278,574
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Wiggins
Director
19 November 2024
The notes on pages 4 to 9 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 June 2022 110 - 930,012 930,122
Profit for year - - 164,491 164,491
Surplus on revaluation - 342,756 - 342,756
Other comprehensive income for the year - 342,756 - 342,756
Total comprehensive income for the year - 342,756 164,491 507,247
Dividends paid - - (158,795) (158,795)
As at 31 May 2023 and 1 June 2023 110 342,756 935,708 1,278,574
Profit for the year and total comprehensive income - - 151,961 151,961
Dividends paid - - (104,962) (104,962)
Transfer from revaluation reserve - - 34,276 34,276
Transfer to/from Profit & Loss Account - (34,276 ) - (34,276)
As at 31 May 2024 110 308,480 1,016,983 1,325,573
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Prima Tooling Limited Registered number 08308244 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit 3c, The Gattinetts, Hadleigh Road, East Bergholt, Essex, CO7 6QT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% Reducing Balance / 25% Straight Line
Fixtures & Fittings 10% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.8. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
2.11. Financial Instruments
Basic finacial instruments are initially recorded at costs and thereafter at fair value with changes recognised in the profit and loss account.
2.12. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 4 3
Manufacturing 12 12
16 15
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 100,000
As at 31 May 2024 100,000
Amortisation
As at 1 June 2023 100,000
As at 31 May 2024 100,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
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Page 6
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 June 2023 2,751,665 7,504 8,709 2,767,878
Additions 85,867 - 1,081 86,948
As at 31 May 2024 2,837,532 7,504 9,790 2,854,826
Depreciation
As at 1 June 2023 1,829,321 4,044 5,943 1,839,308
Provided during the period 93,000 345 1,394 94,739
As at 31 May 2024 1,922,321 4,389 7,337 1,934,047
Net Book Value
As at 31 May 2024 915,211 3,115 2,453 920,779
As at 1 June 2023 922,344 3,460 2,766 928,570
The valuation of Plant and Machinery was made by the directors on an open market value basis by reference to market evidence of transaction prices for similar Plant and Machinery.
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 219,255 201,413
Cost or valuation as at 31 May 2024 represented by:
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
At cost 2,837,532 7,504 9,790 2,854,826
2,837,532 7,504 9,790 2,854,826
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Plant & Machinery
£
Cost 1,547,874
Accumulated depreciation and impairment 943,850
Carrying amount 604,024
6. Stocks
2024 2023
£ £
Stock 197,660 181,114
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 177,164 306,112
Prepayments and accrued income 32,664 16,730
Other debtors 10 10
209,838 322,852
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 72,211 67,446
Trade creditors 82,678 76,762
Bank loans and overdrafts 10,179 9,925
Corporation tax 48,758 62,979
Other taxes and social security 11,180 46,432
Other creditors 8,705 13,150
Accruals and deferred income 12,493 10,635
Capital grants 2,325 2,573
Directors' loan accounts 26,118 26,872
274,647 316,774
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 39,537 32,254
Bank loans 13,901 24,080
Capital grants 20,928 23,158
74,366 79,492
10. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured on the assets to which they relate.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,748 99,700
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 72,211 67,446
Later than one year and not later than five years 39,537 32,254
111,748 99,700
111,748 99,700
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12. Capital Grants
2024 2023
£ £
Balance at 1 June 2023 25,731 29,981
Increase / (Decrease) in the year (2,478) (4,250)
Balance at 31 May 2024 23,253 25,731
Governement grant's has been treated as deferred income and is to be released to the profit and loss account over the expected useful economic life of the related asset on a basis that is consistent with depreciation policy.
13. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Revaluation of property, plant and equipment 77,120 85,693
Other timing differences 139,783 131,336
216,903 217,029
14. Share Capital
2024 2023
Allotted, called up and fully paid £ £
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
5 Ordinary C shares of £ 1.00 each 5 5
5 Ordinary D shares of £ 1.00 each 5 5
110 110
15. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 47,251 62,874
Later than one year and not later than five years 41,791 89,042
89,042 151,916
16. Directors Advances, Credits and Guarantees
The directors have given a personal gurantee in respect of the lease on the business property.
17. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 104,962 158,795
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18. Reserves
Revaluation Reserve
£
As at 1 June 2023 342,756
Transfer to profit and loss (34,276 )
As at 31 May 2024 308,480
A Deferred Tax Liability has been accounted for to the value of £77,120 on the Revaluation Reserve.
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