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REGISTERED NUMBER: 13191208 (England and Wales)











Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Primrose Finance Limited

Primrose Finance Limited (Registered number: 13191208)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Primrose Finance Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: B R Mullin





REGISTERED OFFICE: Leofric House
18B Binley Road
Coventry
West Midlands
CV3 1JN





REGISTERED NUMBER: 13191208 (England and Wales)





ACCOUNTANTS: Leigh Christou Ltd
Chartered Certified Accountants
Leofric House
Binley Road
Coventry
CV3 1JN

Primrose Finance Limited (Registered number: 13191208)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 460,197 457,701

CURRENT ASSETS
Stocks 5 163,779 55,509
Debtors 6 41,428 23,905
Cash at bank 31,202 171,411
236,409 250,825
CREDITORS
Amounts falling due within one year 7 1,151,855 1,131,169
NET CURRENT LIABILITIES (915,446 ) (880,344 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(455,249

)

(422,643

)

PROVISIONS FOR LIABILITIES 8 8,818 2,729
NET LIABILITIES (464,067 ) (425,372 )

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 29,185 8,188
Retained earnings (493,352 ) (433,660 )
(464,067 ) (425,372 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Primrose Finance Limited (Registered number: 13191208)

Balance Sheet - continued
29 February 2024


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 director and authorised for issue on 22 November 2024 and were signed by:





B R Mullin - Director


Primrose Finance Limited (Registered number: 13191208)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Primrose Finance 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 as modified by the revaluation of certain assets.

Turnover
The company trades in cryptocurrency. Revenue is recognised when a trade between cryptocurrencies occurs and where an active market value for the cryptocurrency can be identified.

Stocks
Cryptocurrencies are valued at the lower of cost and estimated selling price less costs to complete and sell.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Fixed asset investments
Unlisted Investments are measured at fair value, with changes in fair value being recognised in the income statement. Where it is not possible to measure the fair value reliably, unlisted investments are measured at cost less impairment.

Foreign currency transactions
During the year, exchange spot rates were used on a daily basis for all foreign currency transactions and at the year end date, all foreign currency debtor and creditor balances were restated to GBP balances using the HMRC approved exchange rate.

Primrose Finance Limited (Registered number: 13191208)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Going concern
As at the balance sheet date the company's liabilities exceed its assets by £493,352 (2023: £425,372).This deficit is funded by the other companies within the group. The company is therefore reliant on the continued financial support of the other group companies in order to enable it to continue trading. In the opinion of the directors, this support will continue for the foreseeable future, in which circumstances, it is considered appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result in the company ceasing to trade.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST OR VALUATION
At 1 March 2023 457,702
Additions 447,702
Disposals (472,293 )
Revaluations 27,086
At 29 February 2024 460,197
NET BOOK VALUE
At 29 February 2024 460,197
At 28 February 2023 457,702

Cost or valuation at 29 February 2024 is represented by:

Unlisted
investments
£   
Valuation in 2022 15,609
Valuation in 2023 (4,692 )
Valuation in 2024 16,199
Cost 433,081
460,197

5. STOCKS
29.2.24 28.2.23
£    £   
Stocks 163,779 55,509

Primrose Finance Limited (Registered number: 13191208)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Amounts owed by group undertakings 39,909 22,058
VAT - 73
Prepayments 1,519 1,774
41,428 23,905

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors - 4,200
Amounts owed to group undertakings 1,145,365 1,120,139
Accrued expenses 6,490 6,830
1,151,855 1,131,169

8. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 8,818 2,729

Deferred
tax
£   
Balance at 1 March 2023 2,729
In Year Deferred Tax Movement 6,089
Balance at 29 February 2024 8,818

9. RESERVES
Revaluation
reserve
£   
At 1 March 2023 8,188
Non Distributable Reserves 20,997

At 29 February 2024 29,185

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Primrose Finance Limited (Registered number: 13191208)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by Mr B R Mullin by virtue of his shareholding in the issued ordinary share capital of the ulimate parent company, B R Mulling Holdings Limited.

The Registered office of B R Mullin Holdings Limited is Leofric House, Binley Road, Coventry, West Midlands, England, CV3 1JN.