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Registered number: 12881477









PRIME FACILITIES MANAGEMENT SOLUTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
PRIME FACILITIES MANAGEMENT SOLUTIONS LIMITED
REGISTERED NUMBER: 12881477

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,368
10,994

  
18,368
10,994

Current assets
  

Debtors: amounts falling due within one year
 5 
417,851
205,582

Cash at bank and in hand
 6 
223
20,635

  
418,074
226,217

Creditors: amounts falling due within one year
 7 
(626,365)
(176,325)

Net current (liabilities)/assets
  
 
 
(208,291)
 
 
49,892

Total assets less current liabilities
  
(189,923)
60,886

Provisions for liabilities
  

Deferred tax
 8 
(3,459)
(2,748)

  
 
 
(3,459)
 
 
(2,748)

Net (liabilities)/assets
  
(193,382)
58,138


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(193,482)
58,038

  
(193,382)
58,138


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
 
Page 1

 
PRIME FACILITIES MANAGEMENT SOLUTIONS LIMITED
REGISTERED NUMBER: 12881477
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023


The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Lancaster Esq
Director

Date: 15 January 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PRIME FACILITIES MANAGEMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Prime Facilities Management Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the company is Unit 2 Skyline Business Village, Limeharbour, London, E14 9TS.
The principal activity of the company is that of combined facilities support activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director believes that preparing the financial statements on the going concern basis is appropriate due to continued financial support provided by on of the company's directors  and a revised approach to the business model.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
PRIME FACILITIES MANAGEMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
PRIME FACILITIES MANAGEMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Plant and machinery
-
25%
straight-line method
Motor vehicles
-
15%
reducing balance method
Fixtures and fittings
-
25%
straight-line method
Office equipment
-
25%
straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
PRIME FACILITIES MANAGEMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Employees
14
-

16
2


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
-
-
-
11,824
11,824


Additions
707
5,000
444
5,921
12,072



At 30 September 2023

707
5,000
444
17,745
23,896



Depreciation


At 1 October 2022
-
-
-
830
830


Charge for the year on owned assets
22
656
9
4,011
4,698



At 30 September 2023

22
656
9
4,841
5,528



Net book value



At 30 September 2023
685
4,344
435
12,904
18,368



At 30 September 2022
-
-
-
10,994
10,994

Page 6

 
PRIME FACILITIES MANAGEMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
387,281
112,934

Other debtors
29,969
92,648

Prepayments and accrued income
601
-

417,851
205,582



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
223
20,635

223
20,635



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
272,608
139,376

Corporation tax
-
10,848

Other taxation and social security
50,100
2,351

Other creditors
290,157
-

Accruals and deferred income
13,500
23,750

626,365
176,325


Page 7

 
PRIME FACILITIES MANAGEMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,748)
-


Charged to profit or loss
(711)
(2,748)



At end of year
(3,459)
(2,748)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,459)
(2,748)

(3,459)
(2,748)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Pension commitments

The company operates two defined contribution pension schemes. Contributions totaling were payable to the schemes at the year end are £1,224 (2022: £Nil). The pensions cost charge represents contributions payable by the company to the funds and amounted to £10,705 (2022 : £Nil)

 
Page 8