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COMPANY REGISTRATION NUMBER: 13245319
Primis Capital Limited
Filleted Financial Statements
31 March 2024
Primis Capital Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
310,000
310,000
Current assets
Debtors
5
6,057,608
6,609,076
Cash at bank and in hand
123,635
19,334
------------
------------
6,181,243
6,628,410
Creditors: amounts falling due within one year
6
5,527,368
5,905,190
------------
------------
Net current assets
653,875
723,220
---------
------------
Total assets less current liabilities
963,875
1,033,220
---------
------------
Net assets
963,875
1,033,220
---------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
963,775
1,033,120
---------
------------
Shareholders funds
963,875
1,033,220
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 14 January 2025 , and are signed on behalf of the board by:
Mr H Patel
Director
Company registration number: 13245319
Primis Capital Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
4. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
310,000
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
310,000
---------
At 31 March 2023
310,000
---------
5. Debtors
2024
2023
£
£
Trade debtors
3,966,910
6,022,832
Other debtors
2,090,698
586,244
------------
------------
6,057,608
6,609,076
------------
------------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
501
Amounts owed to group undertakings and undertakings in which the company has a participating interest
5,515,868
5,840,868
Corporation tax
57,821
Other creditors
11,500
6,000
------------
------------
5,527,368
5,905,190
------------
------------
7. Summary audit opinion
The auditor's report dated 17 January 2025 was unqualified .
The senior statutory auditor was Mark Illingsworth , for and on behalf of Versant Associates LLP .
8. Related party transactions
The immediate and ultimate parent company is Smartway PW Holdings Limited. It's registered office is The Old Mill, 9 Soar Lane, Leicester LE3 5DE and it's principal place of business is 10 Lyon Road, London SW19 2RL.