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Registered number: NI610149
Primo Events Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: NI610149
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 163 933
163 933
CURRENT ASSETS
Debtors 5 823,234 391,066
Cash at bank and in hand 24,373 148,726
847,607 539,792
Creditors: Amounts Falling Due Within One Year 6 (146,166 ) (94,409 )
NET CURRENT ASSETS (LIABILITIES) 701,441 445,383
TOTAL ASSETS LESS CURRENT LIABILITIES 701,604 446,316
PROVISIONS FOR LIABILITIES
Deferred Taxation (462 ) (462 )
NET ASSETS 701,142 445,854
CAPITAL AND RESERVES
Called up share capital 7 100 100
Income Statement 701,042 445,754
SHAREHOLDERS' FUNDS 701,142 445,854
Page 1
Page 2
For the year ending 30 April 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 director acknowledges his 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 Income Statement.
On behalf of the board
C P Mojay-Sinclare
Director
31 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Primo Events Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI610149 . The registered office is Office 2, 21 Botanic Avenue, Belfast, BT7 1JJ.
2. Accounting Policies
2.1. Basis of Preparation of 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.
2.2. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In preparing these financial statements the directors have made the following judgements:
- Determined whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the financial viability and expected future financial performance of the asset.
- Determined that the accounting policies in place in respect of turnover recognition and measurement are reasonable.
2.3. Turnover
Turnover is measured as the fair value of consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes.
Turnover is recognised when all of the following conditions are satisfied:
- the amount of the turnover can be reliably measured;
- 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 reliably measured.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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 4 years straight line
Fixtures & Fittings 4 years straight line
Computer Equipment 3 years straight line
Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is an indication an asset is impaired the carrying value of the asset is tested for impairment.
An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assets fair value less costs to sell and the value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separate identifiable cash flows.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
...CONTINUED
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2.5. Financial Instruments - continued
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2.6. Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.7. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
2.8. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2.9. Other income
Other operating income includes the recharge of platform development costs to the ultimate parent company, recognised on an accruals basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 8)
7 8
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 May 2023 16,050
As at 30 April 2024 16,050
...CONTINUED
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Page 5
Depreciation
As at 1 May 2023 15,117
Provided during the period 770
As at 30 April 2024 15,887
Net Book Value
As at 30 April 2024 163
As at 1 May 2023 933
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 50,856 192,689
Amounts owed by group undertakings 758,232 188,705
Other debtors 14,146 9,672
823,234 391,066
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,417 3,118
Other creditors 10,590 14,858
Taxation and social security 131,159 76,433
146,166 94,409
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Other Commitments
At the balance sheet date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £33,354 (2023: £39,500). This commitment expires not later than one year from the balance sheet date.
9. Ultimate Controlling Party
The company is a wholly owned subsidiary of Online Giving Ltd, a company registered in England & Wales under company no. 06886190.
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