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REGISTERED NUMBER: 04690363 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

PRIME LUBRICANTS LIMITED

PRIME LUBRICANTS LIMITED (REGISTERED NUMBER: 04690363)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRIME LUBRICANTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mrs R Hartley
Gavin John Hartley





SECRETARY: Gavin John Hartley





REGISTERED OFFICE: Unit 13
Oakney Wood Avenue
Selby Business Park
Selby
North Yorkshire
YO8 8FQ





REGISTERED NUMBER: 04690363 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
Equinox House
Clifton Park, Shipton Road
York
Yorkshire
YO30 5PA

PRIME LUBRICANTS LIMITED (REGISTERED NUMBER: 04690363)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,850
Tangible assets 5 566,959 464,190
566,959 466,040

CURRENT ASSETS
Stocks 6 156,785 134,227
Debtors 7 274,804 325,237
Cash at bank and in hand 77,263 94,310
508,852 553,774
CREDITORS
Amounts falling due within one year 8 330,203 399,241
NET CURRENT ASSETS 178,649 154,533
TOTAL ASSETS LESS CURRENT LIABILITIES 745,608 620,573

CREDITORS
Amounts falling due after more than
one year

9

(333,960

)

(278,925

)

PROVISIONS FOR LIABILITIES (36,924 ) (23,679 )
NET ASSETS 374,724 317,969

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve (74,999 ) (74,999 )
Retained earnings 449,623 392,868
374,724 317,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PRIME LUBRICANTS LIMITED (REGISTERED NUMBER: 04690363)

BALANCE SHEET - continued
31 AUGUST 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by:




Gavin John Hartley - Director



Mrs R Hartley - Director


PRIME LUBRICANTS LIMITED (REGISTERED NUMBER: 04690363)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Prime Lubricants 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - nil
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Pension costs and other post-retirement benefits
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.

Intangible assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

PRIME LUBRICANTS LIMITED (REGISTERED NUMBER: 04690363)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 37,000
AMORTISATION
At 1 September 2023 35,150
Charge for year 1,850
At 31 August 2024 37,000
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 1,850

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 339,564 27,302 48,727 196,726 612,319
Additions - - 1,737 147,553 149,290
Disposals - - - (36,872 ) (36,872 )
At 31 August 2024 339,564 27,302 50,464 307,407 724,737
DEPRECIATION
At 1 September 2023 - 23,254 41,911 82,964 148,129
Charge for year - 1,012 2,138 31,289 34,439
Eliminated on disposal - - - (24,790 ) (24,790 )
At 31 August 2024 - 24,266 44,049 89,463 157,778
NET BOOK VALUE
At 31 August 2024 339,564 3,036 6,415 217,944 566,959
At 31 August 2023 339,564 4,048 6,816 113,762 464,190

6. STOCKS
2024 2023
£    £   
Stocks 156,785 134,227

PRIME LUBRICANTS LIMITED (REGISTERED NUMBER: 04690363)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 263,118 311,390
Other debtors 11,686 13,847
274,804 325,237

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,648 10,648
Hire purchase contracts 39,360 21,260
Trade creditors 183,235 288,588
Taxation and social security 83,875 60,409
Other creditors 13,085 18,336
330,203 399,241

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 16,360 20,621
Hire purchase contracts 145,209 76,236
Other creditors 172,391 182,068
333,960 278,925

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Dividends totalling £65,000 (2023 - £70,000) were paid in the year in respect of shares held by the
company's directors.

As at 31 August 2024 included in "Other creditors" is £1,997 (2023: £3,019) owed to the directors by the company.