Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueManufacture of electricity distribuition and control apparatus62023-01-01false4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13733930 2023-01-01 2023-12-31 13733930 2022-01-01 2022-12-31 13733930 2023-12-31 13733930 2022-12-31 13733930 c:Director1 2023-01-01 2023-12-31 13733930 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 13733930 d:Buildings d:ShortLeaseholdAssets 2023-12-31 13733930 d:Buildings d:ShortLeaseholdAssets 2022-12-31 13733930 d:PlantMachinery 2023-01-01 2023-12-31 13733930 d:PlantMachinery 2023-12-31 13733930 d:PlantMachinery 2022-12-31 13733930 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13733930 d:FurnitureFittings 2023-01-01 2023-12-31 13733930 d:OfficeEquipment 2023-01-01 2023-12-31 13733930 d:OfficeEquipment 2023-12-31 13733930 d:OfficeEquipment 2022-12-31 13733930 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13733930 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13733930 d:CurrentFinancialInstruments 2023-12-31 13733930 d:CurrentFinancialInstruments 2022-12-31 13733930 d:Non-currentFinancialInstruments 2023-12-31 13733930 d:Non-currentFinancialInstruments 2022-12-31 13733930 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13733930 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13733930 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13733930 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13733930 d:ShareCapital 2023-12-31 13733930 d:ShareCapital 2022-12-31 13733930 d:RetainedEarningsAccumulatedLosses 2023-12-31 13733930 d:RetainedEarningsAccumulatedLosses 2022-12-31 13733930 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 13733930 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 13733930 c:FRS102 2023-01-01 2023-12-31 13733930 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13733930 c:FullAccounts 2023-01-01 2023-12-31 13733930 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13733930 d:WithinOneYear 2023-12-31 13733930 d:WithinOneYear 2022-12-31 13733930 d:BetweenOneFiveYears 2023-12-31 13733930 d:BetweenOneFiveYears 2022-12-31 13733930 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 13733930










PRIME SWITCHGEAR LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PRIME SWITCHGEAR LTD
REGISTERED NUMBER: 13733930

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,939
7,553

Current assets
  

Stocks
  
408,028
111,604

Debtors: amounts falling due after more than one year
 5 
5,750
-

Debtors: amounts falling due within one year
 5 
452,696
220,583

Cash at bank and in hand
  
12,262
7,827

  
878,736
340,014

Creditors: amounts falling due within one year
 6 
(726,484)
(320,273)

Net current assets
  
 
 
152,252
 
 
19,741

Total assets less current liabilities
  
175,191
27,294

Creditors: amounts falling due after more than one year
 7 
(19,516)
-

Provisions for liabilities
  

Deferred tax
 8 
(5,631)
-

Net assets
  
150,044
27,294


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
150,043
27,293

  
150,044
27,294


Page 1

 
PRIME SWITCHGEAR LTD
REGISTERED NUMBER: 13733930
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 on 13 March 2025.




R Kealey
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PRIME SWITCHGEAR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Prime Switchgear Limited is a private company limited by shares, incorporated in England and Wales
(registered number: 13733930). Its registered office is Unit 2b, Hartington Business Park, Fallow Road, Chesterfield, S43 3YF. The principal activity of the Company throughout the year continued to be that of manufacturer of electricity distribution and control apparatus.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentation currency is pounds sterling. 

The following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 3

 
PRIME SWITCHGEAR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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 the Statement of Income and Retained Earnings 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.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.

The current 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.


Page 4

 
PRIME SWITCHGEAR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

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 basis:

Short-term leasehold property
-
Plant and machinery
-
20%
Straight Line
Fixtures and fittings
-
20%
Reducing Balance
Office equipment
-
25%
Straight Line

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 the Statement of Income and Retained Earnings.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Income and Retained Earnings.

Page 5

 
PRIME SWITCHGEAR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 4).

Page 6

 
PRIME SWITCHGEAR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold property improvements
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
1,458
7,646
9,104


Additions
15,065
-
3,226
18,291



At 31 December 2023

15,065
1,458
10,872
27,395



Depreciation


At 1 January 2023
-
146
1,406
1,552


Charge for the year on owned assets
313
292
2,299
2,904



At 31 December 2023

313
438
3,705
4,456



Net book value



At 31 December 2023
14,752
1,020
7,167
22,939



At 31 December 2022
-
1,313
6,240
7,553


5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
5,750
-


2023
2022
£
£

Due within one year

Trade debtors
409,329
219,010

Other debtors
29,636
1

Prepayments and accrued income
13,731
1,572

452,696
220,583


Page 7

 
PRIME SWITCHGEAR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,791
-

Trade creditors
651,250
239,784

Corporation tax
52,140
4,326

Other taxation and social security
3,888
12,436

Other creditors
1,165
50,512

Accruals and deferred income
8,250
13,215

726,484
320,273



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,516
-



8.


Deferred taxation




2023


£






Charged to Statement of Income and Retained Earnings
5,631



At end of year
5,631

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,631
-

Page 8

 
PRIME SWITCHGEAR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,069. (2023 - 1,258) There were contributions payable to the fund at the Balance Sheet date of £417 (2023 - £220).


10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
19,166
-

Later than 1 year and not later than 5 years
76,663
-

95,829
-

 
Page 9