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Company No: 05104042 (England and Wales)

PRIMECO LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

PRIMECO LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

PRIMECO LIMITED

BALANCE SHEET

As at 30 November 2024
PRIMECO LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,819 4,613
Investment property 4 9,060,000 9,060,000
9,063,819 9,064,613
Current assets
Debtors 5 2,446 1,575
Cash at bank and in hand 6 478,056 183,403
480,502 184,978
Creditors: amounts falling due within one year 7 ( 3,179,090) ( 3,061,873)
Net current liabilities (2,698,588) (2,876,895)
Total assets less current liabilities 6,365,231 6,187,718
Creditors: amounts falling due after more than one year 8 ( 950,000) ( 1,050,000)
Provision for liabilities 9, 10 ( 493,685) ( 498,814)
Net assets 4,921,546 4,638,904
Capital and reserves
Called-up share capital 11 1 1
Profit and loss account 4,921,545 4,638,903
Total shareholder's funds 4,921,546 4,638,904

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Primeco Limited (registered number: 05104042) were approved and authorised for issue by the Director on 27 March 2025. They were signed on its behalf by:

Mr D G Nugent
Director
PRIMECO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
PRIMECO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Primeco Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 19 The Terrace, Torquay, TQ1 1BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance sheet and likely future cash flows at the date of approving theses financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly , they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the service provided under contracts with the tenants to the extent that there is a right to the consideration. Where tenants pay rent in advance, the amount is recorded as deferred income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 December 2023 7,806 7,806
Additions 1,545 1,545
At 30 November 2024 9,351 9,351
Accumulated depreciation
At 01 December 2023 3,193 3,193
Charge for the financial year 2,339 2,339
At 30 November 2024 5,532 5,532
Net book value
At 30 November 2024 3,819 3,819
At 30 November 2023 4,613 4,613

4. Investment property

Investment property
£
Valuation
As at 01 December 2023 9,060,000
Additions 24,575
Fair value movement (24,575)
As at 30 November 2024 9,060,000

5. Debtors

2024 2023
£ £
Trade debtors 2,446 1,575

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 478,056 183,403

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 8,658 8,793
Taxation and social security 128,551 50,443
Other creditors 3,041,881 3,002,637
3,179,090 3,061,873

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 950,000 1,050,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 493,685 498,814

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 498,814) ( 319,375)
Credited/(charged) to the Statement of Income and Retained Earnings 5,129 ( 179,439)
At the end of financial year ( 493,685) ( 498,814)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

12. Reserves

Included in the profit and loss account balance carried forward are non-distributable reserves of £2,619,247 (2023 - £2,638,694). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment property.