Silverfin false false 31/07/2024 01/08/2023 31/07/2024 Mr Jamie Mcilvenny 06/04/2024 Dr Susan Scurlock MBE 03/12/2014 25 April 2025 The principal activity of the company continues to be that of the sale of merchandise. 09339503 2024-07-31 09339503 bus:Director1 2024-07-31 09339503 bus:Director2 2024-07-31 09339503 2023-07-31 09339503 core:CurrentFinancialInstruments 2024-07-31 09339503 core:CurrentFinancialInstruments 2023-07-31 09339503 core:ShareCapital 2024-07-31 09339503 core:ShareCapital 2023-07-31 09339503 core:RetainedEarningsAccumulatedLosses 2024-07-31 09339503 core:RetainedEarningsAccumulatedLosses 2023-07-31 09339503 core:OfficeEquipment 2023-07-31 09339503 core:ComputerEquipment 2023-07-31 09339503 core:OfficeEquipment 2024-07-31 09339503 core:ComputerEquipment 2024-07-31 09339503 2023-08-01 2024-07-31 09339503 bus:FilletedAccounts 2023-08-01 2024-07-31 09339503 bus:SmallEntities 2023-08-01 2024-07-31 09339503 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09339503 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09339503 bus:Director1 2023-08-01 2024-07-31 09339503 bus:Director2 2023-08-01 2024-07-31 09339503 core:OfficeEquipment core:TopRangeValue 2023-08-01 2024-07-31 09339503 core:ComputerEquipment core:TopRangeValue 2023-08-01 2024-07-31 09339503 2022-08-01 2023-07-31 09339503 core:OfficeEquipment 2023-08-01 2024-07-31 09339503 core:ComputerEquipment 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 09339503 (England and Wales)

PRIMARY ENGINEER DIRECT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH THE REGISTRAR

PRIMARY ENGINEER DIRECT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024

Contents

PRIMARY ENGINEER DIRECT LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
PRIMARY ENGINEER DIRECT LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
DIRECTORS Mr Jamie Mcilvenny (Appointed 06 April 2024)
Dr Susan Scurlock MBE
REGISTERED OFFICE 9 Slater Terrace
Burnley
BB11 1BU
United Kingdom
COMPANY NUMBER 09339503 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
PRIMARY ENGINEER DIRECT LIMITED

BALANCE SHEET

AS AT 31 JULY 2024
PRIMARY ENGINEER DIRECT LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 6,740 7,387
6,740 7,387
Current assets
Stocks 8,233 0
Debtors 5 54,533 47,380
Cash at bank and in hand 3,478 1,888
66,244 49,268
Creditors: amounts falling due within one year 6 ( 24,888) ( 29,868)
Net current assets 41,356 19,400
Total assets less current liabilities 48,096 26,787
Provision for liabilities ( 1,685) ( 1,404)
Net assets 46,411 25,383
Capital and reserves
Called-up share capital 100 100
Profit and loss account 46,311 25,283
Total shareholder's funds 46,411 25,383

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Primary Engineer Direct Limited (registered number: 09339503) were approved and authorised for issue by the Board of Directors on 25 April 2025. They were signed on its behalf by:

Dr Susan Scurlock MBE
Director
PRIMARY ENGINEER DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
PRIMARY ENGINEER DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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

Primary Engineer Direct 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 9 Slater Terrace, Burnley, BB11 1BU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 or reducing balance basis over its expected useful life, as follows:

Office equipment 5 years straight line
Computer equipment 5 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 1

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 August 2023 1,540 6,548 8,088
Additions 160 902 1,062
At 31 July 2024 1,700 7,450 9,150
Accumulated depreciation
At 01 August 2023 98 603 701
Charge for the financial year 340 1,369 1,709
At 31 July 2024 438 1,972 2,410
Net book value
At 31 July 2024 1,262 5,478 6,740
At 31 July 2023 1,442 5,945 7,387

5. Debtors

2024 2023
£ £
Trade debtors 3,089 507
Amounts owed by Group undertakings 51,256 46,723
Prepayments 188 150
54,533 47,380

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,130 18,296
Corporation tax 5,151 9,372
Other taxation and social security 14,105 700
Other creditors 1,502 1,500
24,888 29,868