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REGISTERED NUMBER: SC388644















PRIME MAINTENANCE SOLUTIONS LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024






PRIME MAINTENANCE SOLUTIONS LTD. (REGISTERED NUMBER: SC388644)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


PRIME MAINTENANCE SOLUTIONS LTD. (REGISTERED NUMBER: SC388644)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 81,277 39,241

CURRENT ASSETS
Stocks 8,024 9,547
Debtors 5 2,042,586 1,880,704
Cash at bank and in hand 153,021 122,909
2,203,631 2,013,160
CREDITORS
Amounts falling due within one year 6 243,442 238,315
NET CURRENT ASSETS 1,960,189 1,774,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,041,466

1,814,086

CREDITORS
Amounts falling due after more than one year 7 (41,167 ) (62,500 )

PROVISIONS FOR LIABILITIES (20,319 ) (9,810 )
NET ASSETS 1,979,980 1,741,776

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,979,880 1,741,676
SHAREHOLDERS' FUNDS 1,979,980 1,741,776

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 MAINTENANCE SOLUTIONS LTD. (REGISTERED NUMBER: SC388644)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 May 2025 and were signed on its behalf by:




P M McGale - Director



S D McLeod - Director


PRIME MAINTENANCE SOLUTIONS LTD. (REGISTERED NUMBER: SC388644)

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

1. STATUTORY INFORMATION

Prime Maintenance Solutions Ltd. is a private company, limited by shares, registered in Scotland. The company's registered address is 60 Strathmore Road, Balmore Industrial Estate, Glasgow, G22 7DW.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from that standard.

Turnover
Turnover represents the invoice value of goods sold and services rendered, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer. Turnover in respect of contracts is reflected in the profit and loss account by recording turnover and related costs as activity progresses.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on reducing balance, 33.3% on cost, 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stock
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

PRIME MAINTENANCE SOLUTIONS LTD. (REGISTERED NUMBER: SC388644)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PRIME MAINTENANCE SOLUTIONS LTD. (REGISTERED NUMBER: SC388644)

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

2. ACCOUNTING POLICIES - continued

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. The company also makes payments to the personal pension plans of certain employees. Contributions payable to the personal pension plans are charged to the profit and loss account in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 117,164
Additions 64,972
Disposals (37,560 )
At 31 August 2024 144,576
DEPRECIATION
At 1 September 2023 77,923
Charge for year 11,173
Eliminated on disposal (25,797 )
At 31 August 2024 63,299
NET BOOK VALUE
At 31 August 2024 81,277
At 31 August 2023 39,241

Included within fixed assets are assets held on hire purchase with a net book value of £60,180 (2023: £nil).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 137,997 177,774
Amounts owed by group undertakings 1,899,460 1,693,860
Other debtors 5,129 9,070
2,042,586 1,880,704

PRIME MAINTENANCE SOLUTIONS LTD. (REGISTERED NUMBER: SC388644)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 12,500 30,000
Hire purchase contracts 15,620 -
Trade creditors 68,570 47,858
Taxation and social security 122,613 139,244
Other creditors 24,139 21,213
243,442 238,315

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 62,500
Hire purchase contracts 41,167 -
41,167 62,500

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 12,500 92,500
Hire purchase contracts 56,787 -
69,287 92,500

The bank loan is secured by a floating charge which covers the whole of the property or undertaking of the company.

Hire purchase contracts are secured over the asset to which they relate.