Company registration number 02529994 (England and Wales)
PRIMEMERIT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PRIMEMERIT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PRIMEMERIT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,300,000
1,300,000
Investments
5
1,048,503
1,048,503
2,348,503
2,348,503
Current assets
Debtors
7
224,701
196,246
Cash at bank and in hand
154,356
128,098
379,057
324,344
Creditors: amounts falling due within one year
8
(539,835)
(411,704)
Net current liabilities
(160,778)
(87,360)
Total assets less current liabilities
2,187,725
2,261,143
Provisions for liabilities
(139,110)
(153,062)
Net assets
2,048,615
2,108,081
Capital and reserves
Called up share capital
9
1,000
1,000
Revaluation reserve
10
1,058,443
1,058,443
Profit and loss reserves
989,172
1,048,638
Total equity
2,048,615
2,108,081
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 June 2025
Mr M A Brownhill
Director
Company Registration No. 02529994
PRIMEMERIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Primemerit Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pumping Station, Penarth Road, Cardiff, South Glamorgan, Wales, CF11 8TT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
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 at the fair value of the consideration received for property rental.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PRIMEMERIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Exceptional item
During the year the company paid directors' and staff pension contribution totalling £100,000, which are included within administrative expenses.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
PRIMEMERIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
1,300,000
The fair value of the investment properties of £1,300,000 which had an historical cost of £693,429 has been arrived at on the basis of a valuation carried out at 31 December 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,046,253
1,046,253
Other investments other than loans
2,250
2,250
1,048,503
1,048,503
Fixed asset investments revalued
The fair value of the shares in group undertakings of £1,046,253 which had an historical cost of £441,319 has been arrived at on the basis of a valuation carried out at 31 December 2024 by the directors.
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
Mergeform Limited
Property holding
Ordinary
50.00
0
The Cardiff Bay Antique Centre Limited
Property holding
Ordinary
100.00
0
The registered office address for both company's is The Pumping Station, Penarth Road, Cardiff, CF11 8TT
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
223,996
174,996
Other debtors
705
21,250
224,701
196,246
PRIMEMERIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
330,610
380,610
Corporation tax
7,244
Other taxation and social security
2,069
1,773
Other creditors
207,156
22,077
539,835
411,704
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
10
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
1,058,443
1,058,443
11
Related party transactions
The company has an existing loan of £223,996 (2023 - £174,996) due from The Cardiff Bay Antique Centre Limited, a company within the same group. This amount is included in debtors; amounts falling due within one year.
The company has an existing loan of £186,269 due to (2023 - £14,880 due from) UK Traders Limited, a company owned by the director Mr M Brownhill's mother. This amount is included in creditors: (2023 : debtors) amounts falling due within one year
The company has an existing loan of £330,610 (2023 - £380,610) due to Mergeform Limited, a company within the same group. This amount is included in creditors; amounts falling due within one year.
12
Parent company
Pacific Trade Ventures (UK) Limited is regarded by the director as being the ultimate parent company. The registered office and principal place of business of Pacific Trade Ventures (UK) Limited is The Pumping Station, Penarth Road, Cardiff, South Glamorgan, Wales, CF11 8TT.