Registered number
SC695048
PRIME SPARES LTD
Filleted Accounts
30 April 2025
PRIME SPARES LTD
Registered number: SC695048
Balance Sheet
as at 30 April 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 129,600 -
Tangible assets 4 249,882 27,450
379,482 27,450
Current assets
Stocks 683,449 219,556
Debtors 5 26,883 100
Cash at bank and in hand 704 -
711,036 219,656
Creditors: amounts falling due within one year 6 (418,401) (151,434)
Net current assets 292,635 68,222
Total assets less current liabilities 672,117 95,672
Creditors: amounts falling due after more than one year 7 (198,706) (86,088)
Net assets 473,411 9,584
Capital and reserves
Called up share capital 105 100
Share premium 249,995 -
Profit and loss account 223,311 9,484
Shareholders' funds 473,411 9,584
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Deividas Pienauskas
Director
Approved by the board on 24 June 2025
PRIME SPARES LTD
Notes to the Accounts
for the year ended 30 April 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 10% reducing balance
Leasehold land and buildings over the lease term
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 15 6
3 Intangible fixed assets £
Software and website development costs:
Cost
Additions 144,000
At 30 April 2025 144,000
Amortisation
Provided during the year 14,400
At 30 April 2025 14,400
Net book value
At 30 April 2025 129,600
Warehouse management software and website development costs are being written off in equal annual instalments over their estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2024 20,000 - 13,850 33,850
Additions - 200,091 59,000 259,091
At 30 April 2025 20,000 200,091 72,850 292,941
Depreciation
At 1 May 2024 - - 6,400 6,400
Charge for the year - 30,014 6,645 36,659
At 30 April 2025 - 30,014 13,045 43,059
Net book value
At 30 April 2025 20,000 170,077 59,805 249,882
At 30 April 2024 20,000 - 7,450 27,450
5 Debtors 2025 2024
£ £
Trade debtors 22,823 -
Other debtors 4,060 100
26,883 100
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 99,211 9,080
Obligations under finance lease and hire purchase contracts 10,618 -
Trade creditors 13,637 -
Taxation and social security costs 60,698 104,330
Director's loan account 232,237 20,658
Other creditors 2,000 17,366
418,401 151,434
7 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 163,911 16,346
Obligations under finance lease and hire purchase contracts 34,795 -
Trade creditors - 69,742
198,706 86,088
8 Other information
PRIME SPARES LTD is a private company limited by shares and incorporated in England. Its registered office is: Flat 10, 32 Tudsbery Avenue, Edinburgh, Scotland EH16 4GX.
PRIME SPARES LTD SC695048 false 2024-05-01 2025-04-30 2025-04-30 VT Final Accounts April 2025 Mr Deividas Pienauskas No description of principal activity SC695048 2023-05-01 2024-04-30 SC695048 core:WithinOneYear 2024-04-30 SC695048 core:AfterOneYear 2024-04-30 SC695048 core:ShareCapital 2024-04-30 SC695048 core:SharePremium 2024-04-30 SC695048 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC695048 2024-05-01 2025-04-30 SC695048 bus:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 SC695048 bus:AuditExemptWithAccountantsReport 2024-05-01 2025-04-30 SC695048 bus:Director40 2024-05-01 2025-04-30 SC695048 1 2024-05-01 2025-04-30 SC695048 2 2024-05-01 2025-04-30 SC695048 core:Goodwill 2024-05-01 2025-04-30 SC695048 core:LandBuildings 2024-05-01 2025-04-30 SC695048 core:PlantMachinery 2024-05-01 2025-04-30 SC695048 core:Vehicles 2024-05-01 2025-04-30 SC695048 countries:England 2024-05-01 2025-04-30 SC695048 bus:FRS102 2024-05-01 2025-04-30 SC695048 bus:FilletedAccounts 2024-05-01 2025-04-30 SC695048 2025-04-30 SC695048 core:WithinOneYear 2025-04-30 SC695048 core:AfterOneYear 2025-04-30 SC695048 core:ShareCapital 2025-04-30 SC695048 core:SharePremium 2025-04-30 SC695048 core:RetainedEarningsAccumulatedLosses 2025-04-30 SC695048 core:Goodwill 2025-04-30 SC695048 core:LandBuildings 2025-04-30 SC695048 core:PlantMachinery 2025-04-30 SC695048 core:Vehicles 2025-04-30 SC695048 2024-04-30 SC695048 core:LandBuildings 2024-04-30 SC695048 core:PlantMachinery 2024-04-30 SC695048 core:Vehicles 2024-04-30 iso4217:GBP xbrli:pure