| REGISTERED NUMBER: 14285561 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 31 December 2024 |
| for |
| Prime Trading Group (UK) Ltd |
| REGISTERED NUMBER: 14285561 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 31 December 2024 |
| for |
| Prime Trading Group (UK) Ltd |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 12 |
| Consolidated Other Comprehensive Income | 13 |
| Consolidated Statement of Financial Position | 14 |
| Company Statement of Financial Position | 15 |
| Consolidated Statement of Changes in Equity | 16 |
| Company Statement of Changes in Equity | 17 |
| Consolidated Statement of Cash Flows | 18 |
| Notes to the Consolidated Statement of Cash Flows | 19 |
| Notes to the Consolidated Financial Statements | 21 |
| Prime Trading Group (UK) Ltd |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Chartered Accountants |
| The Cooper Building |
| 505 Great Western Road |
| Glasgow |
| G12 8HN |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| The Directors are pleased to report strong growth of the Group over the past 12 months. Group turnover for the financial year was £22.2 million, up from £21.3 million, driven by a strong performance in its core business, coupled with the benefit of new client acquisition from its various startup operations. The Group has continued to invest in future growth opportunities, including a new training centre, a new corporate guarding division and in the general strengthening of sales management and sales resources across the Group. The establishment of a new digital marketing business towards the end of the year helped to further de-risk and diversify the Group by reducing its reliance on its traditional markets. Whilst fledgling, this business has exceeded expectations in terms of creating potential opportunities for the Group, as well as creating significant opportunities for improvement in relation to critical marketing activity. Planning and investment is underway for the establishment of a further new business at the start of 2025 dedicated to the research and development of new technical products in support of future growth, as well as generating distinct external revenues in 2025. The Group has also invested in streamlining processes through the introduction of new technology and automation to improve efficiency. |
| All businesses within the Group continue to refine the sales propositions for their products and services and this work has delivered a clarity of vision which strongly supports the Group's marketing and growth plans. The appointment of a Group Strategic Relationship Director during the year has also helped position the Group to take best advantage of the growth opportunities available to it and to drive inter-company service density sales. The Directors are happy to report its firmly held view that the necessary leadership talent is in place to achieve its strategic objectives. Employee satisfaction indicators remain strong, and the Group continues to invest in staff training and development. |
| Financially, the Group has performed strongly, with a joint focus on aggressive sales growth and good cost management resulting in profits before tax of £3 million in this financial year. Our return on investment approach continues to support good decision-making on the employment of working capital and ensures that the Group is putting its resources to best use. Good cash collection and robust cash planning remain key priorities for the Group and performance has been strong in both areas. |
| In summary, the Group is exceeding the financial objectives outlined in its current strategic plan and approaches the start of the new financial year with optimism. The Directors are highly confident that the Group is well placed to take advantage of the growth opportunities necessary to successfully achieve its 2030 vision." |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors convene board meetings on a monthly basis with weekly management meetings to review all existing contacts and also potential future contracts. At these meetings the principal risks and uncertainties affecting the group are discussed at length and procedures are put in place to manage and minimise these on an ongoing basis. |
| Financial stability and growth of the group remains a key area that our finance team review monthly to ensure we manage the diverse nature of our business. We have adequate cash reserves to ensure the groups remains in a strong financial position, to ensure we meet the aspirations of the board and fulfill our place in the industry. |
| FINANCIAL REVIEW AND KEY PERFORMANCE INDICATORS |
| As we can see from the Consolidated Statement of Comprehensive Income on pages 12, 13 and 14 the turnover is £22,231,711. Profit before taxation is £2,907,916 resulting in net assets of £10,126,384. |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| GOING CONCERN |
| All the risks and uncertainties detailed above will have consequences to the future trading of the Group. The Directors of the Group have prepared the accounts on a going concern basis as the group financial resources and secured workload will support this course of action. |
| In the opinion of the Directors the Group will continue in the foreseeable future and it is appropriate to prepare the financial statements on a going concern basis. |
| ON BEHALF OF THE BOARD: |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of security services. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 December 2024 will be £1,280,000 (2023 - £1,180,000). |
| These distributable interim dividends of £1,280,000 (2023 - £1,180,000) were paid during the year. |
| The profit for the year, after tax amounted to £5,307,136 (2023 - £2,918,428). |
| RESEARCH AND DEVELOPMENT |
| As explained earlier, innovation and technology have been a key focus for the Group throughout the year and the appointment of a Head of Business Transformation in the second half of the year has underpinned this. The company has invested in research and development to stay ahead of industry trends and meet the evolving needs of its customers and this has resulted in several new product development opportunities. |
| FUTURE DEVELOPMENTS |
| The use of technology to streamline and automate business processes and procedures continues to be a key area of focus. |
| POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the group since the year end. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| FINANCIAL INSTRUMENTS |
| Credit risk |
| The group's main credit risk is from credit sales and make extensive credit risks of any new customers before entering into contracts. The group actively monitor customer debt to ensure that the risk of exposure to any loss on contracts is minimised. |
| Liquidity risk |
| Liquidity risk arises from the group's management of working capital. It is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due. The directors regularly review cashflow projections to ensure working capital is appropriately managed throughout the group. |
| DONATIONS |
| During the year the group made donations to local charities of £37,360 (2023 - £12,297). |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| GOING CONCERN |
| As we can see from the Consolidated Statement of Comprehensive Income on pages 12, 13 and 14 the turnover for the year was £22,231,711 (2023 - £21,364,264). Profit before taxation is £2,907,916 (2023 - £3,413,883) resulting in net assets of £10,126,384 (2023 - £7,153,564). The directors consider that these resources, together with the current sales book, sufficient to meet the needs of the business for at least the next 12 months from the date of these financial statements and have prepared these financial statements on a going concern basis as a result. |
| DIRECTORS' RESPONSIBILITIES STATEMENT |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| AUDITORS |
| The auditors, The Kelvin Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Prime Trading Group (UK) Ltd |
| Opinion |
| We have audited the financial statements of Prime Trading Group (UK) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Report of the Independent Auditors to the Members of |
| Prime Trading Group (UK) Ltd |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Prime Trading Group (UK) Ltd |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud. The extent to which these can detect irregularities, including fraud is detailed below. |
| To assess the susceptibility of the company's financial statements to material misstatement, including how fraud may occur. |
| • | We enquired of the directors of the companies policies and procedures to detect fraud as well as whether they have knowledge of any actual, suspected or alleged fraud |
| • | Using analytical procedures to identify any unusual or unexpected transactions |
| We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud within the company. |
| As required by auditing standards we perform procedures to address the risk of management override of controls and in particular that the company management may be in a position to make inappropriate accounting entries and the risk of bias in accounting estimates and judgements. |
| We did not identify any additional fraud risks. |
| In determining the audit procedures we took into account the results of our evaluation and testing of the operating effectiveness of the company's fraud risk management controls. |
| We also performed procedures including: |
| • | Identifying journal entries to test for all full scope components based on risk criteria and comparing the identified entries to supporting documentation. These included, as relevant, those posted to unusual accounts |
| • | Assessing significant accounting estimates made by management for bias |
| • | Substantive testing on revenue |
| • | Reviewing large and unusual transactions outside the ordinary course of the company's business. |
| • | Identifying undisclosed related parties |
| We discussed with management matters related to actual or suspected fraud and considered any implications for our audit. |
| We ensured that the audit team collectively had the necessary competence and skills to recognise non-compliance with laws and regulations. |
| We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and through discussion with the directors (as required by auditing standards). |
| Report of the Independent Auditors to the Members of |
| Prime Trading Group (UK) Ltd |
| As the company is regulated our assessment of risks involved gaining an understanding of the control environment including the company's procedures for complying with regulatory requirements. |
| We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
| The potential effect of these laws and regulations on the financial statements varies considerably. |
| Firstly the entity is subject to very strict laws and regulations that directly affect the financial statements including financial reporting legislation, including the Companies Act 2006, FRS102, the UK Corporate tax laws and UK Vat laws. We assessed the extent of the compliance with these laws and regulations by carrying out a review of the financial statement disclosures and a review of correspondence with the tax authorities. |
| Secondly the entity is subject to many other laws and regulations including the UK security legislation, the AML regulations, GDPR, employment law, and health and safety, where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. |
| Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and management and inspection of regulatory and legal correspondence, if any. |
| Therefore if a breach of operational regulations is not disclosed to us or evident from the relevant correspondence , an audit will not detect that breach. |
| Context of the ability of the audit to detect fraud or breaches of laws and regulations |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements, even though we had properly planned and performed our audit in accordance with accounting standards. For example the further removed non-compliance with laws and regulations from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standard would identify it. |
| In addition, with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Prime Trading Group (UK) Ltd |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditor |
| Chartered Accountants |
| The Cooper Building |
| 505 Great Western Road |
| Glasgow |
| G12 8HN |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Consolidated |
| Income Statement |
| for the Year Ended 31 December 2024 |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER | 4 | 22,231,711 | 21,364,264 |
| Cost of sales | 10,569,048 | 11,184,781 |
| GROSS PROFIT | 11,662,663 | 10,179,483 |
| Administrative expenses | 8,713,075 | 6,907,246 |
| 2,949,588 | 3,272,237 |
| Other operating income | 1,045 | 182,131 |
| OPERATING PROFIT | 6 | 2,950,633 | 3,454,368 |
| Interest receivable and similar income | 8 | 198,892 | 21,979 |
| 3,149,525 | 3,476,347 |
| Interest payable and similar expenses | 9 | 241,609 | 63,094 |
| PROFIT BEFORE TAXATION | 2,907,916 | 3,413,253 |
| Tax on profit | 10 | 792,392 | 976,203 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 2,115,524 | 2,437,050 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 2,115,524 | 2,437,050 |
| OTHER COMPREHENSIVE INCOME |
| Fair value reserve | 2,137,196 | - |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
2,137,196 |
- |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
4,252,720 |
2,437,050 |
| Total comprehensive income attributable to: |
| Owners of the parent | 4,252,720 | 2,437,050 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Consolidated Statement of Financial Position |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 13 | 5,386,405 | 2,667,858 |
| CURRENT ASSETS |
| Stocks | 14 | 102,806 | - |
| Debtors | 15 | 4,743,449 | 5,180,172 |
| Cash at bank and in hand | 5,478,406 | 6,278,523 |
| 10,324,661 | 11,458,695 |
| CREDITORS |
| Amounts falling due within one year | 16 | 4,600,301 | 5,774,310 |
| NET CURRENT ASSETS | 5,724,360 | 5,684,385 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
11,110,765 |
8,352,243 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(853,401 |
) |
(937,297 |
) |
| PROVISIONS FOR LIABILITIES | 21 | (130,980 | ) | (261,382 | ) |
| NET ASSETS | 10,126,384 | 7,153,564 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 10,600 | 10,500 |
| Fair value reserve | 23 | 1,967,220 | - |
| Retained earnings | 23 | 8,148,564 | 7,143,064 |
| SHAREHOLDERS' FUNDS | 10,126,384 | 7,153,564 |
| The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by: |
| M T Edwards - Director |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Company Statement of Financial Position |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 13 |
| CURRENT ASSETS |
| Debtors | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Fair value reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 5,307,136 | 2,918,428 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Fair |
| share | Retained | value | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 9 August 2022 | - | 5,886,014 | - | 5,886,014 |
| Changes in equity |
| Issue of share capital | 10,500 | - | - | 10,500 |
| Dividends | - | (1,180,000 | ) | - | (1,180,000 | ) |
| Total comprehensive income | - | 2,437,050 | - | 2,437,050 |
| Balance at 31 December 2023 | 10,500 | 7,143,064 | - | 7,153,564 |
| Changes in equity |
| Issue of share capital | 100 | - | - | 100 |
| Dividends | - | (1,280,000 | ) | - | (1,280,000 | ) |
| Total comprehensive income | - | 2,285,500 | 1,967,220 | 4,252,720 |
| Balance at 31 December 2024 | 10,600 | 8,148,564 | 1,967,220 | 10,126,384 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Fair |
| share | Retained | value | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Changes in equity |
| Issue of share capital | - | - |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Consolidated Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,962,292 | 3,303,673 |
| Interest paid | (225,395 | ) | (48,792 | ) |
| Interest element of hire purchase payments paid |
(16,214 |
) |
(14,302 |
) |
| Tax paid | (1,013,414 | ) | (748,363 | ) |
| Net cash from operating activities | 1,707,269 | 2,492,216 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (1,418,781 | ) | (1,918,209 | ) |
| Sale of tangible fixed assets | 28,009 | 331,446 |
| Interest received | 198,892 | 21,979 |
| Net cash from investing activities | (1,191,880 | ) | (1,564,784 | ) |
| Cash flows from financing activities |
| New loans in year | - | 805,000 |
| Loan repayments | (32,233 | ) | (20,434 | ) |
| New HP loans in year | 114,020 | 326,125 |
| HP capital repayments in year | (117,393 | ) | (84,456 | ) |
| Amount introduced by directors | - | 354,737 |
| Amount withdrawn by directors | - | (140,000 | ) |
| Share issue | 100 | - |
| Equity dividends paid | (1,280,000 | ) | (1,180,000 | ) |
| Opening bank balances | - | 5,290,119 |
| Net cash from financing activities | (1,315,506 | ) | 5,351,091 |
| (Decrease)/increase in cash and cash equivalents | (800,117 | ) | 6,278,523 |
| Cash and cash equivalents at beginning of year |
2 |
6,278,523 |
- |
| Cash and cash equivalents at end of year |
2 |
5,478,406 |
6,278,523 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before taxation | 2,907,916 | 3,413,253 |
| Depreciation charges | 623,218 | 488,693 |
| Loss on disposal of fixed assets | 16,227 | 1,372 |
| Finance costs | 241,609 | 63,094 |
| Finance income | (198,892 | ) | (21,979 | ) |
| 3,590,078 | 3,944,433 |
| Increase in stocks | (102,806 | ) | - |
| Decrease/(increase) in trade and other debtors | 436,723 | (5,180,172 | ) |
| (Decrease)/increase in trade and other creditors | (961,703 | ) | 4,539,412 |
| Cash generated from operations | 2,962,292 | 3,303,673 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 5,478,406 | 6,278,523 |
| Period ended 31 December 2023 |
| 31.12.23 | 9.8.22 |
| £ | £ |
| Cash and cash equivalents | 6,278,523 | - |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 6,278,523 | (800,117 | ) | 5,478,406 |
| 6,278,523 | (800,117 | ) | 5,478,406 |
| Debt |
| Finance leases | (241,669 | ) | 3,373 | (238,296 | ) |
| Debts falling due within 1 year | (32,875 | ) | (2,363 | ) | (35,238 | ) |
| Debts falling due after 1 year | (751,691 | ) | 34,596 | (717,095 | ) |
| (1,026,235 | ) | 35,606 | (990,629 | ) |
| Total | 5,252,288 | (764,511 | ) | 4,487,777 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Prime Trading Group (UK) Ltd is a |
| 2. | ACCOUNTING POLICIES |
| 2.1 Accounting convention |
| The preparation of financial statement in compliance with FRS102 requires the use of certain critical accounting estimate. It also requires management to exercise judgement in applying the companies accounting policies (see Note 3). |
| The company has taken advantage of the exemption allowed under section 408 of the Companies act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. |
| The functional and presentation currency is GPB and these accounts are rounded to the nearest pound. |
| The following principal accounting policies have been applied: |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirement of paragraph 33.7. |
| Basis of consolidation |
| The consolidated financial statements present the results of the Parent company and its subsidiaries as if they form a separate entity. Intercompany transactions and balances between the group companies are therefore fully eliminated. |
| The consolidated financial statements incorporate the results of the parent company and its subsidiaries using the purchase method. The results of the subsidiaries are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained and similarly deconsolidated from the date the control ceases. |
| Going concern |
| As we can see from the Consolidated Statement of Comprehensive Income on pages 12, 13 and 14 the turnover is £22,231,711. Profit before taxation is £2,907,916 resulting in net assets of £10,126,384. The directors consider that these resources, together with the current sales book, sufficient to meet the needs of the business for at least the next 12 months from the date of these financial statements and have prepared these financial statements on a going concern basis as a result. |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties. |
| Financial assets and liabilities are only offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 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. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| 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 group after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and loans are initially recognised at transaction price and 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. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Provisions |
| Provisions are recognised where a legal or constructive obligation has been incurred which will probably lead to an outflow of resources that can be reasonably estimated. Provisions are recorded for the estimated ultimate liability that is expected to arise, taking into account the time value of money where material. |
| A contingent liability is disclosed where the existence of the obligation will only be confirmed by future events, or where the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow of economic benefits is probable. |
| Debtors |
| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investment with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Holiday pay accrual |
| A liability is recognised to the extent of any unused pay entitlement which is accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date. |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS |
| In the application of the groups accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. |
| The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| Estimates |
| Tangible fixed assets |
| The useful economic life of the fixed assets and the depreciation rate applied. |
| Whether there are indicators of impairment of tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. |
| Judgements |
| Trade debtors |
| Whether any bad debt provision is required via review of trade debtors, with debts provided for on a specific basis. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or if the period of the revisions and future periods if the revision affects both current and future periods. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| 5. | EMPLOYEES AND DIRECTORS |
| £ | £ |
| Wages and salaries | 4,943,622 | 3,615,688 |
| Social security costs | 530,382 | 400,299 |
| Pension costs | 138,341 | 119,680 |
| 5,612,345 | 4,135,667 |
| The average number of employees during the period was as follows: | 156 | 156 |
| The average number of employees by undertakings that were proportionately consolidated during the period was NIL. |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Directors' remuneration | 461,857 | 458,175 |
| Directors' pension contributions to money purchase schemes | 22,315 | 15,919 |
| Information regarding the highest paid director is as follows: |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Emoluments etc | 290,196 | 180,418 |
| Pension contributions to money purchase schemes | 8,584 | 3,908 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| £ |
| Depreciation - owned assets | 488,693 |
| Loss on disposal of fixed assets | 1,372 |
| 7. | AUDITORS' REMUNERATION |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
24,404 |
18,900 |
| Total audit fees | 24,404 | 18,900 |
| Auditors' remuneration for non audit work | 3,600 | 3,100 |
| Total non-audit fees | 3,600 | 3,100 |
| Total fees payable | 28,004 | 22,000 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Deposit account interest | 198,892 | 21,291 |
| VAT Refund | - | 688 |
| 198,892 | 21,979 |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank interest | 51 | - |
| Bank loan interest | 155,344 | 48,792 |
| Profit share on investment | 70,000 | - |
| Hire purchase | 16,214 | 14,302 |
| 241,609 | 63,094 |
| 10. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 840,603 | 931,223 |
| Prior year under provision | 82,191 | - |
| Total current tax | 922,794 | 931,223 |
| Deferred tax | (130,402 | ) | 44,980 |
| Tax on profit | 792,392 | 976,203 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | TAXATION - continued |
| Tax effects relating to effects of other comprehensive income |
| 31.12.24 |
| Gross | Tax | Net |
| £ | £ | £ |
| Fair value reserve | 2,137,196 | - | 2,137,196 |
| 11. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 12. | DIVIDENDS |
| Period |
| 9.8.22 |
| Year Ended | to |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Ordinary shares of 1 each |
| Interim | 1,280,000 | 1,180,000 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 | 1,024,619 | 22,493 | 2,992,728 |
| Additions | - | 38,990 | 1,182,574 |
| Disposals | - | - | - |
| Revaluations | - | - | 1,967,220 |
| At 31 December 2024 | 1,024,619 | 61,483 | 6,142,522 |
| DEPRECIATION |
| At 1 January 2024 | 94,000 | 750 | 1,625,580 |
| Charge for year | - | 9,147 | 469,272 |
| Eliminated on disposal | - | - | - |
| At 31 December 2024 | 94,000 | 9,897 | 2,094,852 |
| NET BOOK VALUE |
| At 31 December 2024 | 930,619 | 51,586 | 4,047,670 |
| At 31 December 2023 | 930,619 | 21,743 | 1,367,148 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 | 35,042 | 472,894 | 105,695 | 4,653,471 |
| Additions | 16,230 | 135,319 | 45,668 | 1,418,781 |
| Disposals | - | (193,248 | ) | - | (193,248 | ) |
| Revaluations | - | - | - | 1,967,220 |
| At 31 December 2024 | 51,272 | 414,965 | 151,363 | 7,846,224 |
| DEPRECIATION |
| At 1 January 2024 | 24,364 | 187,616 | 53,303 | 1,985,613 |
| Charge for year | 7,955 | 99,315 | 37,529 | 623,218 |
| Eliminated on disposal | - | (149,012 | ) | - | (149,012 | ) |
| At 31 December 2024 | 32,319 | 137,919 | 90,832 | 2,459,819 |
| NET BOOK VALUE |
| At 31 December 2024 | 18,953 | 277,046 | 60,531 | 5,386,405 |
| At 31 December 2023 | 10,678 | 285,278 | 52,392 | 2,667,858 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Cost or valuation at 31 December 2024 is represented by: |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| Valuation in 2024 | - | - | 1,967,220 |
| Cost | 1,024,619 | 61,483 | 4,175,302 |
| 1,024,619 | 61,483 | 6,142,522 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Valuation in 2024 | - | - | - | 1,967,220 |
| Cost | 51,272 | 414,965 | 151,363 | 5,879,004 |
| 51,272 | 414,965 | 151,363 | 7,846,224 |
| Company |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Revaluations |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Revaluations |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Cost or valuation at 31 December 2024 is represented by: |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| Valuation in 2024 | - | - | 4,515,999 |
| Cost | 1,274,979 | 27,017 | - |
| 1,274,979 | 27,017 | 4,515,999 |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| Valuation in 2024 | - | - | 4,515,999 |
| Cost | 2,066 | 19,817 | 1,323,879 |
| 2,066 | 19,817 | 5,839,878 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 14. | STOCKS |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Stocks | 102,806 | - |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Trade debtors | 4,001,791 | 4,678,087 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 182,200 | 50,033 |
| VAT | - | - |
| Prepayments | 559,458 | 452,052 |
| 4,743,449 | 5,180,172 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 35,238 | 32,875 |
| Hire purchase contracts (see note 19) | 101,990 | 56,063 |
| Trade creditors | 1,029,418 | 1,380,210 |
| Amounts owed to group undertakings | - | - |
| Tax | 840,603 | 931,223 |
| Social security and other taxes | 173,617 | 141,362 |
| Pension Fund | - | 665 | - | 665 |
| VAT | 277,662 | 409,587 | - | - |
| Other creditors | 144,390 | 936,806 |
| Staff Advances | - | 817 | - | 817 |
| Directors' current accounts | 36,937 | 214,737 | - | - |
| Accrued dividend tax | - | 487,027 |
| Accrued expenses | 1,960,446 | 1,182,938 |
| 4,600,301 | 5,774,310 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Bank loans (see note 18) | 717,095 | 751,691 |
| Hire purchase contracts (see note 19) | 136,306 | 185,606 |
| 853,401 | 937,297 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Amounts falling due within one year or | on demand: |
| Bank loans | 35,238 | 32,875 |
| Amounts falling due between one and | two years: |
| Bank loans - 1-2 years | 37,806 | 35,297 |
| Amounts falling due between two and | five years: |
| Bank loans - 2-5 years | 130,356 | 220,035 |
| Bank Loan > 5 years | 548,933 | 496,359 | 548,933 | 496,359 |
| 679,289 | 716,394 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 101,990 | 56,063 |
| Between one and five years | 136,306 | 185,606 |
| 238,296 | 241,669 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Company |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank loans |
| Bank Loan |
| Standard Security and Negative Pledge in favour of Bank of Scotland plc |
| Hire Purchase |
| Hire purchase is secured over the assets it relates to. |
| 21. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Deferred tax | 130,980 | 261,382 | 77,823 | 194,713 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | 261,382 |
| Credit to Income Statement during year | (130,402 | ) |
| Balance at 31 December 2024 | 130,980 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 December 2024 |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Share capital 1 | 1 | 10,600 | 10,500 |
| 23. | RESERVES |
| Group |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 7,143,064 | - | 7,143,064 |
| Profit for the year | 2,115,524 | 2,115,524 |
| Dividends | (1,280,000 | ) | (1,280,000 | ) |
| Revaluation | - | 2,137,196 | 2,137,196 |
| Amortisation | 169,976 | (169,976 | ) | - |
| At 31 December 2024 | 8,148,564 | 1,967,220 | 10,115,784 |
| Company |
| Fair |
| value |
| reserve |
| £ |
| Revaluation | 1,740,275 |
| Amortisation | (169,976 | ) |
| At 31 December 2024 |
| 24. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| 25. | POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the group since the year end. |
| Prime Trading Group (UK) Ltd (Registered number: 14285561) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 26. | ULTIMATE CONTROLLING PARTY |
| There is no ultimate controlling party. |