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REGISTERED NUMBER: 14319736 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

Prime Workforce Solutions Ltd

Prime Workforce Solutions Ltd (Registered number: 14319736)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Prime Workforce Solutions Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: R Dempster
M T Edwards
T Mallin





REGISTERED OFFICE: 15 Alban Park
Hatfield Road
ST ALBANS
AL4 0JJ





REGISTERED NUMBER: 14319736 (England and Wales)





AUDITORS: The Kelvin Partnership Ltd
Statutory Auditor
Chartered Accountants
The Cooper Building
505 Great Western Road
Glasgow
G12 8HN

Prime Workforce Solutions Ltd (Registered number: 14319736)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,251 2,091

CURRENT ASSETS
Debtors 6 18,490 36,042
Cash at bank 38,288 40,640
56,778 76,682
CREDITORS
Amounts falling due within one year 7 482,075 240,654
NET CURRENT LIABILITIES (425,297 ) (163,972 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(423,046

)

(161,881

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (423,146 ) (161,981 )
(423,046 ) (161,881 )

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 Income Statement has not been delivered.

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:





T Mallin - Director


Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Prime Workforce Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with Section 1A of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policy.

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 principal accounting policies adopted are set out below. These policies have been consistently applied to all periods presented.

Going concern basis
The directors have prepared forecasts for the next twelve months which take account of rising costs and expected demand based on current levels. The forecasts show that the group have adequate cash resources and have confirmed that they will continue to support the company for the foreseeable future.. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors consider it appropriate to prepare the financial statement based on the going concern basis of preparation for the reasons set out in the directors report

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, estimates and assumptions about the carrying amount 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.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost

Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.

Financial instruments are recognized in the company's financial statements when the company becomes party to the contractual provisions of the instrument.

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.

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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 balance sheet date.


Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

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.

Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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.

Prepayments and accrued income
Prepayments are goods and services which have already been paid for, however, the full benefits of these goods are realised in the future. Accrued income is income that has been recognised at the time when it has been earned, which may not be the same time as it has been received.

Accrued Expenses
Accrued expenses are expenses that have incurred in one accounting period, however, are not paid until a future accounting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. AUDITORS' REMUNERATION
Period
26.8.22
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

2,000

2,000
Total audit fees 2,000 2,000

Auditors' remuneration for non audit work 500 500
Total non-audit fees 500 500
Total fees payable 2,500 2,500

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2024 2,151
Additions 1,143
At 31 December 2024 3,294
DEPRECIATION
At 1 January 2024 60
Charge for year 983
At 31 December 2024 1,043
NET BOOK VALUE
At 31 December 2024 2,251
At 31 December 2023 2,091

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 10,560 20,792
Other debtors 7,930 15,250
18,490 36,042

Prime Workforce Solutions Ltd (Registered number: 14319736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 659 4,763
Amounts owed to group undertakings 450,492 203,910
Taxation and social security 9,106 7,136
Other creditors 21,818 24,845
482,075 240,654

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Brian Meldrum CA (Senior Statutory Auditor)
for and on behalf of The Kelvin Partnership Ltd

9. PENSION COMMITMENTS

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge for the year amounted to £11,850. At the year end there was no outstanding balance due to the pension scheme.

10. RELATED PARTY DISCLOSURES

The company is a wholly owed subsidiary of the Prime Trading Group (UK) Limited and has taken advantage of exemption conferred by section 33 of FRS 102 "Related Party Disclosures" not to disclose transactions with Prime Trading Group (UK) Limited or other wholly owned subsidiaries within the group.

At year end, included in Creditors is an amount of £1,458 (2023 - £13,348) due to RBR Solutions Ltd which is a related entity with a common person with significant control. This entity is not a part of the Trading Group.

During the year, the company sold goods and services to the value of £17,415 to RBR Solutions Ltd.

During the year, the company bought goods and services to the value of £19,278 from RBR Solutions Ltd.

11. ULTIMATE CONTROLLING PARTY

The directors regard Prime Trading Group (UK) Ltd. as the company's ultimate parent company.

The only company within the Prime Trading Group (UK) Ltd for which group financial statements are drawn up and of which the company is a member is Prime Trading Group (UK) Ltd. Copies of the group financial statements can be obtained from its registered office at 15 Alban Park, Hatfield, St. Albans, United Kingdom, AL4 0JJ.