1 November 2023 v2025.46.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBP098229962023-11-012024-10-31098229962024-10-31098229962023-10-3109822996core:WithinOneYear2024-10-3109822996core:WithinOneYear2023-10-3109822996core:AfterOneYear2024-10-3109822996core:AfterOneYear2023-10-3109822996core:ShareCapital2024-10-3109822996core:ShareCapital2023-10-3109822996core:SharePremium2024-10-3109822996core:SharePremium2023-10-3109822996core:RetainedEarningsAccumulatedLosses2024-10-3109822996core:RetainedEarningsAccumulatedLosses2023-10-3109822996bus:Director12023-11-012024-10-3109822996bus:Director22023-11-012024-10-3109822996bus:RegisteredOffice2023-11-012024-10-310982299612023-11-012024-10-31098229962022-11-012023-10-3109822996countries:EnglandWales2023-11-012024-10-3109822996bus:AuditExempt-NoAccountantsReport2023-11-012024-10-3109822996bus:PrivateLimitedCompanyLtd2023-11-012024-10-3109822996bus:SmallEntities2023-11-012024-10-3109822996bus:FullAccounts2023-11-012024-10-31
Company registration number:
09822996
Prime Advisory Network Ltd
Unaudited Filleted Financial Statements for the year ended
31 October 2024
Prime Advisory Network Ltd
Statement of Financial Position
31 October 2024
20242023
Note££
Current assets    
Debtors 5
13,821
 
20,019
 
Cash at bank and in hand
76,583
 
49,044
 
90,404
 
69,063
 
Creditors: amounts falling due within one year 6
(61,976
)
(53,231
)
Net current assets
28,428
 
15,832
 
Total assets less current liabilities 28,428   15,832  
Creditors: amounts falling due after more than one year 7
(4,735
)
(4,735
)
Net assets
23,693
 
11,097
 
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Share premium
999
 
999
 
Profit and loss account
21,694
 
9,098
 
Shareholders funds
23,693
 
11,097
 
For the year ending
31 October 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
15 July 2025
, and are signed on behalf of the board by:
D Occari
G Williams
DirectorDirector
Company registration number:
09822996
Prime Advisory Network Ltd
Notes to the Financial Statements
Year ended
31 October 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 3.12 East London Works
,
65 Whitechapel Road
,
London
,
E1 1DU
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and Value Added Tax. Turnover includes revenue earned from the rendering of intermediary services for professional consultancy.
Turnover from intermediary services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

FOREIGN CURRENCY TRANSLATION

The transactions denominated in foreign currency are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year end denominated in a foreign currency are translated at the rate of exchange ruling at the balance sheet date

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

5 Debtors

20242023
££
Trade debtors
7,105
 
14,929
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
657
 
657
 
Other debtors
6,059
 
4,433
 
13,821
 
20,019
 

6 Creditors: amounts falling due within one year

20242023
££
Trade creditors
58,986
 
53,178
 
Taxation and social security
2,990
 
53
 
61,976
 
53,231
 

7 Creditors: amounts falling due after more than one year

20242023
££
Other creditors
4,735
 
4,735