Company Registration No. 01242917 (England and Wales)
PRYME GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PRYME GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
PRYME GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December
31 December
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,471
Current assets
Debtors - deferred tax
-
1,725,764
Debtors - falling due within 1 year
6
2,137,983
1,352,035
Cash at bank and in hand
16,309
2,137,983
3,094,108
Creditors: amounts falling due within one year
7
(6,470)
(12,654,643)
Net current assets/(liabilities)
2,131,513
(9,560,535)
Total assets less current liabilities
2,131,513
(9,557,064)
Dilapidations
8
(138,000)
(138,000)
Net assets/(liabilities)
1,993,513
(9,695,064)
Capital and reserves
Called up share capital
9
80,001
80,001
Profit and loss reserves
1,913,512
(9,775,065)
Total equity
1,993,513
(9,695,064)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
T J Buchan
Director
Company Registration No. 01242917
PRYME GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Pryme Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Brodies LLP, 90 Bartholomew Close, London, United Kingdom, EC1A 7BN.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
During the prior period, the company shortened its accounting reference date to 31 December from 31 March to align with that of its ultimate parent undertaking. As a result the prior period covers the 9 months to 31 December 2023 whereas the comparative periods covers the 12 months to 31 December 2024. The prior year amounts (including related notes) are therefore not directly comparable.
1.4
Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Interest income is recognised when it is probable that economic benefits will flow to the Company and the amount of revenue can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Tenant's improvements
10% straight line
Plant and equipment
10% straight line
Office equipment
20% straight line
Other assets
20 - 33% straight line
PRYME GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are 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 certain 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, where the 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.
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 company after deducting all of its liabilities.
PRYME GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including certain creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
PRYME GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
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 current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Recognition of deferred tax assets
The deferred tax asset recognised in the financial statements represents tax losses carried forward. The determination of the availability of tax losses to be carried forward is based on current UK tax law, case law and published practice. The interpretation of principles established by case law is subjective and involves an element of judgement to be applied. To assist with forming the judgements required the Directors sought independent tax advice.
In addition, in determining the timing and magnitude of recognition of deferred tax assets, management makes a forecast of estimated taxable profits in future periods. This requires the use of forward looking information in relation to future sales, costs and their treatment for tax purposes, which are subjective in nature.
The balance of deferred tax assets recognised is outlined at note 6.
3
Exceptional item
2024
2023
£
£
Expenditure
Write off of amounts owed to group undertakings
(12,135,080)
-
PRYME GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Exceptional item
(Continued)
- 6 -
During the year, the company wrote off its amounts due to its parent company as part of a wider business transfer of activities.
4
Employees
The average monthly number of persons employed by the company during the year was:
31 December
31 December
2024
2023
Number
Number
Total
5
Tangible fixed assets
Tenant's improvements
Plant and machinery etc
Other assets
Total
£
£
£
£
Cost
At 1 January 2024
1,104,215
243,973
102,440
1,450,628
Disposals
(1,104,215)
(243,973)
(102,440)
(1,450,628)
At 31 December 2024
Depreciation and impairment
At 1 January 2024
1,104,215
240,502
102,440
1,447,157
Depreciation charged in the year
407
407
Eliminated in respect of disposals
(1,104,215)
(240,909)
(102,440)
(1,447,564)
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
3,471
3,471
6
Debtors
31 December
31 December
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,404
Amounts owed by group undertakings
2,002,905
1,179,059
Other debtors
135,078
153,572
2,137,983
1,352,035
PRYME GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Debtors
(Continued)
- 7 -
31 December
31 December
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
1,725,764
Total debtors
2,137,983
3,077,799
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due within one year
31 December
31 December
2024
2023
£
£
Trade creditors
870
130,924
Amounts owed to group undertakings
1
12,441,585
Other creditors
5,599
82,134
6,470
12,654,643
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8
Provisions for liabilities
31 December
31 December
2024
2023
£
£
Dilapidations Provision
138,000
138,000
Movements on provisions:
Dilapidations Provision
£
At 1 January 2024 and 31 December 2024
138,000
The dilapidation provision of £138k (31 March 2023: £138k) relates to Unit L5, 19 High Flatworth, Tyne Tunnel Trading, Estate North Shields, Tyne & Wear, England NE29 7UT
PRYME GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Called up share capital
31 December
31 December
31 December
31 December
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
80,001
80,001
80,001
80,001
The company has one class of Ordinary share which carry no right to fixed income.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Fiona Munro and the auditor was Johnston Carmichael LLP.
11
Financial commitments, guarantees and contingent liabilities
The company is subject to a cross guarantee provided in respect of certain group-wide banking facilities. These facilities are secured by fixed and floating charges over the assets and undertakings of the company and all other group-wide facility participants.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
31 December
31 December
2024
2023
£
£
Within one year
402,291
447,486
Between two and five years
938,678
1,775,287
1,340,968
2,222,773
13
Related party transactions
PRYME GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Related party transactions
(Continued)
- 9 -
The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.
Acquisition of trade and activities
On 17 December 2024, the Company transferred its entire trade and operational activities to Caley Ocean Systems Limited, a fellow group undertaking under the common control of Pryme Group Holdings Limited. The transfer included all fixed assets, associated liabilities and assets.
The transaction was carried out at book value and no gain or loss was recognised. The purpose of the transaction was part of a group-wide restructuring to consolidate trading operations.
The transaction was not conducted on an arm’s length basis but was in accordance with group policy for internal reorganisations.
At the reporting date, a balance remains outstanding between the parties in relation to this transaction. The balance is repayable on demand and interest free.
14
Parent company
The company’s immediate parent undertaking at the balance sheet date was Pryme Group Holdings Limited, a company incorporated and registered in Scotland. The registered address of Pryme Group Holdings Limited is Brodies House, 31-33 Union Grove, Aberdeen, Scotland, AB10 6SD.
The ultimate parent company is Three60 Energy Limited, a company incorporated and registered in England and Wales, which was the smallest and largest parent undertaking to consolidate these financial statements as at 31 December 2023. The registered address of Three60 Energy Limited is C/O Brodies LLP, 90 Bartholomew Close, London, United Kingdom, EC1A 7BN.
The ultimate controlling party of Three60 Energy Limited is considered to be Simmons Private Equity II LP, a Limited Partnership incorporated in Guernsey, by virtue of its ownership of the share capital.