Primebuys Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01196526

Primebuys Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2024

Primebuys Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	5		690,777		762,206

Current assets

Stocks		906,286	821,244
Debtors	6	36,287	29,550
Cash at bank and in hand		2,279	85,146
		----------	----------
		944,852	935,940

Creditors: amounts falling due within one year	7	1,166,060		1,063,154
		-------------		-------------
Net current liabilities			221,208		127,214
			----------		----------
Total assets less current liabilities			469,569		634,992

Creditors: amounts falling due after more than one year	8		183,284		202,284

Provisions

Taxation including deferred tax	3,982	4,086
	----------	----------
Net assets	282,303	428,622
	----------	----------

Capital and reserves

Called up share capital	100	100
Undistributable reserve	27,712	28,321
Profit and loss account	254,491	400,201
	----------	----------
Shareholders funds	282,303	428,622
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 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 .

Primebuys Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 8 September 2025 , and are signed on behalf of the board by:

Mr C D Thompson	Mr D F E Thompson
Director	Director

Company registration number: 01196526

Primebuys Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7A, Bessingby Industrial Estate, Bridlington, East Yorkshire, DN14 6SJ.

2. Statement of compliance

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

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

(c) Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. The company recognises income from property development at the point of completion of the contract of sale. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements.

(d) Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(e) Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	10% reducing balance

(h) Stocks

Stock of properties for resale is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes direct expenditure incurred on acquiring and placing properties in an appropriate condition for sale.

(i) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(j) Defined contribution plans

The company operates a defind contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).

5. Tangible assets

	Investment property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 January 2024	758,041	31,824	789,865
Additions	6,986	–	6,986
Revaluations	( 78,000)	–	( 78,000)
	----------	--------	----------
At 31 December 2024	687,027	31,824	718,851
	----------	--------	----------
Depreciation
At 1 January 2024	–	27,659	27,659
Charge for the year	–	415	415
	----------	--------	----------
At 31 December 2024	–	28,074	28,074
	----------	--------	----------
Carrying amount
At 31 December 2024	687,027	3,750	690,777
	----------	--------	----------
At 31 December 2023	758,041	4,165	762,206
	----------	--------	----------

Tangible assets held at valuation

The investment properties were valued in December 2024 by the directors who have experience in the location and category of the investment properties being valued.

6. Debtors

	2024	2023
	£	£
Trade debtors	34,372	25,809
Other debtors	1,915	3,741
	--------	--------
	36,287	29,550
	--------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	61,151	19,000
Trade creditors	4,897	5,332
Corporation tax	–	12,022
Director loan accounts	568,824	566,438
Other creditors	531,188	460,362
	-------------	-------------
	1,166,060	1,063,154
	-------------	-------------

The bank loans are secured by a fixed charge over the associated asset and a fixed and floating charge over the company.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	183,284	202,284
	----------	----------

The bank loans are secured by a fixed charge over the associated asset and a fixed and floating charge over the company.

9. Related party transactions

During the year the directors made available interest free loans to the company which are repayable on demand . As at 31 December 2024 the total balance owed to the directors was £ 568,824 (2023: £ 566,438 ).