Primo Marine UK Limited 31/12/2024 iXBRL

Company registration number: 11669521

Primo Marine UK Limited

Unaudited filleted abridged financial statements

31 December 2024

Primo Marine UK Limited

Contents

Abridged balance sheet

Notes to the financial statements

Primo Marine UK Limited

Abridged balance sheet

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	3,819		6,857
		_______		_______
			3,819		6,857

Current assets
Debtors		1,128,817		726,745
Cash at bank and in hand		693,757		196,287
		_______		_______
		1,822,574		923,032
Creditors: amounts falling due
within one year		( 1,405,314)		( 702,108)
		_______		_______
Net current assets			417,260		220,924
			_______		_______
Total assets less current liabilities			421,079		227,781


Provisions for liabilities			( 955)		( 1,303)

			_______		_______
Net assets			420,124		226,478
			_______		_______

Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			419,124		225,478
			_______		_______
Shareholders funds			420,124		226,478
			_______		_______

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.

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 Profit and loss account has not been delivered.

All of the members have consented to the preparation of the abridged balance sheet for the current year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:

Mr Willem Marius Jan Hoogendam

Director

Company registration number: 11669521

Primo Marine UK 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. The address of the registered office is Office 3:03, Business Central, 2 Union Square, Central Park, Darlington, DL1 1GL.

2. Statement of compliance

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 pay or recover 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.

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 profit or loss.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Fittings fixtures and equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2023: 9 ).

5. Tangible assets


		£
	Cost
	At 1 January 2024 and 31 December 2024	15,347
		_______
	Depreciation
	At 1 January 2024	8,490
	Charge for the year	3,038
		_______
	At 31 December 2024	11,528
		_______
	Carrying amount
	At 31 December 2024	3,819
		_______
	At 31 December 2023	6,857
		_______

6. Directors advances, credits and guarantees

There were no directors' advances, credits or guarantees in the year.

7. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Primo Marine The Netherlands B.V.	( 833,617)	334,873	( 454,278)	379,339
Primo Marine Group B.V.	( 105)	( 101)	( 3,577)	( 3,472)
Primo Marine Deutschland GmbH	( 81,273)	-	( 81,273)	-
Primo Risk & Control B.V.	( 83,601)	-	( 83,601)	-
Primo Marine Denmark ApS	( 11,636)	-	( 11,636)	-
	_______	_______	_______	_______

Primo Marine UK Limited has entered in to related party transactions with Primo Marine The Netherlands B.V., Primo Marine Group B.V., Primo Marine Deutschland GmbH, Primo Risk & Control B.V. and Primo Marine Denmark ApS in this period. The agreement terms of the loans with all noted companies is 2 years and must therefore be redeemed at the latest by 31 December 2025. Interest is payable annually in arrears at a rate of 3%. Primo Marine UK Limited is a wholly owned subsidiary of Primo Marine Group B.V. The loan value at the start of this period owed to Primo Marine Group B.V. is £3,472 and the remaining amount due at the reporting date of £3,577 all relates to interest. The loan value at the start of this period owed by Primo Marine The Netherlands B.V. is £379,339, which has been received in full within this period. A new agreement is in place with terms to allow Primo Marine UK Limited to borrow amounts up to a maximum amount of 500,000 EUR. There are new agreements in place with Primo Marine Deutschland GmbH, Primo Risk & Control B.V. and Primo Marine Denmark ApS in this period, with terms to allow Primo Marine UK Limited to borrow amounts up to a maximum amount of 250,000 EUR for each company.

8. Controlling party

The parent company of the group is Primo Marine Group B.V. of which Primo Marine UK Limited is a wholly owned subsidiary. Primo Marine Group B.V. has a registered office address of Wijnhaven 21, 3011 WH Rotterdam, The Netherlands. The ultimate beneifical owner of Primo Marine Group B.V. is Mr Jacob Pieter Smit, who was previously a director of Primo Marine UK Limited.