Company registration number: 03814050

Prime Molasses Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 9

Prime Molasses Limited

(Registration number: 03814050)
Balance Sheet as at 31 December 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Intangible assets	4	165,320	151,725
Tangible assets	5	102,983	22,638
Investments	6	1	1
Other financial assets		2	2
		268,306	174,366
Current assets
Stocks	7	1,019,729	564,767
Debtors	8	3,012,631	3,468,767
Cash at bank and in hand		255,995	22,885
		4,288,355	4,056,419
Creditors: Amounts falling due within one year	9	(2,037,562)	(1,989,649)
Net current assets		2,250,793	2,066,770
Net assets		2,519,099	2,241,136
Capital and reserves
Called up share capital		9	9
Profit and loss account		2,519,090	2,241,127
Total equity		2,519,099	2,241,136

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 3 March 2025 and signed on its behalf by:
 

D C Hughes Director

Prime Molasses Limited

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

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5C Business Park
1 Concorde Drive
Clevedon
North Somerset
BS21 6UH

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

The directors have concluded that the company is a going concern and have prepared the financial statements on that basis. Their assessment has incorporated current and forecast trading (profits and cashflows), including consideration of demand for the company’s product and the certainty of supply.

Prior period errors

Prime Molasses have stock held within the group at an offsite location. Historically, this stock has been considered to be under the ownership of a different entity until such a time the stock is moved from the storage facility to the customers. As a result of this, the stock has historically been considered as not being owned by Prime Molasses and therefore not being recognised on the balance sheet.

It has been considered during the year that the risks and rewards and therefore ownership of the stock is held by Prime Molasses in the year. As a result of this, a prior year adjustment has been made to include stock in the current and prior year.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods net of value added tax in the ordinary course of the company’s activities.

Page 2

Prime Molasses Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% straight line
Office equipment	25% straight line

Merger accounting

The trade and assets of Prime Organic Limited were transferred to Prime Molasses Limited as at 31st December 2024 at book value.

Intangible assets

Intangible assets are stated at cost, less accumulated amortisation and accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Computer software	10% straight line from the date the asset is availible for use

Prime Molasses Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Prime Molasses Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 8 (2023 - 7).

Prime Molasses Limited

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

4	Intangible assets

	Computer software costs  £	Total £
Cost or valuation
At 1 January 2024	151,725	151,725
Additions acquired separately	14,750	14,750
At 31 December 2024	166,475	166,475
Amortisation charge	1,155	1,155
At 31 December 2024	1,155	1,155
Carrying amount
At 31 December 2024	165,320	165,320
At 31 December 2023	151,725	151,725

5	Tangible assets

	Furniture, fittings and equipment  £	Office equipment  £	Total £
Cost or valuation
At 1 January 2024	27,985	30,901	58,886
Additions	92,988	8,428	101,416
At 31 December 2024	120,973	39,329	160,302
Depreciation
At 1 January 2024	14,957	21,291	36,248
Charge for the year	15,187	5,884	21,071
At 31 December 2024	30,144	27,175	57,319
Carrying amount
At 31 December 2024	90,829	12,154	102,983
At 31 December 2023	13,028	9,610	22,638

Prime Molasses Limited

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

6	Investments

	2024 £	2023 £
Investments in subsidiaries	1	1