Priority Business Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02543023 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Priority Business Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J G Ashley-Cowan

SECRETARY:

Mrs C Ashley-Cowan

REGISTERED OFFICE:

Priority House

8 Turret Lane

Ipswich

Suffolk

IP4 1DL

REGISTERED NUMBER:

02543023 (England and Wales)

ACCOUNTANTS:

Knights Lowe Ltd

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

FIXED ASSETS

Tangible assets

4

48,354

588,160

CURRENT ASSETS

Debtors

5

1,181,863

1,351,095

Cash at bank and in hand

1,670,506

1,347,949

2,852,369

2,699,044

CREDITORS

Amounts falling due within one year

6

1,776,106

1,575,732

NET CURRENT ASSETS

1,076,263

1,123,312

TOTAL ASSETS LESS CURRENT LIABILITIES

1,124,617

1,711,472

CREDITORS

Amounts falling due after more than one
year

7

(5,000

)

(15,000

)

PROVISIONS FOR LIABILITIES

9

(10,106

)

(144,717

)

NET ASSETS

1,109,511

1,551,755

CAPITAL AND RESERVES

Called up share capital

10

167,000

Share premium

11

28,000

Retained earnings

11

914,511

1,356,755

SHAREHOLDERS' FUNDS

1,109,511

1,551,755

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 June 2025 and were signed by:

J G Ashley-Cowan - Director

1.	STATUTORY INFORMATION

Priority Business Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents commissions earned on hotel bookings and charges for management services excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

in accordance with the property lease

Computer equipment

-

33% on cost

Fixtures and fittings

-

15% on cost

Computer software

-

10% on cost

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank facilities and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Computer

and

Computer

improvements

equipment

fittings

software

Totals

£

COST

At 1 January 2024

65,301

140,648

52,980

633,549

892,478

Additions

-

4,509

-

52,185

56,694

Disposals

-

(57,683

)

50

-

(57,633

)

At 31 December 2024

65,301

87,474

53,030

685,734

891,539

DEPRECIATION

At 1 January 2024

31,345

111,526

49,289

112,158

304,318

Charge for year

4,478

15,993

1,499

11,334

33,304

Eliminated on disposal

-

(56,729

)

50

-

(56,679

)

Impairments

-

562,242

At 31 December 2024

35,823

70,790

50,838

685,734

843,185

NET BOOK VALUE

At 31 December 2024

29,478

16,684

2,192

-

48,354

At 31 December 2023

33,956

29,122

3,691

521,391

588,160

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

944,801

1,133,739

Amounts owed by related company

184,871

174,909

Director's current account

4,903

1,877

Prepayments

47,288

40,570

1,181,863

1,351,095

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

10,000

Trade creditors

1,500,379

1,370,156

Taxation and social security

113,653

103,477

Other creditors

152,074

92,099

1,776,106

1,575,732

The bank loan relates to a government backed business Bounce Back Loan.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans

5,000

15,000

The bank loan relates to a government backed business Bounce Back Loan.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

45,000

Between one and five years

26,250

71,250

116,250

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

Accelerated capital allowances

10,106

144,717

Deferred

tax

£

Balance at 1 January 2024

144,717

Credit to statement of income

(134,611

)

Balance at 31 December 2024

10,106

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

835,000

Ordinary

20p

167,000

11.

RESERVES

Retained

Share

earnings

premium

Totals

£

At 1 January 2024

1,356,755

28,000

1,384,755

Deficit for the year

(359,237

)

-

(359,237

)

Dividends

(83,007

)

-

(83,007

)

At 31 December 2024

914,511

28,000

942,511

Over the past several years, the company has invested in an IT development project aimed at delivering class-leading technology to its clients. However, following a strategic review, the director has concluded that the project's scalability does not align with the company's long-term development objectives. As a result, the project has been discontinued. Accordingly, an impairment loss of £434,728 has been recognised in respect of computer software development costs. This charge is presented net of the reversal of a related deferred tax provision. The impairment loss has been included in the income statement resulting in a deficit for the year of £359,237.

The company remains committed to advancing other IT platforms that will deliver meaningful benefits across the business and enhance the services provided to clients.

12.	CAPITAL COMMITMENTS

2024

2023

£

Contracted but not provided for in the

financial statements

-

100,000

The capital commitments in 2023 related to the development of a new IT system.

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

J G Ashley-Cowan

Balance outstanding at start of year

1,877

10,561

Amounts advanced

86,033

107,316

Amounts repaid

(83,007

)

(116,000

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

4,903

1,877

14.	RELATED PARTY DISCLOSURES

The company operates from a property owned by a related company, Little Pumpkin Properties Limited. The rent paid during the year was £45,000 (2023 - £45,000).

Included within debtors is £184,871 (2023 - £174,909) owed by Little Pumpkin Properties Limited. This amount is repayable on demand and carries interest at bank base rate plus 0.5% per annum. During the year interest of £9,962 (2023 - £8,769) was charged and added to the outstanding loan balance.

15.	BSP OUTSTANDING CASH SALES

As at 31 December 2024, the amount due to BSP for outstanding cash sales was £31 (2023 - £63).