REGISTERED NUMBER: SC390484 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Primate Incorporated Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B A Oleszczyk

G F McLachlan

R Mackenzie-Smith

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

Lothian

EH7 4HG

REGISTERED NUMBER:

SC390484 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

4

1,071

1,675

CURRENT ASSETS

Debtors

5

49,771

69,952

Cash at bank

86,769

82,737

136,540

152,689

CREDITORS

Amounts falling due within one year

6

109,269

80,624

NET CURRENT ASSETS

27,271

72,065

TOTAL ASSETS LESS CURRENT LIABILITIES

28,342

73,740

CREDITORS

Amounts falling due after more than one year

7

(6,787

)

(15,000

)

PROVISIONS FOR LIABILITIES

9

(284

)

(444

)

NET ASSETS

21,271

58,296

CAPITAL AND RESERVES

Called up share capital

10

3

3

Retained earnings

21,268

58,293

SHAREHOLDERS' FUNDS

21,271

58,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 29 July 2025 and were signed on its behalf by:

R Mackenzie-Smith - Director

1.	STATUTORY INFORMATION

Primate Incorporated Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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 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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Improvements to property

-

33% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Plant and Machinery

-

20% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) 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 balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

9,220

210

13,576

24,627

47,633

Additions

-

-

-

539

539

Disposals

(9,220

)

-

(5,507

)

(2,183

)

(16,910

)

At 31 March 2025

-

210

8,069

22,983

31,262

DEPRECIATION

At 1 April 2024

9,220

126

12,687

23,925

45,958

Charge for year

-

42

515

585

1,142

Eliminated on disposal

(9,220

)

-

(5,506

)

(2,183

)

(16,909

)

At 31 March 2025

-

168

7,696

22,327

30,191

NET BOOK VALUE

At 31 March 2025

-

42

373

656

1,071

At 31 March 2024

-

84

889

702

1,675

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

42,701

62,812

Other debtors

7,070

7,140

49,771

69,952

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

9,066

8,065

Taxation and social security

54,900

43,055

Other creditors

45,303

29,504

109,269

80,624

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Other creditors

6,787

15,000

8.	LEASING AGREEMENTS

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

31.3.25

31.3.24

£

£

Within one year

-

17,250

9.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

284

444

Deferred

tax

£

Balance at 1 April 2024

444

Provided during year

(160

)

Balance at 31 March 2025

284

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

300

Ordinary

£0.01

3

3

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed the directors £13,451 as at 31 March 2025 (2024: £754).

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £81,872 were paid to the directors (2024: £72,349).

13.	ULTIMATE CONTROLLING PARTY

There is no overall controlling interest.