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Registered number: 01725687 PRIMEMAIN LIMITED TRADING AS LA PERLA UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PRIMEMAIN LIMITED TRADING AS LA PERLA
CONTENTS
| Page
Balance sheet | 1 - 2
Statement of changes in equity | 3 - 4
Notes to the financial statements | 5 - 11
PRIMEMAIN LIMITED TRADING AS LA PERLA REGISTERED NUMBER:01725687
BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 190,837 |  | 206,493
|  |  | 190,837 |  | 206,493
Current assets |  |  |  |  |
Stocks | 5 | 30,691 |  | 34,671 |
Debtors: amounts falling due within one year | 6 | 65,102 |  | 55,256 |
Cash at bank and in hand | 7 | 9,103 |  | 32,530 |
|  | 104,896 |  | 122,457 |
Creditors: amounts falling due within one year | 8 | (204,298) |  | (197,920) |
Net current liabilities |  |  | (99,402) |  | (75,463)
Total assets less current liabilities |  |  | 91,435 |  | 131,030
Creditors: amounts falling due after more than one year | 9 |  | (6,966) |  | (24,714)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (12,745) |  | (14,822) |
|  |  | (12,745) |  | (14,822)
Net assets |  |  | 71,724 |  | 91,494
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 100 |  | 100
Foreign exchange reserve |  |  | (31,852) |  | (12,769)
Profit and loss account |  |  | 103,476 |  | 104,163
|  |  | 71,724 |  | 91,494
1
PRIMEMAIN LIMITED TRADING AS LA PERLA REGISTERED NUMBER:01725687
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S M Tishler
Director
Date: 3 October 2025
The notes on pages 5 to 11 form part of these financial statements. 2
PRIMEMAIN LIMITED TRADING AS LA PERLA
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 100 | (12,769) | 104,163 | 91,494
Loss for the year | - | - | (687) | (687)
Currency translation differences | - | (19,083) | - | (19,083)
At 31 December 2024 | 100 | (31,852) | 103,476 | 71,724
| The notes on pages 5 to 11 form part of these financial statements.
3
PRIMEMAIN LIMITED TRADING AS LA PERLA
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 100 | (25,281) | 105,515 | 80,334
Loss for the year | - | - | (1,352) | (1,352)
Currency translation differences | - | 12,512 | - | 12,512
At 31 December 2023 | 100 | (12,769) | 104,163 | 91,494
| The notes on pages 5 to 11 form part of these financial statements.
4
PRIMEMAIN LIMITED TRADING AS LA PERLA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Primemain Limited is a private company, limited by shares, registered in England and Wales, registration number 01725687. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. The trading address is 23 rue du Pont Louis Philippe, 75004 Paris, France. The principal activity of the company is providing catering services to the public. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The company's functional currency is Euro. This differs from the presentational currency which is pound sterling. The reason for the difference is that the place of business is in Paris, France. Whilst it is decided to file accounts in pound sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.3 | Turnover
Turnover comprises revenue recognised by the company in respect of sale of food and beverages supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover of restaurant services is recognised when the goods have been provided.
| 2.4 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 5
PRIMEMAIN LIMITED TRADING AS LA PERLA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Other fixed assets | - | 10% - 20% Reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. 6
PRIMEMAIN LIMITED TRADING AS LA PERLA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.12 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 17 (2023 - 17).
7
PRIMEMAIN LIMITED TRADING AS LA PERLA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Land and buildings | Other fixed assets | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 175,882 | 441,216 | 617,098
| Additions | - | 1,412 | 1,412
| Exchange adjustments | (7,577) | (19,008) | (26,585)
| At 31 December 2024 | 168,305 | 423,620 | 591,925
| Depreciation |  |  |
| At 1 January 2024 | - | 410,605 | 410,605
| Charge for the year | - | 8,351 | 8,351
| Exchange adjustments | - | (17,868) | (17,868)
| At 31 December 2024 | - | 401,088 | 401,088
| Net book value |  |  |
| At 31 December 2024 | 168,305 | 22,532 | 190,837
| At 31 December 2023 | 175,882 | 30,612 | 206,494
5. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 30,691 | 34,671
8
PRIMEMAIN LIMITED TRADING AS LA PERLA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 55,645 | 41,138
| Other debtors | 9,457 | 14,118
|  | 65,102 | 55,256
7. | Cash
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 9,103 | 32,530
| Less: bank overdrafts | (5,351) | -
|  | 3,752 | 32,530
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 5,351 | -
| Bank loans | 16,683 | 17,381
| Trade creditors | 61,375 | 64,426
| Corporation tax | 1,976 | 417
| Other taxation and social security | 35,925 | 34,926
| Other creditors | 29,294 | 29,359
| Accruals | 53,694 | 51,411
|  | 204,298 | 197,920
| The bank loan of £16,683 (2023 - £17,381) included in creditors due within one year is a COVID loan, 100% guaranteed by the government of France.
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 6,966 | 24,714
| The bank loan of £6,966 (2023 - £24,714) included in creditors due after more than one year is a COVID loan, 100% guaranteed by the government of France.
9
PRIMEMAIN LIMITED TRADING AS LA PERLA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 16,683 | 17,381
| Amounts falling due 1-2 years |  |
| Bank loans | 6,966 | 17,434
| Amounts falling due 2-5 years |  |
| Bank loans | - | 7,280
|  | 23,649 | 42,095
11. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (14,822) | (15,204)
| Charged to profit or loss | 2,077 | 382
| At end of year | (12,745) | (14,822)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (13,997) | (14,822)
| Short term timing differences | 1,252 | -
|  | (12,745) | (14,822)
12. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary shares of £1.00 each | 100 | 100
10
PRIMEMAIN LIMITED TRADING AS LA PERLA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,809 (2023 - £14,702). Contributions totalling £5,007 (2023 - £4,982) were payable to the fund at the balance sheet date and are included in other creditors.
14. | Commitments under operating leases
| At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 30,354 | 9,944
| Later than 1 year and not later than 5 years | 104,851 | 5,171
| Later than 5 years | 97,623 | -
|  | 232,828 | 15,115
15. | Related party transactions
| Included in other creditors is an amount of £19,362 (2023 - £3,804) due to the directors of the company. The loans are interest free and repayable on demand. Included in other debtors is an amount of £139 (2023 - £Nil) due from a director of the company. The loan is interest free and repayable on demand. No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS102 Section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary of La Perla Paris Limited.
11