REGISTERED NUMBER: 01208495 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2025

for

Prime Irrigation Ltd

Page

Statement of financial position

1

to

2

Notes to the financial statements

3

to

7

Fixed assets

Intangible assets

5

127,400

163,800

Tangible assets

6

564,981

390,728

692,381

554,528

Current assets

Stocks

7

771,169

671,503

Debtors

8

1,110,635

946,218

Cash at bank and in hand

667,738

1,111,257

2,549,542

2,728,978

Creditors

Amounts falling due within one year

9

458,628

727,047

Net current assets

2,090,914

2,001,931

Total assets less current liabilities

2,783,295

2,556,459

Provisions for liabilities

138,702

94,976

Net assets

2,644,593

2,461,483

Capital and reserves

Called up share capital

10

500

500

Retained earnings

2,644,093

2,460,983

Shareholders' funds

2,644,593

2,461,483

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2025 and were signed on its behalf by:

G F Scrupps - Director

1.	Statutory information

Prime Irrigation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

01208495

Registered office:

Trustans Farm

Westleton Road

Darsham

Saxmundham

Suffolk

IP17 3BP

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

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible asset includes directly attributable incremental costs incurred in their acquisition and installation.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Trade 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Dividends

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

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.

4.	Employees and directors

The average number of employees during the year was 24 (2024 - 21 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 February 2024

and 31 January 2025

364,000

Amortisation

At 1 February 2024

200,200

Amortisation for year

36,400

At 31 January 2025

236,600

Net book value

At 31 January 2025

127,400

At 31 January 2024

163,800

6.	Tangible fixed assets

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Cost

At 1 February 2024

759,792

273,159

1,032,951

Additions

195,594

113,540

309,134

Disposals

-

(40,263

)

(40,263

)

At 31 January 2025

955,386

346,436

1,301,822

Depreciation

At 1 February 2024

483,109

159,114

642,223

Charge for year

86,874

43,794

130,668

Eliminated on disposal

-

(36,050

)

(36,050

)

At 31 January 2025

569,983

166,858

736,841

Net book value

At 31 January 2025

385,403

179,578

564,981

At 31 January 2024

276,683

114,045

390,728

7.

Stocks

2025

2024

£

£

Stocks

429,533

402,383

Work-in-progress

341,636

269,120

771,169

671,503

8.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

1,028,285

842,758

Bad debts & credit notes

provision

(20,269

)

(19,866

)

Other debtors

75

2,225

Staff loans

500

922

Other debtors - S455 tax

18,334

18,334

Directors' loan accounts

3,657

55,928

Prepayments

80,053

45,917

1,110,635

946,218

9.

Creditors: amounts falling due within one year

2025

2024

£

£

Payments on account

6,850

67,368

Trade creditors

259,568

313,995

Purchase ledger invoices &

credit notes awaited

(5,372

)

(10,364

)

Corporation tax

76,779

150,195

Social security and other taxes

26,921

20,056

VAT

85,873

177,768

Pension creditor

3,439

2,939

Accrued expenses

4,570

5,090

458,628

727,047

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

500

Ordinary shares

£1

500

500

11.	Capital commitments

2025

2024

£

£

Contracted but not provided for in the

financial statements

52,500

67,500

The commitment figure is in respect of property lease obligations.

12.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 January 2025 and 31 January 2024:

2025

2024

£

£

A Williams

Balance outstanding at start of year

55,929

57,102

Amounts advanced

1,491

4,327

Amounts repaid

(53,763

)

(5,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,657

55,929