Company Registration No. 13122587 (England and Wales)
Primosole Holdings Limited
Unaudited accounts
for the year ended 31 January 2025
Primosole Holdings Limited
Unaudited accounts
Contents
Primosole Holdings Limited
Company Information
for the year ended 31 January 2025
Company Number
13122587 (England and Wales)
Registered Office
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom
Accountants
Multiply Accountancy Limited
71-75 Shelton Street
London
WC2H 9JQ
Primosole Holdings Limited
Statement of financial position
as at 31 January 2025
Cash at bank and in hand
15
145
Creditors: amounts falling due within one year
(1,015)
(18,280)
Net current (liabilities)/assets
(787)
1,701,060
Total assets less current liabilities
(787)
1,701,060
Creditors: amounts falling due after more than one year
(1,602,832)
(1,527,069)
Net (liabilities)/assets
(1,603,619)
173,991
Called up share capital
100
100
Profit and loss account
(1,603,719)
173,891
Shareholders' funds
(1,603,619)
173,991
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 October 2025 and were signed on its behalf by
Stefano Schivo
Director
Company Registration No. 13122587
Primosole Holdings Limited
Notes to the Accounts
for the year ended 31 January 2025
Primosole Holdings Limited is a private company, limited by shares, registered in England and Wales, registration number 13122587. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
During the year ended 31 January 2025, the company identified a classification error in the prior year balance sheet. A loan of £1.3 million previously offset against intercompany balances was not presented on a gross basis. This amount should have been recognised as both an intercompany debtor and a loan creditor as at 31 January 2024.
The comparative balance sheet has been restated to reflect this gross presentation, resulting in:
• An increase of £1.3 million in “Amounts owed by group undertakings” (debtors); and
• An increase of £1.3 million in “Loans and borrowings” (creditors).
This adjustment has no net impact on total assets, liabilities, equity, profit or loss or cash flows for the prior period.
Impairment of intercompany loan
At the reporting date, the company received evidence that a loan of £1.375 million that the company had advanced was irrecoverable.
Accordingly, the loan has been fully impaired as at 31 January 2025. An impairment charge of £1.686 million has been recognised in the profit and loss account within administrative expenses including interest. The carrying amount of “Amounts owed by group undertakings” has been reduced to £nil at the balance sheet date.
During the year, the company paid dividends of £76,000 to its shareholders (2024: £37,450).
Primosole Holdings Limited
Notes to the Accounts
for the year ended 31 January 2025
These financial statements have been prepared on a going concern basis. At 31 January 2025, the company had net liabilities of £1,603,619 primarily arising from the impairment of an intercompany loan of £1.375 million plus interest, shortly before the year end.
The director continues to manage the company’s affairs and is contacting its creditors regularly. The directors believe it remains appropriate to prepare the financial statements on a going concern basis while the company continues to meet its obligations as they fall due.
The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
Amounts falling due within one year
Amounts due from group undertakings etc.
-
1,635,524
Accrued income and prepayments
-
160
5
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
131
136
6
Creditors: amounts falling due after more than one year
2025
2024
Other creditors
1,602,832
1,527,069
The director, Stefano Schivo, is the controlling party by virtue of shareholding.
8
Average number of employees
During the year the average number of employees was 1 (2024: 1).