Company Registration No. 11241322 (England and Wales)
Primo Models Ltd
Unaudited accounts
for the year ended 31 March 2025
Primo Models Ltd
Unaudited accounts
Contents
Primo Models Ltd
Company Information
for the year ended 31 March 2025
Company Number
11241322 (England and Wales)
Registered Office
20-22 Wenlock Road
London
N1 7GU
England
Accountants
B2B Admin Ltd
69 Broad Street
Cowdenbeath
KY4 8JP
Primo Models Ltd
Statement of financial position
as at 31 March 2025
Tangible assets
2,704
1,990
Cash at bank and in hand
11,783
21,570
Creditors: amounts falling due within one year
(10,027)
(7,985)
Net current assets
8,721
13,601
Total assets less current liabilities
11,425
15,591
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
11,424
15,212
Shareholders' funds
11,425
15,213
For the year ending 31 March 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 15 December 2025 and were signed on its behalf by
Michal Kmiec
Director
Company Registration No. 11241322
Primo Models Ltd
Notes to the Accounts
for the year ended 31 March 2025
Primo Models Ltd is a private company, limited by shares, registered in England and Wales, registration number 11241322. The registered office is 20-22 Wenlock Road, London, N1 7GU, England.
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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 and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for the estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the significant risks and reward of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & machinery
25% reducing balance
Primo Models Ltd
Notes to the Accounts
for the year ended 31 March 2025
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Tangible fixed assets
Plant & machinery
Amounts falling due within one year
Primo Models Ltd
Notes to the Accounts
for the year ended 31 March 2025
6
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
257
1,087
Loans from directors
8,800
6,281
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Average number of employees
During the year the average number of employees was 1 (2024: 1).