Primus Construction Limited 30/12/2024 iXBRL

Company registration number: 07485648

Primus Construction Limited

Unaudited filleted financial statements

30 December 2024

Primus Construction Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Primus Construction Limited

Directors and other information


	Directors	Mr M J E Tidd
		Mr N G Sammes


	Company number	07485648


	Registered office	Vaughan Chambers
		Vaughan Road
		Harpenden
		AL5 4EE


	Accountants	Hicks and Company
		Chartered Accountants
		Vaughan Chambers
		Vaughan Road
		Harpenden
		AL5 4EE




	Bankers	The Royal Bank of Scotland
		62/63 Threadneedle Street
		London
		EC2A 8LA

Primus Construction Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Primus Construction Limited

Period ended 30 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Primus Construction Limited for the period ended 30 December 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Primus Construction Limited, as a body, in accordance with the terms of our engagement letter dated 30 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Primus Construction Limited and state those matters that we have agreed to state to the board of directors of Primus Construction Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Primus Construction Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Primus Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Primus Construction Limited. You consider that Primus Construction Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Primus Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hicks and Company

Chartered Accountants

Vaughan Chambers

Vaughan Road

Harpenden

AL5 4EE

23 December 2025

Primus Construction Limited

Statement of financial position

30 December 2024

		30/12/24		31/12/23
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1		1
		__________		__________
			1		1

Current assets
Debtors	6	2,466,582		2,466,582
		__________		__________
		2,466,582		2,466,582
Creditors: amounts falling due
within one year	7	( 4,060,594)		( 4,060,594)
		__________		__________
Net current liabilities			( 1,594,012)		( 1,594,012)
			__________		__________
Total assets less current liabilities			( 1,594,011)		( 1,594,011)

			__________		__________
Net liabilities			( 1,594,011)		( 1,594,011)
			__________		__________

Capital and reserves
Called up share capital			1		1
Profit and loss account			( 1,594,012)		( 1,594,012)
			__________		__________
Shareholders deficit			( 1,594,011)		( 1,594,011)
			__________		__________

For the period ending 30 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr M J E Tidd

Director

Company registration number: 07485648

Primus Construction Limited

Notes to the financial statements

Period ended 30 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company entered a Company Voluntary Arrangement ("CVA") on 27 July 2017 and the liabilities at the balance sheet date as shown in these accounts exceed the value of total assets. The Company's CVA is ongoing and accordingly the final outcome is uncertain. The terms of the CVA were varied on 26 February 2019 and 5 October 2021. Though the Company continues to pursue claims against its former clients for the benefit of its creditors, the company was not a going concern at the balance sheet date. The variation to the terms of the CVA that were approved on 5 October 2020 by the creditors allow the Company to proceed with a funding application to enable an adjudication claim which if successful will increase the amount available for creditors.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the current revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors consider that there are no key sources of judgements or estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Taxation

The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Motor vehicles	-	Straight line over 4 years
Computer equipment	-	Straight line over 3 years

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Long term contracts

The principal estimation technique used by the company in attributing profit on contracts to a particular accounting period is the preparation of forecasts on a contract-by-contract basis. These focus on costs to completion and enable an assessment to be made of the final outturn on each contract. Consistent contract review procedures are in place in respect of contract forecasting. Profits on long term contracts are calculated in accordance with SSAP 9 Stocks and Long-term Contracts. A reduced level of gross profit is recognised on long-term contracts until they are sufficiently complete to enable overall contract profit to be estimated with reasonable certainty. Provision is made for all losses incurred to the accounting date together with any further losses that are foreseen in bringing contracts to completion. Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Trade and other debtors

Trade and other debtors are recognised at transaction price less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, deposits with banks, other short-term highly liquid investments and bank overdrafts. In the statement of financial position, bank overdrafts are shown within the borrowings in current liabilities.

Trade and other creditors

Trade and other creditors are recognised at transaction price.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 2 (2023: 2 ).

5. Tangible assets

	Computer equipment	Total
	£	£
Cost
At 1 January 2024 and 30 December 2024	30,788	30,788
	__________	__________
Depreciation
At 1 January 2024 and 30 December 2024	30,787	30,787
	__________	__________
Carrying amount
At 30 December 2024	1	1
	__________	__________
At 31 December 2023	1	1
	__________	__________

6. Debtors

	30/12/24	31/12/23
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,466,582	2,466,582
	__________	__________

The intercompany balance of £2,304,002 is due from Primus Build Ltd which entered a company voluntary arrangement ("CVA") on 27 July 2017.

7. Creditors: amounts falling due within one year

	30/12/24	31/12/23
	£	£
Bank loans and overdrafts	270,000	270,000
Trade creditors	2,551,867	2,551,867
Social security and other taxes	467,884	467,884
Other creditors	770,843	770,843
	__________	__________
	4,060,594	4,060,594
	__________	__________

8. Related party transactions

Mr M Tidd and Mr N Sammes are both directors and shareholders in Alpha Consultant Services Ltd. As at 30 December 2024 the balance due from Alpha Consultant Services Ltd was £162,580 (2023 - £162,580).Mr M Tidd and Mr N Sammes are both directors and shareholders in Primus Build Ltd. During the year ended 30 December 2024, the company advanced funds to Primus Build Ltd of £nil (2023 - £2,815). As at 30 December 2024 the balance due from Primus Build Ltd was £2,304,002 (2023 - £2,304,002).

9. Ultimate parent undertaking

The immediate and ultimate holding company is Primus Holdings Limited, a company registered in England and Wales.