| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 27 September 2024 |
| for |
| The Prior Way Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 27 September 2024 |
| for |
| The Prior Way Ltd |
| The Prior Way Ltd (Registered number: 06692404) |
| Contents of the Financial Statements |
| for the year ended 27 September 2024 |
| Page |
| Company Information | 1 |
| Income Statement | 2 |
| Balance Sheet | 3 |
| Statement of Changes in Equity | 5 |
| Notes to the Financial Statements | 6 |
| The Prior Way Ltd |
| Company Information |
| for the year ended 27 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Cawley House |
| 149-155 Canal Street |
| Nottingham |
| Nottinghamshire |
| NG1 7HR |
| The Prior Way Ltd (Registered number: 06692404) |
| Income Statement |
| for the year ended 27 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| REVENUE |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 123,531 | 22,594 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest payable and similar expenses |
| PROFIT BEFORE TAXATION |
| Tax on profit | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| The Prior Way Ltd (Registered number: 06692404) |
| Balance Sheet |
| 27 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Property, plant and equipment | 6 |
| CURRENT ASSETS |
| Inventories |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 Prior Way Ltd (Registered number: 06692404) |
| Balance Sheet - continued |
| 27 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Prior Way Ltd (Registered number: 06692404) |
| Statement of Changes in Equity |
| for the year ended 27 September 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 28 September 2022 | ( |
) | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 27 September 2023 | ( |
) | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 27 September 2024 | ( |
) | ( |
) |
| The Prior Way Ltd (Registered number: 06692404) |
| Notes to the Financial Statements |
| for the year ended 27 September 2024 |
| 1. | STATUTORY INFORMATION |
| The Prior Way Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods and commission received, excluding value added tax. |
| Goodwill |
| 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| The Prior Way Ltd (Registered number: 06692404) |
| Notes to the Financial Statements - continued |
| for the year ended 27 September 2024 |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 28 September 2023 |
| Disposals | ( |
) |
| At 27 September 2024 |
| AMORTISATION |
| At 28 September 2023 |
| Eliminated on disposal | ( |
) |
| At 27 September 2024 |
| NET BOOK VALUE |
| At 27 September 2024 |
| At 27 September 2023 |
| 6. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 28 September 2023 |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
| At 27 September 2024 |
| DEPRECIATION |
| At 28 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
| At 27 September 2024 |
| NET BOOK VALUE |
| At 27 September 2024 |
| At 27 September 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 40,435 | 40,095 |
| Other creditors |
| Directors' current accounts | 23,172 | 3,280 |
| The Prior Way Ltd (Registered number: 06692404) |
| Notes to the Financial Statements - continued |
| for the year ended 27 September 2024 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| A debenture was registered on 22nd October 2008 securing all monies due or to become due to National Westminster Bank plc on any account held with them. |
| A legal charge was registered on 3rd November 2008 securing all monies due or to become due to National Westminster Bank plc on any account held with them. |
| A legal charge was registered on 3rd September 2010 securing all monies due or to become due to National Westminster Bank plc on any account held with them. |