| Prime Time AV Lab Limited |
| Notes to the Accounts |
| for the year ended 31 March 2026 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
20% reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current period. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Going Concern |
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The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements |
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Employee benefits |
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Short-term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
Post-employment defined contribution plans
Amounts in respect of defined contributions plans are recognised as an expense as they are incurred.
Termination benefits
Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or of a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2026 |
|
2025 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Tangible fixed assets |
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Fixtures, fittings, tools and equipment |
| £ |
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Cost |
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At 1 April 2025 |
360,307 |
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At 31 March 2026 |
360,307 |
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Depreciation |
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At 1 April 2025 |
311,947 |
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Charge for the year |
9,672 |
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At 31 March 2026 |
321,619 |
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Net book value |
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At 31 March 2026 |
38,688 |
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At 31 March 2025 |
48,360 |
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| 4 |
Debtors |
2026 |
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2025 |
| £ |
£ |
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Trade debtors |
56,324 |
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- |
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Other debtors |
4,995,478 |
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3,912,998 |
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5,051,802 |
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3,912,998 |
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| 5 |
Investments held as current assets |
2026 |
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2025 |
| £ |
£ |
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Fair value |
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Unlisted investments |
175,374 |
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1,130,749 |
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| 6 |
Loss on sales of investments |
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The company recognised a loss of £1,137,820 for sale of its investments in shares of associates. |
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| 7 |
Creditors: amounts falling due within one year |
2026 |
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2025 |
| £ |
£ |
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Trade creditors |
377,011 |
|
395,710 |
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Corporation tax |
63,992 |
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173,763 |
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Other taxes and social security costs |
1,607 |
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- |
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Other creditors |
15,835 |
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14,956 |
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458,445 |
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584,429 |
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| 8 |
Related party transactions |
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Included within other creditors is director's loan of £10,834 (2025 - £8,956) |
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| 9 |
Controlling party |
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Mr Rostyslav Braharnyk is the ultimate controlling party. |
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| 10 |
Other information |
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Prime Time AV Lab Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Suite 4, Cranbrook House |
|
61 Cranbrook Road |
|
Ilford |
|
Essex |
|
IG1 4PG |