Primetone Builders Limited Filleted accounts for Companies House (small and micro)

PRIMETONE BUILDERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02672268

Primetone Builders Limited

Filleted Unaudited Financial Statements

31 December 2018

Primetone Builders Limited

Financial Statements

Year ended 31 December 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Primetone Builders Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5		4,716		4,597

Current assets

Debtors	6	1,252,540	517,338
Cash at bank and in hand		1,323,665	1,157,925
		------------	------------
		2,576,205	1,675,263

Creditors: amounts falling due within one year	7	443,523		452,981
		------------		------------
Net current assets			2,132,682		1,222,282
			------------		------------
Total assets less current liabilities			2,137,398		1,226,879
			------------		------------
Net assets			2,137,398		1,226,879
			------------		------------

Capital and reserves

Called up share capital	8	4	4
Profit and loss account		2,137,394	1,226,875
		------------	------------
Shareholders funds		2,137,398	1,226,879
		------------	------------

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 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.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Primetone Builders Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 23 September 2019 , and are signed on behalf of the board by:

Mr K F Rabbitte
Director

Company registration number: 02672268

Primetone Builders Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, England.

2. Statement of compliance

These financial statements have been prepared in compliance with the provision of FRS 102 Section 1A small entities, 'The Financial Reporting Standard applicable in the UK and the 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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixture and Fittings	-	20% reducing balance
Motor Vehicles	-	25% reducing balance
Computer Equipment	-	20 % reducing balance

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 3 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2018	29,597	6,904	2,116	38,617
Additions	–	–	1,500	1,500
	--------	-------	-------	--------
At 31 December 2018	29,597	6,904	3,616	40,117
	--------	-------	-------	--------
Depreciation
At 1 January 2018	28,951	3,675	1,394	34,020
Charge for the year	129	808	444	1,381
	--------	-------	-------	--------
At 31 December 2018	29,080	4,483	1,838	35,401
	--------	-------	-------	--------
Carrying amount
At 31 December 2018	517	2,421	1,778	4,716
	--------	-------	-------	--------
At 31 December 2017	646	3,229	722	4,597
	--------	-------	-------	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	187,403	19,615
Prepayments and accrued income	1,693	1,042
Director's loan account	196,455	96,431
Amounts owed by related undertakings	865,806	400,000
Other debtors	1,183	250
	------------	---------
	1,252,540	517,338
	------------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	64,034	47,414
Accruals and deferred income	63,856	48,308
Corporation tax	297,845	224,495
Social security and other taxes	15,646	128,140
Other creditors	2,142	4,624
	---------	---------
	443,523	452,981
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	4	4.00	4	4.00
	----	-----	----	-----

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	1,900	1,900
	-------	-------

10. Director's advances, credits and guarantees

At the year end Mr and Mrs K F Rabbitte owed the company £196,455 (2017: £96,431) by way of a directors loan account. Interest of £3,616 (2017: £1,790) has been charged on this loan.

11. Related party transactions

The company is owed £865,806 (2017: £400,000) by a related entity.