ACCOUNTS - Final Accounts

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:

PRIME CLEAN LIMITED - Company Information

Caseware UK (AP4) 2018.0.196 2018.0.196 2019-03-312019-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueProvision of cleaning servicesfalse2017-10-01 07305430 2017-10-01 2019-03-31 07305430 2016-10-01 2017-09-30 07305430 2019-03-31 07305430 2017-09-30 07305430 c:Director1 2017-10-01 2019-03-31 07305430 d:PlantMachinery 2017-10-01 2019-03-31 07305430 d:PlantMachinery 2019-03-31 07305430 d:PlantMachinery 2017-09-30 07305430 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-10-01 2019-03-31 07305430 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2017-10-01 2019-03-31 07305430 d:MotorVehicles 2017-10-01 2019-03-31 07305430 d:MotorVehicles 2019-03-31 07305430 d:MotorVehicles 2017-09-30 07305430 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-10-01 2019-03-31 07305430 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2017-10-01 2019-03-31 07305430 d:FurnitureFittings 2017-10-01 2019-03-31 07305430 d:FurnitureFittings 2019-03-31 07305430 d:FurnitureFittings 2017-09-30 07305430 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-10-01 2019-03-31 07305430 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2017-10-01 2019-03-31 07305430 d:OwnedOrFreeholdAssets 2017-10-01 2019-03-31 07305430 d:LeasedAssetsHeldAsLessee 2017-10-01 2019-03-31 07305430 d:CurrentFinancialInstruments 2019-03-31 07305430 d:CurrentFinancialInstruments 2017-09-30 07305430 d:Non-currentFinancialInstruments 2019-03-31 07305430 d:Non-currentFinancialInstruments 2017-09-30 07305430 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-31 07305430 d:CurrentFinancialInstruments d:WithinOneYear 2017-09-30 07305430 d:Non-currentFinancialInstruments d:AfterOneYear 2019-03-31 07305430 d:Non-currentFinancialInstruments d:AfterOneYear 2017-09-30 07305430 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2019-03-31 07305430 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2017-09-30 07305430 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2019-03-31 07305430 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2017-09-30 07305430 d:ShareCapital 2019-03-31 07305430 d:ShareCapital 2017-09-30 07305430 d:RetainedEarningsAccumulatedLosses 2019-03-31 07305430 d:RetainedEarningsAccumulatedLosses 2017-09-30 07305430 d:TaxLossesCarry-forwardsDeferredTax 2019-03-31 07305430 d:TaxLossesCarry-forwardsDeferredTax 2017-09-30 07305430 c:OrdinaryShareClass1 2017-10-01 2019-03-31 07305430 c:OrdinaryShareClass1 2019-03-31 07305430 c:FRS102 2017-10-01 2019-03-31 07305430 c:AuditExempt-NoAccountantsReport 2017-10-01 2019-03-31 07305430 c:FullAccounts 2017-10-01 2019-03-31 07305430 c:PrivateLimitedCompanyLtd 2017-10-01 2019-03-31 07305430 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2017-10-01 2019-03-31 07305430 d:HirePurchaseContracts d:WithinOneYear 2019-03-31 07305430 d:HirePurchaseContracts d:WithinOneYear 2017-09-30 07305430 d:HirePurchaseContracts d:BetweenOneFiveYears 2019-03-31 07305430 d:HirePurchaseContracts d:BetweenOneFiveYears 2017-09-30 07305430 d:HirePurchaseContracts d:MoreThanFiveYears 2019-03-31 07305430 d:HirePurchaseContracts d:MoreThanFiveYears 2017-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07305430

PRIME CLEAN LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2019

PRIME CLEAN LIMITED

REGISTERED NUMBER: 07305430

BALANCE SHEET

AS AT 31 MARCH 2019

	31 March	30 September
	2019	2017
Note	£	£

Fixed assets
Intangible assets	4		34,087		68,175
Tangible assets	5		164,794		156,273
			198,881		224,448
Current assets
Debtors: amounts falling due within one year	6	2,182,672		1,342,740
Cash at bank and in hand	7	8		11,579
		2,182,680		1,354,319
Creditors: amounts falling due within one year	8	(1,922,359)		(1,400,340)
Net current assets/(liabilities)			260,321		(46,021)
Total assets less current liabilities			459,202		178,427
Creditors: amounts falling due after more than one year	9		(131,677)		(21,664)

Net assets			327,525		156,763

Capital and reserves
Called up share capital	13	425,000	425,000
Profit and loss account		(97,475)	(268,237)
		327,525	156,763

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PRIME CLEAN LIMITED

REGISTERED NUMBER: 07305430

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2019

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by

R Lancaster Esq

Director

Date: 18 December 2019

Page 2

PRIME CLEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

1.	General information

Prime Clean Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 2nd Floor Unit 55 Skyline Business Village, London, United Kingdom, E14 9TS.
The principal activity of the company during the year continued to be that of cleaning contractors.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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PRIME CLEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 October 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

PRIME CLEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.6

Invoice discounting

The company discounts its sales invoices. The accounting policy is to disclose the full debt within trade debtors with discounted proceeds presented separately within creditors. Discount costs and interest are charged to the profit and loss account as incurred. Amounts due to the invoice discounting provider are disclosed under bank overdrafts.

2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

Plant & machinery	-	15% reducing balance
Motor vehicles	-	15% reducing balance
Fixtures & fittings	-	15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

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PRIME CLEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

Employees

The average monthly number of employees, including directors, during the period was 282 (2017 - 253).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 October 2017	227,250
	At 31 March 2019	227,250
	Amortisation
	At 1 October 2017	159,075
	Charge for the year	34,088
	At 31 March 2019	193,163
	Net book value
	At 31 March 2019	34,087
	At 30 September 2017	68,175

Page 6

PRIME CLEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

5.	Tangible fixed assets

	Plant & machinery	Motor vehicles	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 1 October 2017	128,420	133,538	5,070	267,028
Additions	47,749	-	-	47,749
At 31 March 2019	176,169	133,538	5,070	314,777
Depreciation
At 1 October 2017	45,157	63,802	1,796	110,755
Charge for the period on owned assets	22,801	7,005	737	30,543
Charge for the period on financed assets	-	8,685	-	8,685
At 31 March 2019	67,958	79,492	2,533	149,983
Net book value
At 31 March 2019	108,211	54,046	2,537	164,794
At 30 September 2017	83,263	69,736	3,274	156,273


Motor vehicles	29,914	57,305
	29,914	57,305

Page 7

PRIME CLEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

Debtors

					31 March	30 September
					2019	2017
					£	£


Trade debtors	1,640,961	925,570
Amounts owed by group undertakings	358,741	300,179
Other debtors	134,711	42,942
Prepayments and accrued income	7,716	20,519
Deferred taxation	40,543	53,530
	2,182,672	1,342,740

Cash at bank and in hand	8	11,579
Less: bank overdrafts	(749,174)	(596,678)
	(749,166)	(585,099)

Page 8

PRIME CLEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

Bank overdrafts	749,174	596,678
Bank loans	37,238	-
Trade creditors	849,452	260,593
Other taxation and social security	201,759	453,768
Obligations under finance lease and hire purchase contracts	11,239	14,842
Other creditors	25,022	31,271
Accruals and deferred income	48,475	43,188
	1,922,359	1,400,340

Included within bank loans and overdrafts is an amount of £734,531 (2017: £596,678) relating to monies advanced in respect of trade debts owed to the company. This amount is secured on the company's trade debtors.

Bank loans	125,188	-
Net obligations under finance leases and hire purchase contracts	6,489	21,664
	131,677	21,664

Liabilities under finance leases and hire purchase contracts are secured on the related assets.

Page 9

PRIME CLEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

Amounts falling due within one year
Bank loans	37,238	-
	37,238	-
Amounts falling due 1-2 years
Bank loans	42,588	-
Amounts falling due 2-5 years
Bank loans	82,600	-
	82,600	-

	162,426	-

Within one year	11,239	14,842
Between 1-5 years	6,489	9,995
Over 5 years	-	11,669
	17,728	36,506

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PRIME CLEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

12.	Deferred taxation

		2019
		£

	At beginning of year	53,530
	Charged to profit or loss	(12,987)
	At end of year	40,543

	Tax losses carried forward	40,543	53,530
		40,543	53,530

Allotted, called up and fully paid

425,000 Ordinary shares of £1 each	425,000	425,000

Page 11