Prime Accountants & Business Advisers - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05992336 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED

31 DECEMBER 2014

FOR

PRIME ACCOUNTANTS & BUSINESS

ADVISERS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

L P Moore

K H Johns

J B Skelding

M N Davies

J Osborne

A Pym

R Chapman

SECRETARY:

J B Skelding

REGISTERED OFFICE:

5 Argosy Court

Whitley Business Park

Coventry

Warwickshire

CV3 4GA

REGISTERED NUMBER:

05992336 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

5 Argosy Court

Scimitar Way

Whitley Business Park

Coventry

CV3 4GA

FIXED ASSETS

Intangible assets

2

1,374,785

1,514,915

Tangible assets

3

60,778

67,648

1,435,563

1,582,563

CURRENT ASSETS

Stocks

513,381

430,298

Debtors

1,119,997

1,004,901

Cash at bank and in hand

4,176

71

1,637,554

1,435,270

CREDITORS

Amounts falling due within one year

4

1,518,848

1,455,784

NET CURRENT ASSETS/(LIABILITIES)

118,706

(20,514

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,554,269

1,562,049

CREDITORS

Amounts falling due after more than one year

4

(35,964

)

(119,330

)

PROVISIONS FOR LIABILITIES

(5,660

)

(5,660

)

NET ASSETS

1,512,645

1,437,059

CAPITAL AND RESERVES

Called up share capital

5

230,719

461,437

Profit and loss account

1,281,926

975,622

SHAREHOLDERS' FUNDS

1,512,645

1,437,059

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 March 2015 and were signed on its behalf by:

L P Moore - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the cost of services provided stated net of value added tax.

Goodwill

Goodwill on acquisitions made in 2007 and 2009 is being written off over its expected useful life of 8

years. Other goodwill arising on the purchase of Prime Coventry LLP is not being amortised as the

directors believe this to be necessary in order for the accounts to give a true and fair view.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33.33% on cost and 20% on cost

Work in progress

Work in progress is valued at net realisable value.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

2,365,883

AMORTISATION

At 1 January 2014

850,968

Amortisation for year

140,130

At 31 December 2014

991,098

NET BOOK VALUE

At 31 December 2014

1,374,785

At 31 December 2013

1,514,915

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

135,657

Additions

22,975

At 31 December 2014

158,632

DEPRECIATION

At 1 January 2014

68,009

Charge for year

29,845

At 31 December 2014

97,854

NET BOOK VALUE

At 31 December 2014

60,778

At 31 December 2013

67,648

4.

CREDITORS

Creditors include an amount of £ 115,964 (2013 - £ 322,863 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary

£1

1

1

1,250,000

Cumulative Preference A

£1

230,718

461,436

230,719

461,437

The cumulative preference shares have no fixed redemption terms but are redeemable on demand.

6.	ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Prime Accountants Group Limited, a company registered

in England.

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year £230,718 (2013 £252,451) was paid to the redeemable preference shareholders who

are also directors of the company.