Prime Retail Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07124858 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

FOR

Prime Retail Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

Director:

Mr N P J Marker

Registered office:

23 A & B Commercial Road

Plymouth

Devon

PL4 0LE

Registered number:

07124858 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Intangible assets

4

667

-

Tangible assets

5

2,299

-

2,966

-

Current assets

Stocks

6

21,769

14,500

Debtors

7

22,884

9,344

Cash at bank

19,219

1,150

63,872

24,994

Creditors

Amounts falling due within one year

8

62,990

52,024

Net current assets/(liabilities)

882

(27,030

)

Total assets less current liabilities

3,848

(27,030

)

Creditors

Amounts falling due after more than one year

9

20,000

-

Net liabilities

(16,152

)

(27,030

)

Capital and reserves

Called up share capital

10

1

1

Retained earnings

(16,153

)

(27,031

)

Shareholders' funds

(16,152

)

(27,030

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 November 2020 and were signed by:

Mr N P J Marker - Director

1.	STATUTORY INFORMATION

Prime Retail Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number and registered office address can be found on the company

information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has net liabilities as a result of loans totalling £70,041. The company is dependant on

the support of it's creditors.

Turnover

Turnover is measured at the fair value of the consideration receivable, net of discounts. Turnover

includes revenue earned from the sale of goods which is recognised upon completion of the

transaction.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

Cost is determined using the first in first out method. The carrying amount of stock sold is recognised

as an expense in the period in which the related revenue is recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Debtors

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.

Creditors

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.

Provisions

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

Additions

1,000

At 30 June 2020

1,000

Amortisation

Charge for year

333

At 30 June 2020

333

Net book value

At 30 June 2020

667

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

Cost

Additions

2,365

At 30 June 2020

2,365

Depreciation

Charge for year

66

At 30 June 2020

66

Net book value

At 30 June 2020

2,299

6.

STOCKS

2020

2019

£

£

Stocks

21,769

14,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

5,613

2,292

Directors loan account

17,271

7,052

22,884

9,344

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Tax

8,649

10,498

VAT

1,254

6,525

Other creditors

50,041

33,800

Accruals

3,046

1,201

62,990

52,024

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans more than 1 year

20,000

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 June 2020 and

the period ended 30 June 2019:

2020

2019

£

£

Mr N P J Marker

Balance outstanding at start of year

7,052

-

Amounts advanced

20,244

7,052

Amounts repaid

(10,024

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

17,272

7,052

Interest has been charged at the official interest rate and this loan is repayable on demand.

12.	RELATED PARTY DISCLOSURES

Included within creditors due within one year is £50,041 (2019: £33,800) due to Prime Skatepark CIC,

a company of which N Marker (Director) is a joint director.

The company received a management fee from Prime Skatepark CIC of £2,148 for staffing costs,

that were processed through its payroll.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr N P J Marker.