Company No: SC541970 (Scotland)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Graham Keith Huggins
	David Lee Rapp

REGISTERED OFFICE	Ballinreoch Pitnacree
	Ballinluig
	By Pitlochry
	PH9 0LW
	United Kingdom

COMPANY NUMBER

SC541970 (Scotland)

ACCOUNTANT	Praxis
	1 Poultry
	London
	EC2R 8EJ
	United Kingdom

	Note	2021		2020
		£		£
Current assets
Debtors	3	11,509		11,870
Cash at bank and in hand		555,821		563,846
		567,330		575,716
Creditors
Amounts falling due within one year	4	( 270,731)		( 75,137)
Net current assets		296,599		500,579
Total assets less current liabilities		296,599		500,579
Net assets		296,599		500,579
Capital and reserves
Called-up share capital	5	661,400		661,400
Profit and loss account		( 364,801 )		( 160,821 )
Total shareholders' funds		296,599		500,579

For the financial year ending 31 August 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Prime Energy Markets Limited (registered number: SC541970) were approved and authorised for issue by the Board of Directors on 21 October 2022. They were signed on its behalf by:

Graham Keith Huggins Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Prime Energy Markets Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Ballinreoch Pitnacree, Ballinluig, By Pitlochry, PH9 0LW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Debtors

	2021		2020
	£		£
Other debtors	11,509		11,870

4. Creditors: amounts falling due within one year

	2021		2020
	£		£
Other loans	159,346		65,000
Accruals	24,750		1,200
Other creditors	86,635		8,937
	270,731		75,137

5. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
4,000 Ordinary A shares of £ 0.10 each	400		400
510,000 Ordinary B shares of £ 1.00 each	510,000		510,000
	510,400		510,400
151,000 0.00% Redeemable Preference shares of £ 1.00 each	151,000		151,000
	661,400		661,400

6. Financial commitments

The Company had no material capital commitments at the year ended 31 August 2021.

7. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.