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 2021

Primetone Builders Limited

Financial Statements

Year ended 31 December 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Primetone Builders Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		2,332		2,999

Current assets

Debtors	6	2,826,362	2,791,017
Cash at bank and in hand		235,385	402,386
		------------	------------
		3,061,747	3,193,403

Creditors: amounts falling due within one year	7	230,554		131,145
		------------		------------
Net current assets			2,831,193		3,062,258
			------------		------------
Total assets less current liabilities			2,833,525		3,065,257
			------------		------------
Net assets			2,833,525		3,065,257
			------------		------------

Capital and reserves

Called up share capital	8	4	4
Profit and loss account		2,833,521	3,065,253
		------------	------------
Shareholders funds		2,833,525	3,065,257
		------------	------------

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 Section 1A of 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 2021 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 .

These financial statements were approved by the board of directors and authorised for issue on 20 December 2022 , 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 2021

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

Government grants

Income from grants is recognised in other operating income when these are receivable.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2021 and 31 December 2021	29,597	6,904	3,878	40,379
	--------	-------	-------	--------
Depreciation
At 1 January 2021	29,266	5,542	2,572	37,380
Charge for the year	66	340	261	667
	--------	-------	-------	--------
At 31 December 2021	29,332	5,882	2,833	38,047
	--------	-------	-------	--------
Carrying amount
At 31 December 2021	265	1,022	1,045	2,332
	--------	-------	-------	--------
At 31 December 2020	331	1,362	1,306	2,999
	--------	-------	-------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	254,630	162,748
Prepayments and accrued income	5,072	7,988
Corporation tax repayable	–	846
Director's loan account	181,090	358,006
Amounts owed by a related undertaking	2,288,010	2,259,763
Other debtors	97,560	1,666
	------------	------------
	2,826,362	2,791,017
	------------	------------

The majority of amounts owed by the related undertaking is likely to fall due after more than one year.

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	15,682	–
Trade creditors	170,618	63,731
Accruals and deferred income	10,175	10,110
Corporation tax	31,986	–
Social security and other taxes	1,141	57,050
Other creditors	952	254
	---------	---------
	230,554	131,145
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	4	4	4	4
	----	----	----	----

9. Operating leases

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

	2021	2020
	£	£
Not later than 1 year	16,164	10,067
Later than 1 year and not later than 5 years	4,200	7,000
	--------	--------
	20,364	17,067
	--------	--------

10. Director's advances, credits and guarantees

At the year end Mr and Mrs K F Rabbitte owed the company £181,090 (2020: £358,006) by way of a directors loan account. Interest of £6,656 (2020: £4,847) has been charged on this loan.

11. Related party transactions

The company is owed £2,288,010 (2020: £2,259,763) by a related entity. Interest of £28,247 (2020: £25,865) was charged on this loan.