Primary Industries (UK) Limited Accounts

1

General information

Its registered number is: 02702620

Its registered office is:

2

Accounting policies

Turnover

Tangible fixed assets and depreciation

Motor vehicles

Furniture, fittings and equipment

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Investments

Stocks

Trade and other debtors

Trade and other creditors

Foreign currencies

Operating leases

Forward contracts

In the normal course of business the company enters into contracts for the forward purchase and sale of commodities. Such contracts are evaluated by reference to the market price ruling at the year-end and any overall loss in each group company is provided for.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Defined contribution pensions

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Employees

2021

2020

Number

Number

The average monthly number of employees (including directors) during the year was:

4

Tangible fixed assets

Total

€

Cost or revaluation

At 1 June 2020

Additions

At 31 May 2021

Depreciation

At 1 June 2020

Charge for the year

At 31 May 2021

Net book values

At 31 May 2021

At 31 May 2020

5

Reserves

Capital redemption reserve

Total other reserves

€

€

At 1 June 2019

At 31 May 2020 and 1 June 2020

At 31 May 2021