Primera Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03708136 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

FOR

PRIMERA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Ross

M Izod

REGISTERED OFFICE:

Unit 8

Bankfield House

Bristol Avenue

Blackpool

Lancashire

FY2 OJF

REGISTERED NUMBER:

03708136 (England and Wales)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

18,729

Intangible assets

5

16,516

142,050

Tangible assets

6

100,187

160,779

116,703

CURRENT ASSETS

290,532

Stocks

369,213

440,308

Debtors

7

593,495

603,708

Cash at bank and in hand

1,023,834

1,334,548

1,986,542

CREDITORS

148,440

Amounts falling due within one year

8

222,879

1,186,108

NET CURRENT ASSETS

1,763,663

1,346,887

TOTAL ASSETS LESS CURRENT LIABILITIES

1,880,366

17,907

PROVISIONS FOR LIABILITIES

9

15,027

1,328,980

NET ASSETS

1,865,339

CAPITAL AND RESERVES

1,222

Called up share capital

1,222

1,327,758

Retained earnings

1,864,117

1,328,980

SHAREHOLDERS' FUNDS

1,865,339

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2022 and were signed on its behalf by:

M Izod - Director

P Ross - Director

1.	STATUTORY INFORMATION

Primera 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

In light of the ongoing global health crisis caused by COVID-19, the directors have assessed the impact that a period of interrupted trading could bring and have taken measures to manage the company's cost base in order to combat the reduction in revenues that this may cause. The directors have put in place contingency plans to manage the cost base in order to ensure the company can continue as a going concern. Accordingly the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Section 1A 'Small Entities' of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the total invoice value, less credit notes, excluding value added tax of sales made during the period.

Revenue is recognised when goods or services are received by the customer and the risks and rewards of ownership have been passed to them. Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax.

Intangible fixed assets

Intangible fixed assets are initially measured at cost. After initial recognition, intangible fixed assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Costs of patents are capitalised and amortised evenly over a period of 10 years, being the period over which the company expects to derive economic benefits.

Patent renewal costs are charged to the income statement in the period in which the costs are incurred.

Tangible fixed assets

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

Plant and machinery

-

10% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is a reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of the grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying value of the asset.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expenses in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction on the amount of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

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 all 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. 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 which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Research and development

Expenditure on research and development is charged to the income statement in the period in which such costs are incurred, with the exception of expenditure on the development of new products where the outcome of these is assessed as being reasonably certain as regards visibility and technical feasibility. In such cases expenditure will be capitalised and amortised evenly over a period of 10 years,commencing in the period sales of the product are first made.

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 profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Financial instruments

Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 9 ) .

5.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 July 2020

and 30 June 2021

22,123

AMORTISATION

At 1 July 2020

3,394

Amortisation for year

2,213

At 30 June 2021

5,607

NET BOOK VALUE

At 30 June 2021

16,516

At 30 June 2020

18,729

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

Totals

machinery

fittings

vehicles

equipment

£

£

£

£

£

COST

At 1 July 2020

422,450

220,550

70,376

76,950

54,574

Additions

9,730

6,416

268

-

3,046

Disposals

(42,963

)

-

-

(42,963

)

-

At 30 June 2021

389,217

226,966

70,644

33,987

57,620

DEPRECIATION

At 1 July 2020

280,400

129,648

65,929

37,112

47,711

Charge for year

37,288

19,670

3,123

9,212

5,283

Eliminated on disposal

(28,658

)

-

-

(28,658

)

-

At 30 June 2021

289,030

149,318

69,052

17,666

52,994

NET BOOK VALUE

At 30 June 2021

100,187

77,648

1,592

16,321

4,626

At 30 June 2020

142,050

90,902

4,447

39,838

6,863

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

488,774

307,845

Amounts owed by group undertakings

51,520

23,369

Other debtors

53,201

109,094

593,495

440,308

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade creditors

29,450

25,600

Amounts owed to group undertakings

84,781

70,000

Taxation and social security

85,137

28,231

Other creditors

23,511

24,609

222,879

148,440

9.	PROVISIONS FOR LIABILITIES

30.6.21

30.6.20

£

£

Deferred tax

15,027

17,907

Deferred

tax

£

Balance at 1 July 2020

17,907

Released during year

(2,880

)

Balance at 30 June 2021

15,027

The provision for deferred tax is in respect of accelerated capital allowances.

10.	ULTIMATE CONTROLLING PARTY