ACCOUNTS - Final Accounts preparation

PRIMERO CONTRACTS LIMITED - Company Information

SC143944 PRIMERO CONTRACTS LIMITED 2015-07-01 2016-06-30 false true 2016-06-30Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. This includes the value of work undertaken but not invoiced at the end of the year. SC143944 c:EntityAccountantsOrAuditors 2016-06-30 SC143944 2015-07-01 2016-06-30 SC143944 2016-06-30 SC143944 2015-06-30 SC143944 d:MotorVehicles 2015-07-01 2016-06-30 SC143944 d:FixturesFittingsToolsEquipment 2015-07-01 2016-06-30 SC143944 c:OrdinaryShareClass1 2016-06-30 SC143944 c:OrdinaryShareClass1 2015-06-30 SC143944 c:OrdinaryShareClass1 2015-07-01 2016-06-30 SC143944 c:Director1 2015-07-01 2016-06-30 SC143944 d:ProvisionsForDeferredTaxation 2015-06-30 SC143944 c:EntityAccountantsOrAuditors 2015-07-01 2016-06-30 iso4217:GBP xbrli:shares

Company registration number SC143944


	PRIMERO CONTRACTS LIMITED

	ABBREVIATED ACCOUNTS
	FOR THE YEAR ENDED 30 JUNE 2016

PRIMERO CONTRACTS LIMITED

CONTENTS

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Abbreviated Accounts	4 - 6

PRIMERO CONTRACTS LIMITED

The following reproduces the text of the Report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRIMERO CONTRACTS LIMITED
FOR THE YEAR ENDED 30 JUNE 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Primero Contracts Limited for the year ended 30 June 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/
framework-for-the-preparation-of-accounts-revised-april-2010.

This report is made solely to the Board of Directors of Primero Contracts Limited, as a body, in accordance with the terms of our engagement letter dated 03 September 2009. Our work has been undertaken solely to prepare for your approval the financial statements of Primero Contracts Limited and state those matters that we have agreed to state to the Board of Directors of Primero Contracts Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-april-2010. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Primero Contracts Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Primero Contracts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Primero Contracts Limited. You consider that Primero Contracts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Primero Contracts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Findlay and Company

Chartered Accountants

11 Dudhope Terrace

Dundee

DD3 6TS

5 October 2016

Page 1

PRIMERO CONTRACTS LIMITED

REGISTERED NUMBER: SC143944

ABBREVIATED BALANCE SHEET

AS AT 30 JUNE 2016

2016

2015

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		79,746		105,022

CURRENT ASSETS
Stocks	1,000		1,000
Debtors	428,076		785,352
Investments	65,626		66,663
Cash at bank and in hand	772,555		470,820

	1,267,257		1,323,835
CREDITORS: amounts falling due within one year	(517,206)		(771,940)
NET CURRENT ASSETS		750,051		551,895

TOTAL ASSETS LESS CURRENT LIABILITIES

829,797

656,917

PROVISIONS FOR LIABILITIES
Deferred tax	(6,354)	(9,586)
NET ASSETS	823,443	647,331

CAPITAL AND RESERVES
Called up share capital	3	2	2
Profit and loss account		823,441	647,329

SHAREHOLDERS' FUNDS

823,443

647,331

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Page 2

PRIMERO CONTRACTS LIMITED

ABBREVIATED BALANCE SHEET (continued)

AS AT 30 JUNE 2016

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:

Frank Ward

Director

Date: 5 October 2016

The notes on pages 4 to 6 form part of these financial statements.

Page 3

PRIMERO CONTRACTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. This includes the value of work undertaken but not invoiced at the end of the year.

	1.3	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

				Motor vehicles	-	25% reducing balance
				Fixtures and fittings	-	15% reducing balance

	1.4	Investments
		Current asset investments are at the lower of cost and net realisble value.

	1.5	Leasing and hire purchase
		Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

	1.6	Stocks
		Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 4

PRIMERO CONTRACTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

1.ACCOUNTING POLICIES (continued)

	1.7	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

	1.8	Long-term contracts
		Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

	1.9	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 July 2015 and 30 June 2016	200,917

	Depreciation
	At 1 July 2015	95,895
	Charge for the year	25,276
	At 30 June 2016	121,171

	Net book value
	At 30 June 2016	79,746
	At 30 June 2015	105,022

Page 5

PRIMERO CONTRACTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

3.SHARE CAPITAL

	2016	2015
	£	£
Allotted, called up and fully paid

2 Ordinary shares of £1 each	2	2

Page 6