Primate Incorporated Limited - Accounts to registrar (filleted) - small 18.2

Primate Incorporated Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: SC390484(Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Primate Incorporated Limited

Primate Incorporated Limited (Registered number: SC390484)






Contents of the Financial Statements
for the Year Ended 31 March 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Primate Incorporated Limited

Company Information
for the Year Ended 31 March 2019







DIRECTORS: B A Oleszczyk
G F McLachlan





REGISTERED OFFICE: 6 Logie Mill
Beaverbank Business Park
Edinburgh
Lothian
EH7 4HG





REGISTERED NUMBER: SC390484(Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Primate Incorporated Limited (Registered number: SC390484)

Balance Sheet
31 March 2019

31.3.19 31.3.18
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,532 5,007

CURRENT ASSETS
Debtors 5 50,033 46,548
Cash at bank 83,671 55,288
133,704 101,836
CREDITORS
Amounts falling due within one year 6 74,841 98,947
NET CURRENT ASSETS 58,863 2,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

63,395

7,896

PROVISIONS FOR LIABILITIES 7 770 851
NET ASSETS 62,625 7,045

CAPITAL AND RESERVES
Called up share capital 8 3 3
Retained earnings 62,622 7,042
SHAREHOLDERS' FUNDS 62,625 7,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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.

Primate Incorporated Limited (Registered number: SC390484)

Balance Sheet - continued
31 March 2019


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 7 August 2019and were signed on its behalf by:




G F McLachlan- Director



B A Oleszczyk- Director


Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements
for the Year Ended 31 March 2019

1. STATUTORY INFORMATION

Primate Incorporated Limited is a private company, limited by shares, registered in Scotland. The company's
registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of section 1A "Small Entities"
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost
convention.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are
considered to have been transferred to the buyer. Turnover from the supply of services represents the value of
services provided under contracts to the extent that there is a right to consideration and is recorded at the fair
value of the consideration received or receivable. Where a contract has only been partially completed at the
balance sheet date turnover represents the fair value of the service provided to date based on the stage of
completion of the contract activity at the balance sheet date.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is
provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of
each asset on a straight-line basis over its expected useful life, as follows:


Investment property-33% on cost
Fixtures and fittings-33% on cost
Computer equipment-33% on cost


Residual value represents the estimated amount which would currently be obtained from disposal of an asset,
after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at
the end of its useful life.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured
at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit and Loss,
except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.


Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a
small company.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past
event, it is probable that the company will be required to settle that obligation and a reliable estimate can be
made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11(2018 - 10 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2018 1,600 5,426 26,125 33,151
Additions - 795 4,320 5,115
At 31 March 2019 1,600 6,221 30,445 38,266
DEPRECIATION
At 1 April 2018 1,056 4,810 22,278 28,144
Charge for year 528 724 4,338 5,590
At 31 March 2019 1,584 5,534 26,616 33,734
NET BOOK VALUE
At 31 March 2019 16 687 3,829 4,532
At 31 March 2018 544 616 3,847 5,007

Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.19 31.3.18
£    £   
Trade debtors 40,290 34,787
Amounts recoverable on contract 8,200 10,000
Other debtors 1,543 1,761
50,033 46,548

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.19 31.3.18
£    £   
Trade creditors 1,016 9,152
Taxation and social security 46,296 26,448
Other creditors 27,529 63,347
74,841 98,947

7. PROVISIONS FOR LIABILITIES
31.3.19 31.3.18
£    £   
Deferred tax 770 851

Deferred
tax
£   
Balance at 1 April 2018 851
Provided during year (81 )
Balance at 31 March 2019 770

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.19 31.3.18
value: £    £   
300 Ordinary £0.01 3 3

A sub-division of shares occurred on 20 July 2018. Prior to this sub-division there were 3 shares with £1
nominal value. Following the sub-division the company had 300 issued shares with £0.01 nominal value.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed the directors £3,102 as at 31 March 2019 (2018: £29,978).

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £60,652 (2018 - £73,020) were paid to the directors .

Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

10. RELATED PARTY DISCLOSURES - continued

Transactions with related parties during the year and balances outstanding at the year end were as follows:







Transaction
type


Transactions in the year
ended
Balance
receivable/
(payable) to
related party at



Balance
receivable/
(payable) to
related party at
31.3.19 31.3.19 31.3.18
£ £ £


Sprintr Limited
Accountancy
Fees

115 (2018: 575)

690


575

Subcontractor
Costs

nil (2018: 650)

650


650

Former director Loan (1,351) (2018: (7,792)) nil 1,351
Dividends 5,394 (2018: 24,340) nil nil


A director of Primate Incorporated Limited is a director of Sprintr Limited.

A director resigned from the company during the year.

11. ULTIMATE CONTROLLING PARTY

There is no overall controlling interest.