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

REGISTERED NUMBER: SC390484 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Primate Incorporated Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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 2019 and were signed on its behalf by:

G F McLachlan - Director

B A Oleszczyk - Director

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.

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

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 .

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.