Prime Retail Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07124858 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2018 TO 30 JUNE 2019

FOR

Prime Retail Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

Director:

Mr N P J Marker

Registered office:

23A & B

Commercial Road

Plymouth

Devon

PL4 0LE

Registered number:

07124858 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Tangible assets

4

-

-

Current assets

Stocks

5

14,500

10,000

Debtors

6

9,344

67,164

Cash at bank

1,150

-

24,994

77,164

Creditors

Amounts falling due within one year

7

52,024

88,485

Net current liabilities

(27,030

)

(11,321

)

Total assets less current liabilities

(27,030

)

(11,321

)

Capital and reserves

Called up share capital

8

1

1

Retained earnings

(27,031

)

(11,322

)

Shareholders' funds

(27,030

)

(11,321

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss has not been delivered.

The financial statements were approved by the director on 6 December 2019 and were signed by:

Mr N P J Marker - Director

1.	STATUTORY INFORMATION

Prime Retail 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration receivable, net of discounts.

Turnover includes revenue earned from the sale of goods which is recognised upon

completion of the transaction.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the 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 period 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.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price),

less any impairment losses for bad and doubtful debts. Loans and other financial assets are

initially recognised at transaction price including any transaction costs and subsequently

measured at amortised cost determined using the effective interest method, less any

impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price).

Loans and other financial liabilities are initially recognised at transaction price net of any

transaction costs and subsequently measured at amortised cost determined using the

effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an

obligation at the reporting date as a result of a past event, it is probable that economic

benefit will be transferred to settle the obligation and the amount of the obligation can be

estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

There were no fixed assets in the period.

5.

STOCKS

2019

2018

£

£

Stocks

14,500

10,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

2,292

19,329

Directors loan account

7,052

47,835

9,344

67,164

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank overdraft

-

33

Trade creditors

-

870

Tax

10,498

-

VAT

6,525

6,525

Other creditors

33,800

79,056

Accruals

1,201

2,001

52,024

88,485

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Ordinary

£1

1

1

9.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £7,052 from Nick Marker (Director). The

amount was interest free, unsecured and carried no fixed term of repayment.

Included within creditors due within one year is £33,800 due to Prime Skatepark CIC, a

company of which N Marker (Director) is a joint director.

The company received a management fee from Prime Skatepark CIC of £4,920 for staffing

costs, that were processed through its payroll.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr N P J Marker.