Primate Incorporated Limited - Accounts to registrar - small 17.2

Primate Incorporated Limited - Accounts to registrar - small 17.2


IRIS Accounts Productionv17.2.1.52SC390484G F McLachlanBoard of DirectorsB A OleszczykBoard of DirectorsE BrunborgBoard of Directors1.4.1631.3.1731.3.17falsetruefalsefalsetruefalseOrdinary1.00000iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC3904842016-03-31SC3904842017-03-31SC3904842016-04-012017-03-31SC3904842015-03-31SC3904842015-04-012016-03-31SC3904842016-03-31SC390484ns15:Scotland2016-04-012017-03-31SC390484ns14:PoundSterling2016-04-012017-03-31SC390484ns10:Director12016-04-012017-03-31SC390484ns10:Director22016-04-012017-03-31SC390484ns10:Director32016-04-012017-03-31SC390484ns10:PrivateLimitedCompanyLtd2016-04-012017-03-31SC390484ns10:SmallEntities2016-04-012017-03-31SC390484ns10:AuditExempt-NoAccountantsReport2016-04-012017-03-31SC390484ns10:SmallCompaniesRegimeForDirectorsReport2016-04-012017-03-31SC390484ns10:SmallCompaniesRegimeForAccounts2016-04-012017-03-31SC390484ns10:FullAccounts2016-04-012017-03-31SC390484ns10:OrdinaryShareClass12016-04-012017-03-31SC390484ns10:RegisteredOffice2016-04-012017-03-31SC390484ns5:CurrentFinancialInstruments2017-03-31SC390484ns5:CurrentFinancialInstruments2016-03-31SC390484ns5:ShareCapital2017-03-31SC390484ns5:ShareCapital2016-03-31SC390484ns5:RetainedEarningsAccumulatedLosses2017-03-31SC390484ns5:LeaseholdImprovements2016-04-012017-03-31SC390484ns5:FurnitureFittings2016-04-012017-03-31SC390484ns5:ComputerEquipment2016-04-012017-03-31SC390484ns5:LeaseholdImprovements2016-03-31SC390484ns5:FurnitureFittings2016-03-31SC390484ns5:ComputerEquipment2016-03-31SC390484ns5:LeaseholdImprovements2017-03-31SC390484ns5:FurnitureFittings2017-03-31SC390484ns5:ComputerEquipment2017-03-31SC390484ns5:LeaseholdImprovements2016-03-31SC390484ns5:FurnitureFittings2016-03-31SC390484ns5:ComputerEquipment2016-03-31SC390484ns5:CurrentFinancialInstrumentsns5:WithinOneYear2017-03-31SC390484ns5:CurrentFinancialInstrumentsns5:WithinOneYear2016-03-31SC390484ns5:DeferredTaxation2016-03-31SC390484ns5:DeferredTaxation2016-04-012017-03-31SC390484ns5:DeferredTaxation2017-03-31SC390484ns10:OrdinaryShareClass12017-03-31SC390484ns5:RetainedEarningsAccumulatedLosses2016-03-31SC390484ns5:PriorPeriodIncreaseDecreasens5:RetainedEarningsAccumulatedLosses2016-04-012017-03-31SC390484ns5:RetainedEarningsAccumulatedLossesns5:RestatedAmount2016-03-31SC390484ns5:RetainedEarningsAccumulatedLosses2016-04-012017-03-31


REGISTERED NUMBER: SC390484(Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Primate Incorporated Limited

Primate Incorporated Limited (Registered number: SC390484)






Contents of the Financial Statements
for the Year Ended 31 March 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Primate Incorporated Limited

Company Information
for the Year Ended 31 March 2017







DIRECTORS: B A Oleszczyk
G F McLachlan
E Brunborg





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 2017

31.3.17 31.3.16
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 6,854 4,805

CURRENT ASSETS
Debtors 4 69,809 53,585
Cash at bank 74,240 73,326
144,049 126,911
CREDITORS
Amounts falling due within one year 5 119,117 110,537
NET CURRENT ASSETS 24,932 16,374
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,786

21,179

PROVISIONS FOR LIABILITIES 6 1,371 961
NET ASSETS 30,415 20,218

CAPITAL AND RESERVES
Called up share capital 7 3 3
Retained earnings 8 30,412 20,215
SHAREHOLDERS' FUNDS 30,415 20,218

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 2017


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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors on 31 May 2017and were signed on its behalf by:




G F McLachlan - Director B A Oleszczyk - Director




E Brunborg - Director


Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements
for the Year Ended 31 March 2017

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of
the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction
costs), except for those financial assets classified as at fair value through profit or loss, which are initially
measured at fair value (which is normally the transaction price excluding transaction costs).

Financial assets are derecognised when and only when contractual rights to the cash flows from the financial
asset expire or are settled. Financial liabilities are derecognised only when the obligation specified in the contract
is discharged, cancelled or expires.

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.

Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017

2. ACCOUNTING POLICIES - continued

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.

3. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2016 1,600 4,079 17,368 23,047
Additions - 1,194 6,191 7,385
Disposals - (163 ) - (163 )
At 31 March 2017 1,600 5,110 23,559 30,269
DEPRECIATION
At 1 April 2016 - 3,846 14,396 18,242
Charge for year 528 622 4,186 5,336
Eliminated on disposal - (163 ) - (163 )
At 31 March 2017 528 4,305 18,582 23,415
NET BOOK VALUE
At 31 March 2017 1,072 805 4,977 6,854
At 31 March 2016 1,600 233 2,972 4,805

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.17 31.3.16
as restated
£    £   
Trade debtors 57,756 43,185
Amounts recoverable on contract 10,000 10,000
Other debtors 2,053 400
69,809 53,585

Prior Year Adjustment

In the prior year the company was eligible to reclaim enhanced tax relief for Research and Development
expenditure. The total balance of enhanced Research and Development expenditure eligible to be deducted from
taxable profits for the year ended 31st March 2016 was £9,260.

Hence, the overall effect of the above was that corporation tax payable was overstated by £1,852 and retained
profits brought forward were understated by £1,852.

Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.17 31.3.16
as restated
£    £   
Trade creditors 5,095 2,406
Taxation and social security 28,921 40,362
Other creditors 85,101 67,769
119,117 110,537

6. PROVISIONS FOR LIABILITIES
31.3.17 31.3.16
as restated
£    £   
Deferred tax 1,371 961

Deferred
tax
£   
Balance at 1 April 2016 961
Provided during year 410
Balance at 31 March 2017 1,371

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.17 31.3.16
value: as restated
£    £   
3 Ordinary £1 3 3

8. RESERVES
Retained
earnings
£   

At 1 April 2016 18,363
Prior year adjustment 1,852
20,215
Profit for the year 105,327
Dividends (95,130 )
At 31 March 2017 30,412

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed the directors £45,205 at the 31st March 2017 (2016: £44,581).

10. RELATED PARTY DISCLOSURES

During the year ended 31st March 2017 each director received total dividends of £31,170 (2016: £29,460).

Primate Incorporated Limited (Registered number: SC390484)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017

11. CONTROLLING INTEREST

There is no overall controlling interest.

12. FIRST YEAR ADOPTION

Transitional relief
On transition to FRS 102 (Section 1A), the company has not taken advantage of any transitional relief available.