REGISTERED NUMBER: SC390484 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Primate Incorporated Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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 2017 and were signed on its behalf by:

G F McLachlan - Director

B A Oleszczyk - Director

E Brunborg - 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

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.

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.

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).

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.