REGISTERED NUMBER: 08803731

Prime Fifty Limited

Unaudited Financial Statements for the Year Ended 31st December 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M S Gowland

P D Gowland

REGISTERED OFFICE:

Hesslewood Hall

Ferriby Road

Hessle

East Yorkshire

HU13 0LH

REGISTERED NUMBER:

08803731

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

3

396

2,405

CURRENT ASSETS

Stocks

54,445

9,156

Debtors

4

281,933

18,011

Cash at bank

21,352

7,868

357,730

35,035

CREDITORS

Amounts falling due within one year

5

131,745

12,400

NET CURRENT ASSETS

225,985

22,635

TOTAL ASSETS LESS CURRENT LIABILITIES

226,381

25,040

CREDITORS

Amounts falling due after more than one year

6

399,923

319,909

NET LIABILITIES

(173,542

)

(294,869

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(173,642

)

(294,969

)

SHAREHOLDERS' FUNDS

(173,542

)

(294,869

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20th September 2018 and were signed on its behalf by:

M S Gowland - Director

1.	STATUTORY INFORMATION

Prime Fifty Limited is a private company, limited by shares , registered in Not specified/Other. 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.

The financial statements have been prepared on a going concern basis following representations from

the directors, that they will continue to give financial support as required.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of good is recognised when goods are dispatched.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation

and accumulated impairment losses. Cost includes costs directly attributable to making the asset

capable of operating as intended.

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 systematic basis over its expected useful life as follows:

Plant and machinery

33% straight line

Fixtures and fittings

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its

present location and condition. Cost is calculated using the first-in, first-out formula. Provision is

made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss)

for the current or past reporting periods. It is measured at the amount expected to be paid or

recovered using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing

differences, with certain exceptions. Timing differences are differences between taxable profits and

total comprehensive income as stated in the financial statements that arise from the inclusion of

income and expense in tax assessments in periods different from those in which they are recognised

in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured

using the rates and allowances that apply to the sale of the asset.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administrative expenses.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2017

and 31st December 2017

6,088

DEPRECIATION

At 1st January 2017

3,683

Charge for year

2,009

At 31st December 2017

5,692

NET BOOK VALUE

At 31st December 2017

396

At 31st December 2016

2,405

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

232,139

16,254

Other debtors

49,794

1,757

281,933

18,011

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

112,631

5,910

Taxation and social security

18,274

-

Other creditors

840

6,490

131,745

12,400

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

399,923

319,909

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

1,700

1,700

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

9.	RELATED PARTY DISCLOSURES

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M S Gowland.