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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 MARCH 2016 TO 31 DECEMBER 2016 |
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FOR |
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PRIME SOURCE DESIGN LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 MARCH 2016 TO 31 DECEMBER 2016 |
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FOR |
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PRIME SOURCE DESIGN LIMITED |
PRIME SOURCE DESIGN LIMITED (REGISTERED NUMBER: 09468043) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2016 TO 31 DECEMBER 2016 |
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Company information | 1 |
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Balance sheet | 2 |
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Notes to the financial statements | 3 |
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PRIME SOURCE DESIGN LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 MARCH 2016 TO 31 DECEMBER 2016 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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10 Pett Close |
Hornchurch |
Essex |
RM11 1FF |
PRIME SOURCE DESIGN LIMITED (REGISTERED NUMBER: 09468043) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31.12.16 | 29.2.16 |
Notes | £ | £ |
Current assets |
Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 | ( |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Capital and reserves |
Called up share capital |
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Retained earnings | ( |
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Shareholders' funds | ( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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PRIME SOURCE DESIGN LIMITED (REGISTERED NUMBER: 09468043) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2016 TO 31 DECEMBER 2016 |
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1. | Statutory information |
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Prime Source Design Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Statement of compliance |
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The financial statements of the company for the ten months ended 31 December 2016 have been prepared in |
accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland |
(FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. These are |
the company's first set of financial statements prepared in accordance with FRS 102.. There have been no |
transitional adjustments made. |
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3. | Accounting policies |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention except for certain |
properties and financial instruments that are measured at revalued amounts or fair values, as explained in the |
accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange |
for assets. The following accounting policies have been applied consistently in dealing with items which are |
considered material in relation to the company's financial statements. |
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Total liabilities exceed current assets at the balance sheet date. The directors consider, however that the company |
has sufficient liquid assets, to meet its liabilities as and when they fall due, and that the company has sufficient |
support from its creditors. Accordingly the director considers that it is appropriate to prepare the accounts on a going |
concern basis. |
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Turnover |
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts andvalue |
added tax. |
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Taxation and deferred taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the |
period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance |
Sheet date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in |
the future, or a right to pay less tax in the future. Timing differences are temporary differences between the |
company's taxable profits and its results as stated in the financial statements. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in |
which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Cash flow statement |
The company has availed of the exemption in FRS 102 from the requirement to prepare a Cash Flow Statement |
because it is classified as a small company. |
PRIME SOURCE DESIGN LIMITED (REGISTERED NUMBER: 09468043) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2016 TO 31 DECEMBER 2016 |
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3. | Accounting policies - continued |
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Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting |
would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful |
debts. |
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Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at |
cost. |
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4. | Employees and directors |
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The average number of employees during the period was
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5. | Debtors: amounts falling due within one year |
31.12.16 | 29.2.16 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | Creditors: amounts falling due within one year |
31.12.16 | 29.2.16 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | Capital commitments |
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The company had no material capital commitments at the period-ended 31 December 2016. |
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8. | Post balance sheet events |
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There have been no significant events affecting the company since the period-end. |