Prime Source Management Limited

Prime Source Management Ltd, based in Ongar, UK, is a small, active family business established 14 years ago. With five employees and £1,623,462 in assets, it operates from a real address and is overseen by three directors and two owners. The company regularly imports clothing and accessories made by knitting or crocheting—a trend spanning 18 months, with the last import recorded in August 2021. It functions as an agent involved in the sale of textiles, clothing, fur, footwear and leather goods.

The company’s website reveals a broader scope of operations. Prime Source is a Hong Kong-based clothing group offering complete apparel solutions, from design and sourcing to manufacturing and distribution. It boasts offices in Hong Kong, China, Cambodia, London, Bangladesh, and Pakistan, connecting clients with top-tier factories specializing in activewear, sportswear, streetwear, casualwear, outerwear, loungewear, intimates, and childrenswear. The company even offers design support and manages manufacturing processes, including quality control and logistics. It’s a sizable operation, with 65 employees and £350 million in turnover, serving global brands.

However, a closer look at the company’s finances paints a more complex picture. While current assets increased by 53% to £1.6 million, net assets dropped significantly by 23% to £820,000. Bank borrowings surged by 160%, reaching £1.1 million, and amounts owed to related parties jumped dramatically to £890,000. Cash reserves also decreased by 29% to £400,000. Creditors increased by 2400%, to £910,000, and prepayments and accrued income jumped by 2600%, to £37,000. The company's small size (meeting two of three conditions for being a small company) helps it stay agile, but the increase in debt and decrease in equity suggest it’s burning through cash. With no auditor mentioned, the figures rely on unaudited statements.

In short, Prime Source Management Ltd appears to be a successful importer and sourcing partner, but its financial health is a concern. The company’s reliance on external funding and the rapid growth of its liabilities could pose a risk to its long-term sustainability.

Registered in England/Wales under the registration number 07524060, with a registered address at CM5 0TP, England, Ongar, Essex, 5 Forest Drive Elmbridge Gate, Fyfield.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.