Prime ISA Limited has used a loophole in the Companies Act to delay filing its annual accounts.
Prime ISA offered IFISA bonds paying 7% per year (although its literature was contradictory on this point at the time of our review), the proceeds of which were to be used to refurb a data centre.
Prime ISA Limited was due to file its first accounts by the end of June 2019, but on 7 June it reduced its accounting period by a single day. It now has another three months from the day of that filing to file its accounts. Or use the loophole again.
The company issuing the IFISA bonds, Prime ISA Bond Co 1 Limited, was incorporated a couple of months after Prime ISA Limited and consequently still has until the end of August to file accounts. It remains to be seen whether it will.
Prime ISA is one of a large number of IFISA investments using the Northern Provident Investments umbrella.
At time of writing, Prime ISA’s website was down. Google’s cache indicates that the website has been replaced with a message which simply reads
The bond investment is closed for subscriptions.
Any enquiries from investors, please email email@example.com
Why Prime is unable to file its accounts in a timely fashion is not known.