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Principal Projx Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

Registration number: 11740166

 

Principal Projx Ltd

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Principal Projx Ltd

(Registration number: 11740166)
Statement of financial position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

133,763

1,725

Current assets

 

Debtors

5

53,662

27,982

Cash at bank and in hand

 

45,499

68,703

 

99,161

96,685

Creditors: Amounts falling due within one year

6

(70,351)

(54,149)

Net current assets

 

28,810

42,536

Total assets less current liabilities

 

162,573

44,261

Creditors: Amounts falling due after more than one year

6

(78,678)

-

Provisions for liabilities

(21,195)

(328)

Net assets

 

62,700

43,933

Capital and reserves

 

Called up share capital

7

4

4

Retained earnings

62,696

43,929

Shareholders' funds

 

62,700

43,933

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Mr T Sharp
Director

 

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance

Office and computer equipment

33% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

-

1,891

-

1,891

Additions

19,070

5,703

123,095

147,868

At 30 September 2023

19,070

7,594

123,095

149,759

Depreciation

At 1 October 2022

-

166

-

166

Charge for the year

-

1,255

14,575

15,830

At 30 September 2023

-

1,421

14,575

15,996

Carrying amount

At 30 September 2023

19,070

6,173

108,520

133,763

At 30 September 2022

-

1,725

-

1,725

5

Debtors

Current

2023
£

2022
£

Trade debtors

17,805

13,248

Prepayments

11,222

5,425

Other debtors

24,635

9,309

 

53,662

27,982

 

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,489

-

Trade creditors

 

439

-

Taxation and social security

 

34,150

47,126

Accruals and deferred income

 

2,050

1,600

Other creditors

 

23,223

5,423

 

70,351

54,149

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

78,678

-

7

Share capital

Allotted, called up and fully paid shares

 

2023

2020

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

         
 

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

78,678

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

10,489

-