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REGISTERED NUMBER: 10895501 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 August 2023

for

PRINCIPALITY MOTOR COMPANY LTD

PRINCIPALITY MOTOR COMPANY LTD (REGISTERED NUMBER: 10895501)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

PRINCIPALITY MOTOR COMPANY LTD

Company Information
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: J D Hawkins
Mrs S L Hawkins
D Sumpter





SECRETARY:





REGISTERED OFFICE: Fairway House
LInks Business Park
Cardiff
CF3 0LT





REGISTERED NUMBER: 10895501 (England and Wales)





ACCOUNTANTS: Hayvenhursts
Fairway House
Links Business Park
St Mellons
Cardiff
CF3 0LT

PRINCIPALITY MOTOR COMPANY LTD (REGISTERED NUMBER: 10895501)

Balance Sheet
31 AUGUST 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 22,000 22,000
Tangible assets 5 45,775 42,674
67,775 64,674

CURRENT ASSETS
Stocks 76,705 94,200
Debtors 6 35,153 -
Cash at bank and in hand 478,777 185,948
590,635 280,148
CREDITORS
Amounts falling due within one year 7 (434,561 ) (290,794 )
NET CURRENT ASSETS/(LIABILITIES) 156,074 (10,646 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

223,849

54,028

CREDITORS
Amounts falling due after more than
one year

8

(24,350

)

(40,000

)
NET ASSETS 199,499 14,028

PRINCIPALITY MOTOR COMPANY LTD (REGISTERED NUMBER: 10895501)

Balance Sheet - continued
31 AUGUST 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 198,499 13,028
SHAREHOLDERS' FUNDS 199,499 14,028

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 8 April 2024 and were signed on its behalf by:





J D Hawkins - Director


PRINCIPALITY MOTOR COMPANY LTD (REGISTERED NUMBER: 10895501)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Principality Motor Company Ltd is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PRINCIPALITY MOTOR COMPANY LTD (REGISTERED NUMBER: 10895501)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 22,000
NET BOOK VALUE
At 31 August 2023 22,000
At 31 August 2022 22,000

PRINCIPALITY MOTOR COMPANY LTD (REGISTERED NUMBER: 10895501)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 76,803
Additions 14,677
At 31 August 2023 91,480
DEPRECIATION
At 1 September 2022 34,129
Charge for year 11,576
At 31 August 2023 45,705
NET BOOK VALUE
At 31 August 2023 45,775
At 31 August 2022 42,674

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 4,000 -
VAT 31,153 -
35,153 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,023 30,423
Tax 141,931 43,020
Social security and other taxes 21,582 4,582
VAT - 150,141
Customer deposits held 231,541 39,899
Directors' current accounts 372 372
Accrued expenses 36,112 22,357
434,561 290,794

PRINCIPALITY MOTOR COMPANY LTD (REGISTERED NUMBER: 10895501)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 24,350 40,000

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Principality Motor Company Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Principality Motor Company Ltd for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Principality Motor Company Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Principality Motor Company Ltd and state those matters that we have agreed to state to the Board of Directors of Principality Motor Company Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Principality Motor Company Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Principality Motor Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Principality Motor Company Ltd. You consider that Principality Motor Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Principality Motor Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Hayvenhursts
Fairway House
Links Business Park
St Mellons
Cardiff
CF3 0LT


8 April 2024