Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302023-07-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity33falsetruefalse 11405582 2023-07-01 2024-06-30 11405582 2022-07-01 2023-06-30 11405582 2024-06-30 11405582 2023-06-30 11405582 2022-07-01 11405582 c:Director1 2023-07-01 2024-06-30 11405582 d:FurnitureFittings 2023-07-01 2024-06-30 11405582 d:FurnitureFittings 2024-06-30 11405582 d:FurnitureFittings 2023-06-30 11405582 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11405582 d:OfficeEquipment 2023-07-01 2024-06-30 11405582 d:OfficeEquipment 2024-06-30 11405582 d:OfficeEquipment 2023-06-30 11405582 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11405582 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11405582 d:CurrentFinancialInstruments 2024-06-30 11405582 d:CurrentFinancialInstruments 2023-06-30 11405582 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 11405582 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11405582 d:ShareCapital 2024-06-30 11405582 d:ShareCapital 2023-06-30 11405582 d:RetainedEarningsAccumulatedLosses 2024-06-30 11405582 d:RetainedEarningsAccumulatedLosses 2023-06-30 11405582 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 11405582 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 11405582 c:FRS102 2023-07-01 2024-06-30 11405582 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 11405582 c:FullAccounts 2023-07-01 2024-06-30 11405582 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11405582 2 2023-07-01 2024-06-30 11405582 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 11405582










PRINCIPAL CLIMATE TECHNOLOGIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
PRINCIPAL CLIMATE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 11405582

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,858
13,279

  
10,858
13,279

Current assets
  

Stocks
  
14,190
60,455

Debtors: amounts falling due within one year
 5 
338,758
349,413

Cash at bank and in hand
  
86,516
26,086

  
439,464
435,954

Creditors: amounts falling due within one year
 6 
(323,223)
(319,088)

Net current assets
  
 
 
116,241
 
 
116,866

Total assets less current liabilities
  
127,099
130,145

Provisions for liabilities
  

Deferred tax
 7 
(899)
(1,359)

  
 
 
(899)
 
 
(1,359)

Net assets
  
126,200
128,786


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
126,100
128,686

  
126,200
128,786


Page 1

 
PRINCIPAL CLIMATE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 11405582
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2024.




M W Pike
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PRINCIPAL CLIMATE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
PRINCIPAL CLIMATE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.7

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
PRINCIPAL CLIMATE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)


1.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
Reducing balance
Office equipment
-
33%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
PRINCIPAL CLIMATE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

Principal Climate Technologies Limited is a private company, limited by shares and incorporated in England.
Its registered number is: 11405582
Its Registered office address is:
Suite 4
35 Bancroft
Hitchin
Hertfordshire
SG5 1LA


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 6

 
PRINCIPAL CLIMATE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2023
1,491
19,592
21,083



At 30 June 2024

1,491
19,592
21,083



Depreciation


At 1 July 2023
1,031
6,773
7,804


Charge for the year on owned assets
152
2,269
2,421



At 30 June 2024

1,183
9,042
10,225



Net book value



At 30 June 2024
308
10,550
10,858



At 30 June 2023
460
12,819
13,279


5.


Debtors

2024
2023
£
£


Trade debtors
336,867
347,001

Prepayments and accrued income
1,891
2,412

338,758
349,413


Page 7

 
PRINCIPAL CLIMATE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
195,646
124,157

Corporation tax
20,013
12,999

Other taxation and social security
14,324
1,015

Other creditors
69,219
179,667

Accruals and deferred income
24,021
1,250

323,223
319,088



7.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,359)
(643)


Charged to profit or loss
-
(716)


Utilised in year
460
-



At end of year
(899)
(1,359)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(899)
(1,359)

(899)
(1,359)


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £26,756 (2023 - £4,039) . Contributions totalling £0 (2023 - £139) were payable to the fund at the reporting date and are included in creditors.

 
Page 8