Caseware UK (AP4) 2023.0.135 2023.0.135 In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provision of FRS 102 Section 1A - small entities.We have audited the financial statements of Principal Logistics Technologies Ltd, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, Principal Logistics Technologies Ltd's financial statements: give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the financial year then ended; and have been prepared in accordance with the requirements of the Companies Act 2006.In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principle risks of non-compliance with laws and regulations related to compliance with Data privacy law, Employment Law and Pension Legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to posting inappropriate journal entries to manipulate the financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/ inaccurate disclosures in the financial statements. Responsibilities of the auditor for the audit of the financial statements (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) In response to these principal risks, our audit procedures included but were not limited to: Inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; Gaining an understanding of the internal controls established to mitigate risk related to fraud; Discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; Identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; Designing audit procedures to incorporate unpredictability around the nature, timing or extent of testing; Challenging assumptions and judgements made by management in their significant accounting estimates, including recoverability of trade debtors; the carrying value of fixed assets; and revenue recognition; and Review of the financial statement disclosures to underlying supporting documentation and inquires of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. 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.The preparation of the financial statements requires management to make judgments that affect the reported amounts of assets and liabilities at the date of financial statements and the reported amount of income and expenses during the reporting period. Management evaluates its judgments on an ongoing basis. Management bases its judgments on historical experience on various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumption or conditions. The following judgment is considered important to the portrayal of the Company’s financial condition: The preparation of the financial statements requires management to make judgments that affect the reported amounts of assets and liabilities at the date of financial statements and the reported amount of income and expenses during the reporting period. Management evaluates its judgments on an ongoing basis. Management bases its judgments on historical experience on various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumption or conditions. The following judgment is considered important to the portrayal of the Company’s financial condition: Bad debts provision The Company estimates the bad debts provision related to its debtors based on assessment of specific accounts when the Company has information that certain counterparties are unable to meet their financial obligations. In these cases judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship with the counterparty and the counterparty’s current credit status based on credit reports and known market factors. The Company used judgment to record specific reserves for counterparties against amounts due to reduce the expected collectible amounts. These specific reserves are re-evaluated and adjusted as additional information received impacts the amounts estimated. The amounts and timing of recorded expenses for any period would differ if different judgments were made or different estimates were utilised. An increase in the allowance for doubtful accounts would increase the recognised operating expenses and decrease current assets. As at 31 December 2023, the total bad debts provision amounted to €Nil (2022: €Nil). Estimating useful lives of depreciable assets The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above.The Company is a subsidiary of Principal Systems (Holdings) Limited, a company incorporated in the Republic of Ireland. The ultimate controlling company is Dazewell Limited, which is incorporated in the Republic of Ireland.false2023-01-011915truefalsetrue SC470436 2023-01-01 2023-12-31 SC470436 2022-01-01 2022-12-31 SC470436 2023-12-31 SC470436 2022-12-31 SC470436 2022-01-01 SC470436 1 2023-01-01 2023-12-31 SC470436 d:Director1 2023-01-01 2023-12-31 SC470436 d:Director2 2023-01-01 2023-12-31 SC470436 d:RegisteredOffice 2023-01-01 2023-12-31 SC470436 d:Agent1 2023-01-01 2023-12-31 SC470436 c:OfficeEquipment 2023-01-01 2023-12-31 SC470436 c:OfficeEquipment 2023-12-31 SC470436 c:OfficeEquipment 2022-12-31 SC470436 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC470436 c:CurrentFinancialInstruments 2023-12-31 SC470436 c:CurrentFinancialInstruments 2022-12-31 SC470436 c:ShareCapital 2023-12-31 SC470436 c:ShareCapital 2022-12-31 SC470436 c:ShareCapital 2022-01-01 SC470436 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC470436 c:RetainedEarningsAccumulatedLosses 2023-12-31 SC470436 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC470436 c:RetainedEarningsAccumulatedLosses 2022-12-31 SC470436 c:RetainedEarningsAccumulatedLosses 2022-01-01 SC470436 d:OrdinaryShareClass1 2023-01-01 2023-12-31 SC470436 d:OrdinaryShareClass1 2022-01-01 2022-12-31 SC470436 d:OrdinaryShareClass1 2023-12-31 SC470436 d:OrdinaryShareClass1 2022-12-31 SC470436 d:FRS102 2023-01-01 2023-12-31 SC470436 d:Audited 2023-01-01 2023-12-31 SC470436 d:FullAccounts 2023-01-01 2023-12-31 SC470436 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

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Financial Statements
Principal Logistics Technologies Ltd
For the financial year ended 31 December 2023





































Registered number: SC470436

 
Principal Logistics Technologies Ltd
 

Company Information


Directors
Brian Connolly 
Peter Flanagan 




Registered number
SC470436



Registered office
Macdonald Henderson Standard Buildings
94 Hope Street

Glasgow

G2 6PH

Scotland




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditor

Dublin 2




Bankers
Ulster Bank
2 Farmley Rd

Glengormley

Antrim

Newtownabbey

United Kingdom




Solicitors
Dillon Eustace
33 Sir John Robinsons Quay

Dublin 2





 
Principal Logistics Technologies Ltd
 

Contents



Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income 
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
Detailed profit and loss account and summaries
19 - 20


 
Principal Logistics Technologies Ltd
 
 
Directors' report
For the financial year ended 31 December 2023

The directors present their report and the financial statements for the financial year ended 31 December 2023.

Principal activity

The principal activity of the Company is the design and provision of computer service activities. The Company's focus is to provide customers with the tools and functionality they need to be more operationally effective.

Results and dividends

The loss for the financial year, after taxation, amounted to £128,806 (2022: profit £199,875).

The directors have not recommended the payment of a dividend (2022: £Nil).

Directors

The directors who served during the financial year were:

Brian Connolly 
Peter Flanagan 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the financial year end.

Auditor

The auditor, Grant Thorntoncontinues in office in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Brian Connolly
Director
................................................
Peter Flanagan
Director


Date: 20 June 2024

Page 1

 
Principal Logistics Technologies Ltd
 

Directors' responsibilities statement
For the financial year ended 31 December 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.


On behalf of the board:


................................................   ...................................................
Brian Connolly     Peter Flanagan
Director      Director

Date: 20 June 2024

Page 2

 
 
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Independent auditor's report to the members of Principal Logistics Technologies Ltd
 
Opinion


We have audited the financial statements of Principal Logistics Technologies Ltd, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  
The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Principal Logistics Technologies Ltd's financial statements:

give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the financial year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.



Page 3

 
 
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Independent auditor's report to the members of Principal Logistics Technologies Ltd (continued)

 
Other information


Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report

The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.
Page 4

 
 
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Independent auditor's report to the members of Principal Logistics Technologies Ltd (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principle risks of non-compliance with laws and regulations related to compliance with Data privacy law, Employment Law and Pension Legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation.  We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to posting inappropriate journal entries to manipulate the financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.  We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/ inaccurate disclosures in the financial statements.
Page 5

 
 
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Independent auditor's report to the members of Principal Logistics Technologies Ltd (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

Inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risk related to fraud;
Discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
Identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of testing;
Challenging assumptions and judgements made by management in their significant accounting estimates, including recoverability of trade debtors; the carrying value of fixed assets; and revenue recognition; and
Review of the financial statement disclosures to underlying supporting documentation and inquires of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. 

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
Kevin Foley, FCA
for and on behalf of
Grant Thornton
Chartered Accountants
& Statutory Auditor
13-18 City Quay
Dublin 2
 
Date:

20 June 2024
 
Page 6

 
Principal Logistics Technologies Ltd
 

Statement of comprehensive income
For the financial year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
  
1,928,481
1,686,038

Cost of sales
  
(1,420,024)
(1,147,549)

Gross profit
  
508,457
538,489

Administrative expenses
  
(637,263)
(338,614)

(Loss)/profit before tax
 4 
(128,806)
199,875

Tax on (loss)/profit
 6 
-
-

(Loss)/profit for the financial year
  
(128,806)
199,875

All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 10 to 19 form part of these financial statements.

Page 7

 
Principal Logistics Technologies Ltd
Registered number:SC470436

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 7 
81,718
69,679

  
81,718
69,679

Current assets
  

Debtors: amounts falling due within one year
 8 
1,875,938
2,257,827

Cash at bank
 9 
292,509
73,007

  
2,168,447
2,330,834

Current liabilities
  

Creditors: amounts falling due within one year
 10 
(2,555,003)
(2,576,545)

Net current liabilities
  
 
 
(386,556)
 
 
(245,711)

Net liabilities
  
(304,838)
(176,032)


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
 12 
(304,938)
(176,132)

Shareholders' deficit
  
(304,838)
(176,032)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provision of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Brian Connolly
................................................
Peter Flanagan
Director
Director


Date: 20 June 2024

The notes on pages 10 to 19 form part of these financial statements.

Page 8

 
Principal Logistics Technologies Ltd
 

Statement of changes in equity
For the financial year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
(176,132)
(176,032)


Comprehensive loss for the financial year

Loss for the financial year
-
(128,806)
(128,806)


At 31 December 2023
100
(304,938)
(304,838)



Statement of changes in equity
For the financial year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
(376,007)
(375,907)


Comprehensive income for the financial year

Profit for the financial year
-
199,875
199,875


At 31 December 2022
100
(176,132)
(176,032)


The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
Principal Logistics Technologies Ltd
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

1.


General information

Principal Logistics Technologies Ltd is a company limited by shares, which is incorporated in the United Kingdom under the number SC470436 with a registered address of Macdonald Henderson Standard Buildings, 94 Hope Street, Glasgow, G2 6PH, Scotland.

The principal activity of the Company is the design and provision of computer service activities. The Company's focus is to provide customers with the tools and functionality they need to be more operationally effective.

2.Accounting policies

 
2.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
 
The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Turnover

Turnover 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. Turnover 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:

Rendering of services

Turnover 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.

Page 10

 
Principal Logistics Technologies Ltd
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.5

Pensions

The contributions to employee pension are recognised as an expense in the Statement of comprehensive income 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.

 
2.6

Taxation

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.

 
2.7

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 11

 
Principal Logistics Technologies Ltd
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
12.5%

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.

 
2.8

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.

 
2.9

 Cash at bank

Cash is represented by cash in deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

 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.

 
2.11

 Financial instruments

The Company has elected to apply the provisions of Section 11 and 12 "Basic and Other Financial Instruments" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 12

 
Principal Logistics Technologies Ltd
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)


2.11
 Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. 

The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 13

 
Principal Logistics Technologies Ltd
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)


2.11
 Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments that affect the reported amounts of assets and liabilities at the date of financial statements and the reported amount of income and expenses during the reporting period. Management evaluates its judgments on an ongoing basis. Management bases its judgments on historical experience on various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumption or conditions. The following judgment is considered important to the portrayal of the Company’s financial condition:
 
Bad debts provision
The Company estimates the bad debts provision related to its debtors based on assessment of specific accounts when the Company has information that certain counterparties are unable to meet their financial obligations. In these cases judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship with the counterparty and the counterparty’s current credit status based on credit reports and known market factors. The Company used judgment to record specific reserves for counterparties against amounts due to reduce the expected collectible amounts. These specific reserves are re-evaluated and adjusted as additional information received impacts the amounts estimated. The amounts and timing of recorded expenses for any period would differ if different judgments were made or different estimates were utilised. An increase in the allowance for doubtful accounts would increase the recognised operating expenses and decrease current assets. As at 31 December 2023, the total bad debts provision amounted to €Nil (2022: €Nil).

Estimating useful lives of depreciable assets
The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above.

Page 14

 
Principal Logistics Technologies Ltd
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

4.


Operating (loss)/profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Research & development charged as an expense
96,506
14,370

Exchange differences
(12)
233

Depreciation of tangible fixed assets
49,878
30,896

Audit remuneration
7,200
8,250

Defined contribution pension cost
85,658
51,078

46,242
75,621


5.


Employees

2023
2022
£
£

Wages and salaries
930,334
606,349

Social security costs
130,347
100,421

Cost of defined contribution scheme
85,658
51,078

1,146,339
757,848


The average monthly number of employees, including the directors, during the financial year was as follows:


        2023
        2022
            No.
            No.







Employees
19
15


6.


Taxation


2023
2022
£
£



Taxation on profit
-
-
Page 15

 
Principal Logistics Technologies Ltd
 
 
Notes to the financial statements
For the financial year ended 31 December 2023
 
6.Taxation (continued)


Factors affecting tax charge for the financial year

The tax assessed for the financial year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 23.5% (2022:19%). The differences are explained below:

2023
2022
£
£


Profit before tax
(128,806)
199,875


Profit multiplied by standard rate of corporation tax in the UK of 23.5% (2022: 19%)
(30,269)
37,976

Effects of:


Other timing difference
(1,933)
-

Group loss carryforward/(surrender)
32,202
(37,976)

Total tax charge for the financial year
-
-


Factors that may affect future tax charges

The standard rate of UK Corporation Tax remained at 19% until 31 March 2023. In accordance with the Finance Act 2021, the tax rate was increased to 25% from 1 April 2023 for companies generating taxable profits of more than £250,000. The 19% tax rate continues to apply to ‘small’ companies with profits less than £50,000, with a ‘taper relief rate’ for those companies with profits between the new thresholds. The 23.5% rate used above reflects 9 months of the new rate and 3 months of the previous rate of 19%

Page 16

 
Principal Logistics Technologies Ltd
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

7.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
115,740


Additions
61,917



At 31 December 2023

177,657



Depreciation


At 1 January 2023
46,061


Charge for the financial year
49,878



At 31 December 2023

95,939



Net book value



At 31 December 2023
81,718



At 31 December 2022
69,679


8.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
172,136
418,053

Amounts owed by group undertakings
1,595,277
1,730,665

Amounts owed by joint ventures and associated undertakings
48,570
48,570

Other debtors
-
12,180

Prepayments and accrued income
59,955
48,359

1,875,938
2,257,827


Amounts owed by group undertakings, joint ventures and associated undertakings are unsecured, interest free and repayable on demand.


9.


Cash at bank

2023
2022
£
£

Cash at bank
292,509
73,007


Page 17

 
Principal Logistics Technologies Ltd
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
38,782
101,428

Amounts owed to group undertakings
1,736,326
1,889,239

Other taxation and social security
81,130
68,392

Other creditors
7,652
7,722

Accruals and deferred income
691,113
509,764

2,555,003
2,576,545


Trade creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.

Other taxation and social insurance are payable at various dates over the coming months in accordance with the applicable statutory provisions.

Amounts owed to group companies are unsecured, interest free and repayable on demand.

The terms of accruals and deferred income are based on the underlying contracts.


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022: 100) Ordinary shares of £1.00 each
100
100



12.


Reserves

Profit and loss account

Profit and loss account – includes all current and prior period retained profits and losses.


13.


Pension commitments

The Company operated a PRSA scheme during the financial year. The assets of the schemes are held separately from those of the Company. Pension costs for the period amounted to £85,658 (2022: £51,078).

Page 18

 
Principal Logistics Technologies Ltd
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

14.


Related party transactions

The Company has availed itself of the exemption under Financial Reporting Standard 102 not to give details of related party transactions with group companies at it is wholly owned subsidiary of the ultimate parent company of the group, Dazewell Limited.

There were no other significant transactions to be disclosed as required under Financial Reporting Standard 102.


15.


Events after the end of the financial year

There have been no significant events affecting the Company since the financial year end.


16.


Controlling party

The Company is a subsidiary of Principal Systems (Holdings) Limited, a company incorporated in the Republic of Ireland.

The ultimate controlling company is Dazewell Limited, which is incorporated in the Republic of Ireland.


17.


Approval of financial statements

The board of directors approved these financial statements for issue on 20 June 2024


Page 19