1 July 2023 false No description of principal activity Taxfiler 2024.5 05853038business:PrivateLimitedCompanyLtd2023-07-012024-06-30 058530382023-06-30 058530382023-07-012024-06-30 05853038business:AuditExemptWithAccountantsReport2023-07-012024-06-30 05853038business:FilletedAccounts2023-07-012024-06-30 058530382024-06-30 058530382023-06-30 05853038core:WithinOneYear2024-06-30 05853038core:WithinOneYear2023-06-30 05853038core:ShareCapitalcore:PreviouslyStatedAmount2024-06-30 05853038core:ShareCapitalcore:PreviouslyStatedAmount2023-06-30 05853038core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-06-30 05853038core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-06-30 05853038core:PreviouslyStatedAmount2024-06-30 05853038core:PreviouslyStatedAmount2023-06-30 05853038business:SmallEntities2023-07-012024-06-30 05853038business:Director12023-07-012024-06-30 05853038countries:EnglandWales2023-07-012024-06-30 05853038business:RegisteredOffice2023-07-012024-06-30 05853038core:PlantMachinery2023-07-012024-06-30 05853038core:MotorVehicles2023-07-012024-06-30 05853038core:ComputerEquipment2023-07-012024-06-30 05853038core:PlantMachinery2023-06-30 05853038core:MotorVehicles2023-06-30 05853038core:ComputerEquipment2023-06-30 05853038core:PlantMachinery2024-06-30 05853038core:MotorVehicles2024-06-30 05853038core:ComputerEquipment2024-06-30 05853038core:AfterOneYear2024-06-30 05853038core:AfterOneYear2023-06-30 05853038business:OrdinaryShareClass12023-07-012024-06-30 05853038business:OrdinaryShareClass12022-07-012023-06-30 05853038business:Director112023-07-012024-06-30 05853038business:Director112023-06-30 05853038business:Director112024-06-30 05853038business:Director22023-07-012024-06-30 05853038business:Director222023-07-012024-06-30 05853038business:Director222023-06-30 05853038business:Director222024-06-30 058530382022-07-012023-06-30 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 05853038 (England and Wales)
Principal Homes Limited Unaudited accounts for the year ended 30 June 2024
Principal Homes Limited Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
14,088 
18,784 
Current assets
Inventories
920,219 
264,566 
Debtors
331,986 
469,153 
Cash at bank and in hand
223 
375,474 
1,252,428 
1,109,193 
Creditors: amounts falling due within one year
(220,219)
(3,996)
Net current assets
1,032,209 
1,105,197 
Total assets less current liabilities
1,046,297 
1,123,981 
Provisions for liabilities
Deferred tax
(2,677)
(3,569)
Net assets
1,043,620 
1,120,412 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
1,042,620 
1,119,412 
Shareholders' funds
1,043,620 
1,120,412 
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by
Shaun Watcham Director Company Registration No. 05853038
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Principal Homes Limited Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Principal Homes Limited is a private company, limited by shares, registered in England and Wales, registration number 05853038. The registered office is OAK HOUSE CHURCH LANE, GREAT HOLLAND, FRINTON-ON-SEA, CO13 0JS, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance Basis
Motor vehicles
25% Reducing Balance Basis
Computer equipment
25% Reducing Balance Basis
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Principal Homes Limited Notes to the Accounts for the year ended 30 June 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 July 2023
37,638 
19,000 
1,037 
57,675 
At 30 June 2024
37,638 
19,000 
1,037 
57,675 
Depreciation
At 1 July 2023
33,350 
4,750 
791 
38,891 
Charge for the year
1,072 
3,563 
61 
4,696 
At 30 June 2024
34,422 
8,313 
852 
43,587 
Net book value
At 30 June 2024
3,216 
10,687 
185 
14,088 
At 30 June 2023
4,288 
14,250 
246 
18,784 
5
Inventories
2024 
2023 
£ 
£ 
Work in progress
920,219 
264,566 
920,219 
264,566 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
500 
- 
Amounts falling due after more than one year
Other debtors
331,486 
469,153 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
(2,194)
(9,537)
Trade creditors
160 
- 
Taxes and social security
9,923 
6,535 
Loans from directors
210,826 
5,558 
Accruals
1,504 
1,440 
220,219 
3,996 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
- 4 -
Principal Homes Limited Notes to the Accounts for the year ended 30 June 2024
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Shaun Watcham
Interest free loans made to the Company
2,779 
102,634 
- 
105,413 
Karen Watcham
Interest free loans made to the Company
2,779 
102,634 
- 
105,413 
5,558 
205,268 
- 
210,826 
10
Transactions with related parties
The company has made a loan to a company controlled by the Director. This company is incorporated in England and Wales. The loan is interest free and payable on demand. At 30th June 2024 the balance owed on this loan is as follows: Hamford Homes Limited £251,485.56 (2023: £459,152.75)
11
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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