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
Tangible assets
14,088
18,784
Inventories
920,219
264,566
Cash at bank and in hand
223
375,474
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
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
Principal Homes Limited
Notes to the Accounts
for the year ended 30 June 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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 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.
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
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
At 30 June 2024
3,216
10,687
185
14,088
At 30 June 2023
4,288
14,250
246
18,784
Work in progress
920,219
264,566
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
Taxes and social security
9,923
6,535
Loans from directors
210,826
5,558
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
Principal Homes Limited
Notes to the Accounts
for the year ended 30 June 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loans made to the Company
2,779
102,634
-
105,413
Interest free loans made to the Company
2,779
102,634
-
105,413
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).