IRIS Accounts Production v24.3.0.553 11795160 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh117951602023-01-31117951602024-01-31117951602023-02-012024-01-31117951602022-01-31117951602022-02-012023-01-31117951602023-01-3111795160ns15:EnglandWales2023-02-012024-01-3111795160ns14:PoundSterling2023-02-012024-01-3111795160ns10:Director12023-02-012024-01-3111795160ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3111795160ns10:SmallEntities2023-02-012024-01-3111795160ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3111795160ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3111795160ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3111795160ns10:FullAccounts2023-02-012024-01-3111795160ns5:CurrentFinancialInstruments2024-01-3111795160ns5:CurrentFinancialInstruments2023-01-3111795160ns5:Non-currentFinancialInstruments2024-01-3111795160ns5:Non-currentFinancialInstruments2023-01-3111795160ns5:ShareCapital2024-01-3111795160ns5:ShareCapital2023-01-3111795160ns5:RetainedEarningsAccumulatedLosses2024-01-3111795160ns5:RetainedEarningsAccumulatedLosses2023-01-311179516012023-02-012024-01-3111795160ns5:PlantMachinery2023-02-012024-01-3111795160ns5:MotorVehicles2023-02-012024-01-3111795160ns5:ComputerEquipment2023-02-012024-01-3111795160ns5:PlantMachinery2023-01-3111795160ns5:MotorVehicles2023-01-3111795160ns5:ComputerEquipment2023-01-3111795160ns5:PlantMachinery2024-01-3111795160ns5:MotorVehicles2024-01-3111795160ns5:ComputerEquipment2024-01-3111795160ns5:PlantMachinery2023-01-3111795160ns5:MotorVehicles2023-01-3111795160ns5:ComputerEquipment2023-01-3111795160ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-3111795160ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-31
REGISTERED NUMBER: 11795160 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Principle Construction and
Maintenance Ltd

Principle Construction and
Maintenance Ltd (Registered number: 11795160)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Principle Construction and
Maintenance Ltd (Registered number: 11795160)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £ £
Fixed assets
Tangible assets 4 175,574 84,826

Current assets
Debtors 5 142,861 29,595
Cash at bank 299,965 226,261
442,826 255,856
Creditors
Amounts falling due within one year 6 (156,060 ) (101,135 )
Net current assets 286,766 154,721
Total assets less current liabilities 462,340 239,547

Creditors
Amounts falling due after more than one
year

7

(39,872

)

-

Provisions for liabilities (26,441 ) (19,200 )
Net assets 396,027 220,347

Capital and reserves
Called up share capital 100 100
Retained earnings 395,927 220,247
396,027 220,347

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Principle Construction and
Maintenance Ltd (Registered number: 11795160)

Balance Sheet - continued
31 January 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





Mr S A Burrows - Director


Principle Construction and
Maintenance Ltd (Registered number: 11795160)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. Statement of compliance

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.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance
Computer equipment - 25% p.a. reducing balance

Principle Construction and
Maintenance Ltd (Registered number: 11795160)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Principle Construction and
Maintenance Ltd (Registered number: 11795160)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


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.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 13 (2023 - 12 ) .

Principle Construction and
Maintenance Ltd (Registered number: 11795160)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


4. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1 February 2023 10,085 85,481 16,443 112,009
Additions 19,325 116,459 7,701 143,485
Disposals - (8,539 ) - (8,539 )
At 31 January 2024 29,410 193,401 24,144 246,955
Depreciation
At 1 February 2023 2,377 19,548 5,258 27,183
Charge for year 4,536 37,051 3,856 45,443
Eliminated on disposal - (1,245 ) - (1,245 )
At 31 January 2024 6,913 55,354 9,114 71,381
Net book value
At 31 January 2024 22,497 138,047 15,030 175,574
At 31 January 2023 7,708 65,933 11,185 84,826

5. Debtors: amounts falling due within one year
31.1.24 31.1.23
£ £
Trade debtors 123,976 28,124
Other debtors 18,885 1,471
142,861 29,595

6. Creditors: amounts falling due within one year
31.1.24 31.1.23
£ £
Hire purchase contracts 3,306 -
Taxation and social security 131,161 98,005
Other creditors 21,593 3,130
156,060 101,135

7. Creditors: amounts falling due after more than one year
31.1.24 31.1.23
£ £
Hire purchase contracts 39,872 -