Principles Communications Limited 01983541 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is an advertising agency Digita Accounts Production Advanced 6.30.9574.0 true true true 01983541 2023-04-01 2024-03-31 01983541 2024-03-31 01983541 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-03-31 01983541 core:ShareCapital 2024-03-31 01983541 core:CurrentFinancialInstruments 2024-03-31 01983541 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01983541 core:Non-currentFinancialInstruments 2024-03-31 01983541 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01983541 bus:SmallEntities 2023-04-01 2024-03-31 01983541 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01983541 bus:FilletedAccounts 2023-04-01 2024-03-31 01983541 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01983541 bus:RegisteredOffice 2023-04-01 2024-03-31 01983541 bus:Director4 2023-04-01 2024-03-31 01983541 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-01 2024-03-31 01983541 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01983541 1 2023-04-01 2024-03-31 01983541 countries:AllCountries 2023-04-01 2024-03-31 01983541 2022-04-01 2023-03-31 01983541 2023-03-31 01983541 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-31 01983541 core:ShareCapital 2023-03-31 01983541 core:CurrentFinancialInstruments 2023-03-31 01983541 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01983541 core:Non-currentFinancialInstruments 2023-03-31 01983541 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01983541

Principles Communications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Principles Communications Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Principles Communications Limited

(Registration number: 01983541)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Current assets

   

 

Debtors

4

 

98,485

 

143,940

Creditors: Amounts falling due within one year

5

 

(45,455)

 

(45,455)

Total assets less current liabilities

   

53,030

 

98,485

Creditors: Amounts falling due after more than one year

5

 

(53,029)

 

(98,484)

Net assets

   

1

 

1

Capital and reserves

   

 

Called up share capital

7

1

 

1

 

Shareholders' funds

   

1

 

1

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 

.........................................
D M Bywater
Director

 

Principles Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
White Rose House
Otley Road
Headingley
Leeds
LS6 2AD

These financial statements were authorised for issue by the Board on 13 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Going concern

The financial statements have been prepared on a going concern basis. The company ceased to trade during the prior year but has the support of its parent company to continue to meet its debts as they fall due.

Revenue recognition

Turnover is measured at fair value of the consideration received or receivable, net of discounts and value added taxes. All turnover is generated from the rendering of services.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognisable are recoverable.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Principles Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

 

Principles Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

98,485

143,940

   

98,485

143,940

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

45,455

45,455

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

53,029

98,484

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

53,029

98,484

Current loans and borrowings

2024
£

2023
£

Bank borrowings

45,455

45,455

Bank loans of £98,484 (2023 - £143,939) are secured by way of a fixed and floating charge over the assets of the company.

 

Principles Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Parent and ultimate parent undertaking

The company's immediate parent is Advertising Principles Holdings Limited, incorporated in England and Wales. The registered address of Advertising Principles Holdings Limited is White Rose House, Otley Road, Headingley, Leeds, LS6 2AD.