2023-03-012024-02-292024-02-29false07519905PRINCELET PARTNERS 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PRINCELET PARTNERS LIMITED

Registered Number
07519905
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

PRINCELET PARTNERS LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

Stephen Thomas Moore

Registered Address

16 The Mall
Surbiton
KT6 4EQ

Registered Number

07519905 (England and Wales)
PRINCELET PARTNERS LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,5121,283
1,5121,283
Current assets
Debtors4628,193678,217
Cash at bank and on hand41,529238,640
669,722916,857
Creditors amounts falling due within one year5(218,901)(158,155)
Net current assets (liabilities)450,821758,702
Total assets less current liabilities452,333759,985
Net assets452,333759,985
Capital and reserves
Called up share capital100100
Profit and loss account452,233759,885
Shareholders' funds452,333759,985
The financial statements were approved and authorised for issue by the Director on 7 November 2024, and are signed on its behalf by:
Stephen Thomas Moore
Director
Registered Company No. 07519905
PRINCELET PARTNERS LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 of accounting in preparing its financial statements.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year66
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 March 2324,889
Additions1,219
At 29 February 2426,108
Depreciation and impairment
At 01 March 2323,607
Charge for year989
At 29 February 2424,596
Net book value
At 29 February 241,512
At 28 February 231,283
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables481,796536,787
Other debtors11,3706,402
Prepayments and accrued income135,027135,028
Total628,193678,217
Prepayments reflect amounts that can be claimed from HMRC for loan tax paid on the directors loan account, if the loan is repaid within four years.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables71,19622,955
Taxation and social security147,705135,200
Total218,901158,155
6.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Stephen Thomas Moore481,08264,91481,000464,996
481,08264,91481,000464,996
This loan is unsecured and bears interest as per the HMRC rate of 2.25%
7.Related party transactions
The company rents office space from the director and pays a market related rental for this.