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Registration number: 11187365

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 29 February 2024

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Balance Sheet

4 to 5

Notes to the Unaudited Abridged Financial Statements

6 to 10

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

Company Information

Director

Mr Richard O'Connor

Registered office

Beaumont Accountancy Services 1ST Floor Enterprise House
202-206 Linthorpe Road
Middlesbrough
Cleveland
TS1 3QW

Accountants

Beaumont Accountancy Services
Beaumont Accountancy Services First Floor Enterprise House
202-206 Linthorpe Road
Middlesbrough
Cleveland
TS1 3QW

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

Director's Report for the Year Ended 29 February 2024

The director presents his report and the abridged financial statements for the year ended 29 February 2024.

Director of the company

The director who held office during the year was as follows:

Mr Richard O'Connor

Principal activity

The principal activity of the company is is that of management consultancy activities other than financial management.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 29 November 2024
 

.........................................
Mr Richard O'Connor
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Principal Project & Management (Ne) Limited for the year ended 29 February 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Principal Project & Management (Ne) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Principal Project & Management (Ne) Limited. You consider that Principal Project & Management (Ne) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Principal Project & Management (Ne) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Beaumont Accountancy Services
Beaumont Accountancy Services First Floor Enterprise House
202-206 Linthorpe Road
Middlesbrough
Cleveland
TS1 3QW

29 November 2024

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

(Registration number: 11187365)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

738,378

754,535

Current assets

 

Debtors

6

255,571

205,783

Cash at bank and in hand

 

214,262

648,628

 

469,833

854,411

Creditors: Amounts falling due within one year

(339,157)

(906,338)

Net current assets/(liabilities)

 

130,676

(51,927)

Total assets less current liabilities

 

869,054

702,608

Creditors: Amounts falling due after more than one year

(22,500)

(32,500)

Accruals and deferred income

 

(800)

(700)

Net assets

 

845,754

669,408

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

845,654

669,308

Shareholders' funds

 

845,754

669,408

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 29 November 2024
 

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

(Registration number: 11187365)
Abridged Balance Sheet as at 29 February 2024

.........................................
Mr Richard O'Connor
Director

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Beaumont Accountancy Services 1ST Floor Enterprise House
202-206 Linthorpe Road
Middlesbrough
Cleveland
TS1 3QW
England

These financial statements were authorised for issue by the director on 29 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Van

25% Reducing

Fridge

15% Reducing

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,462

22,492

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

678,545

45,656

97,253

821,454

Additions

-

1,305

-

1,305

At 29 February 2024

678,545

46,961

97,253

822,759

Depreciation

At 1 March 2023

-

11,092

55,827

66,919

Charge for the year

-

7,106

10,356

17,462

At 29 February 2024

-

18,198

66,183

84,381

Carrying amount

At 29 February 2024

678,545

28,763

31,070

738,378

At 28 February 2023

678,545

34,564

41,426

754,535

Included within the net book value of land and buildings above is £678,545 (2023 - £678,545) in respect of freehold land and buildings.
 

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Dividends

Interim dividends paid

 

Principal Project & Management (Ne) Limited

trading as Principal Project & Management (NE) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Interim dividend of £Nil per each Ordinary £1

-

-