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Registration number: 11341216

Principle Networks Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Principle Networks Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Principle Networks Ltd

Company Information

Directors

Mr Russell Charles Crowley

Mr Alexander Benjamin Steer

Registered office

Citypoint
1 Ropemaker Street
London
EC2Y 9HT

Accountants

Smith Butler
Accountants and Business Advisors
Sapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX

 

Principle Networks Ltd

(Registration number: 11341216)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

50,971

-

Tangible assets

5

158,976

184,834

 

209,947

184,834

Current assets

 

Debtors

6

1,801,503

797,238

Cash at bank and in hand

 

1,062,392

830,578

 

2,863,895

1,627,816

Creditors: Amounts falling due within one year

7

(2,138,193)

(1,063,347)

Net current assets

 

725,702

564,469

Total assets less current liabilities

 

935,649

749,303

Creditors: Amounts falling due after more than one year

7

(120,120)

(137,349)

Net assets

 

815,529

611,954

Capital and reserves

 

Called up share capital

8

2,000

2,000

Retained earnings

813,529

609,954

Shareholders' funds

 

815,529

611,954

For the financial year ending 31 May 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.

 

Principle Networks Ltd

(Registration number: 11341216)
Balance Sheet as at 31 May 2024

Approved and authorised by the Board on 6 December 2024 and signed on its behalf by:
 

.........................................
Mr Russell Charles Crowley
Director

 

Principle Networks Ltd

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

1

General information

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

The address of its registered office is:
Citypoint
1 Ropemaker Street
London
EC2Y 9HT

These financial statements were authorised for issue by the Board on 6 December 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 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 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.

 

Principle Networks Ltd

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

Government grants

Government grants are recognised under the accrual model of FRS 102.

The UK government offered a rage of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments and, for some sectors, business rates holidays. Of the offered schemes the company used the furlough scheme. The income from the furlough scheme has been recognised in ‘other operating income.’ Government grants are recognised when the company has reasonable assurance they will comply with the conditions attaching the grant, and the grant will be received.

Tax

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

Office Equipment
Motor Vehicles

20% Straight Line
20% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

 

Principle Networks Ltd

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

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

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 21 (2023 - 18).

 

Principle Networks Ltd

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

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

Additions acquired separately

51,404

51,404

At 31 May 2024

51,404

51,404

Amortisation

Amortisation charge

433

433

At 31 May 2024

433

433

Carrying amount

At 31 May 2024

50,971

50,971

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

20,545

194,984

215,529

Additions

13,839

-

13,839

At 31 May 2024

34,384

194,984

229,368

Depreciation

At 1 June 2023

7,947

22,748

30,695

Charge for the year

5,250

34,447

39,697

At 31 May 2024

13,197

57,195

70,392

Carrying amount

At 31 May 2024

21,187

137,789

158,976

At 31 May 2023

12,598

172,236

184,834

 

Principle Networks Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

757,501

426,861

Prepayments

38,641

31,290

Other debtors

1,005,361

339,087

 

1,801,503

797,238

 

Principle Networks Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

18,795

20,362

Trade creditors

 

215,921

347,771

Taxation and social security

 

190,172

93,100

Accruals and deferred income

 

1,702,944

595,833

Other creditors

 

10,361

6,281

 

2,138,193

1,063,347

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

120,120

137,349

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

1,000

1,000

1,000

1,000

Ordinary B of £1 each

1,000

1,000

1,000

1,000

2,000

2,000

2,000

2,000

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

120,120

137,349

Current loans and borrowings

2024
£

2023
£

Other borrowings

18,795

20,362