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Registered number: 11056986









PRINCIPLE ESTATE SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
PRINCIPLE ESTATE SERVICES LIMITED
REGISTERED NUMBER: 11056986

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
579,905
506,957

Cash at bank and in hand
 5 
29,306
33,886

  
609,211
540,843

Creditors: amounts falling due within one year
 6 
(304,514)
(244,016)

Net current assets
  
 
 
304,697
 
 
296,827

Total assets less current liabilities
  
304,697
296,827

Creditors: amounts falling due after more than one year
 7 
(40,000)
(40,000)

  

Net assets
  
264,697
256,827


Capital and reserves
  

Called up share capital 
  
206
206

Profit and loss account
  
264,491
256,621

  
264,697
256,827


Page 1

 
PRINCIPLE ESTATE SERVICES LIMITED
REGISTERED NUMBER: 11056986
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Williams
Director

Date: 30 January 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PRINCIPLE ESTATE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Principle Estate Services Limited (the company) is a limited liability company incorporated and domiciled in the United Kingdom. 
The address of its registered office is:
137 Newhall Street
Birmingham
B3 1SF
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 30 September 2024 (2023: Year ended 30 September 2023).
The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
The following principal accounting policies have been applied: 

2.Accounting policies

 
2.1

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.2

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
PRINCIPLE ESTATE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.


Employees

The average monthly number of employees, including directors, during the year was 68 (2023 - 54).

Page 4

 
PRINCIPLE ESTATE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Debtors

2024
2023
£
£


Trade debtors
21,801
17,054

Amounts owed by connected LLP
546,124
476,620

Other debtors
9,357
10,685

Called up share capital not paid
100
100

Prepayments and accrued income
2,523
2,498

579,905
506,957



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
29,306
33,886

29,306
33,886



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,564
3,229

Corporation tax
4,400
4,000

Other taxation and social security
116,186
84,391

Other creditors
117,124
102,125

Accruals and deferred income
61,240
50,271

304,514
244,016


Page 5

 
PRINCIPLE ESTATE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
40,000
40,000

40,000
40,000


Other Creditors relate to Directors loans, which are unsecured and bear interest at a rate of 5% per annum.


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £49,130 (2023: £32,771). Contributions totalling £13,302 (2023: £17,950) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions


2024
2023
£
£

Management recharge to companies with directors/members in common
1,300,000
959,225
Balances due from companies with directors/members in common
546,124
476,620

Key management personnel remuneration amounts to £17,576 (2023: £17,576).
 
Page 6