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REGISTERED NUMBER: 11396181 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Principle Design Ltd

Principle Design Ltd (Registered number: 11396181)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Principle Design Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTOR: J Grundy





REGISTERED OFFICE: 33 Links Way
Drighlington
Bradford
BD11 1LE





REGISTERED NUMBER: 11396181 (England and Wales)





ACCOUNTANTS: Fortus Limited
3 Park Square East
Leeds
LS1 2NE

Principle Design Ltd (Registered number: 11396181)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 4,076 4,867

CURRENT ASSETS
Debtors 5 48,383 40,414
Cash at bank 37,560 23,710
85,943 64,124
CREDITORS
Amounts falling due within one year 6 40,656 25,181
NET CURRENT ASSETS 45,287 38,943
TOTAL ASSETS LESS CURRENT LIABILITIES 49,363 43,810

CREDITORS
Amounts falling due after more than
one year

7

(9,200

)

(13,800

)

PROVISIONS FOR LIABILITIES 8 (769 ) (924 )
NET ASSETS 39,394 29,086

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 39,294 28,986
SHAREHOLDERS' FUNDS 39,394 29,086

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Principle Design Ltd (Registered number: 11396181)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 January 2025 and were signed by:





J Grundy - Director


Principle Design Ltd (Registered number: 11396181)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Principle Design Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Principle Design Ltd (Registered number: 11396181)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2023 11,300
Additions 1,300
At 30 June 2024 12,600
DEPRECIATION
At 1 July 2023 6,433
Charge for year 2,091
At 30 June 2024 8,524
NET BOOK VALUE
At 30 June 2024 4,076
At 30 June 2023 4,867

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 28,603 23,638
Directors' current accounts 19,780 16,776
48,383 40,414

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 17,050 15,074
Social security and other taxes 13,656 157
Accrued expenses 9,950 9,950
40,656 25,181

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank Loan 9,200 13,800

Principle Design Ltd (Registered number: 11396181)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The bank loan represents a loan under HM Government Coronavirus Business Bounce Back Loan Scheme.

The loan carries an interest rate of 2.5% per annum and it is repayable in accordance with the rules of the scheme.

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 769 924

Deferred
tax
£   
Balance at 1 July 2023 924
Credit to Income Statement during year (155 )
Balance at 30 June 2024 769

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 July 2023 28,986
Profit for the year 60,808
Dividends (50,500 )
At 30 June 2024 39,294

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £37,875 (2023 - £38,000) were paid to the director.

At 30 June 2024 the director owed a sum of £19,780 (2023: £16,776) to the company, this amount was repaid within 9 months of the year end.

12. ULTIMATE CONTROLLING PARTY

The controlling party is J Grundy.