Company Registration No. 05853038 (England and Wales)
Principal Homes Limited
Unaudited accounts
for the year ended 30 June 2025
Principal Homes Limited
Statement of financial position
as at 30 June 2025
Tangible assets
404,578
14,088
Inventories
609,208
920,219
Cash at bank and in hand
393,400
223
Creditors: amounts falling due within one year
(389,972)
(220,219)
Net current assets
707,737
1,032,209
Total assets less current liabilities
1,112,315
1,046,297
Provisions for liabilities
Deferred tax
(2,444)
(2,677)
Net assets
1,109,871
1,043,620
Called up share capital
1,000
1,000
Profit and loss account
1,108,871
1,042,620
Shareholders' funds
1,109,871
1,043,620
For the year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by
Shaun Watcham
Director
Company Registration No. 05853038
Principal Homes Limited
Notes to the Accounts
for the year ended 30 June 2025
Principal Homes Limited is a private company, limited by shares, registered in England and Wales, registration number 05853038. The registered office is OAK HOUSE CHURCH LANE, GREAT HOLLAND, FRINTON-ON-SEA, CO13 0JS, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance Basis
Motor vehicles
25% Reducing Balance Basis
Computer equipment
25% Reducing Balance Basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Principal Homes Limited
Notes to the Accounts
for the year ended 30 June 2025
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 July 2024
-
37,638
19,000
1,037
57,675
Additions
394,802
-
-
-
394,802
Disposals
-
(32,513)
-
-
(32,513)
At 30 June 2025
394,802
5,125
19,000
1,037
419,964
At 1 July 2024
-
34,422
8,313
852
43,587
Charge for the year
-
804
2,672
46
3,522
On disposals
-
(31,723)
-
-
(31,723)
At 30 June 2025
-
3,503
10,985
898
15,386
At 30 June 2025
394,802
1,622
8,015
139
404,578
At 30 June 2024
-
3,216
10,687
185
14,088
Work in progress
609,208
920,219
Amounts falling due within one year
Accrued income and prepayments
100
500
Amounts falling due after more than one year
Other debtors
95,001
331,486
7
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
31,858
9,923
Loans from directors
354,786
210,826
Principal Homes Limited
Notes to the Accounts
for the year ended 30 June 2025
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loans made to the Company
105,413
71,980
-
177,393
Interest free loans made to the Company
105,413
71,980
-
177,393
210,826
143,960
-
354,786
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Average number of employees
During the year the average number of employees was 2 (2024: 2).