Principal Projx Ltd

Contents

Statement of financial position	1
Notes to the Unaudited Financial Statements	2 to 6

Principal Projx Ltd

(Registration number: 11740166)
Statement of financial position as at 30 September 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	165,882	123,573
Current assets
Debtors	5	151,393	157,138
Cash at bank and in hand		396,585	114,382
		547,978	271,520
Creditors: Amounts falling due within one year	6	(458,466)	(191,455)
Net current assets		89,512	80,065
Total assets less current liabilities		255,394	203,638
Creditors: Amounts falling due after more than one year	6	(76,532)	(68,189)
Provisions for liabilities		(35,223)	(30,893)
Net assets		143,639	104,556
Capital and reserves
Called up share capital	7	6	6
Retained earnings		143,633	104,550
Shareholders' funds		143,639	104,556

For the financial year ending 30 September 2025 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 25 November 2025 and signed on its behalf by:
 

......................................... Mr T Sharp Director

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

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:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 25 November 2025.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Plant and equipment	25% reducing balance
Office and computer equipment	33% straight line
Motor vehicles	25% straight line
Freehold Property	20% straight line

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

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 6 (2024 - 6).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2024	36,688	17,911	123,095	177,694
Additions	-	10,618	96,100	106,718
At 30 September 2025	36,688	28,529	219,195	284,412
Depreciation
At 1 October 2024	4,831	3,893	45,398	54,122
Charge for the year	7,337	6,668	50,403	64,408
At 30 September 2025	12,168	10,561	95,801	118,530
Carrying amount
At 30 September 2025	24,520	17,968	123,394	165,882
At 30 September 2024	31,857	14,019	77,697	123,573

5

Debtors

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Current	2025 £	2024 £
Trade debtors	101,248	17,748
Prepayments	26,306	24,896
Other debtors	23,839	114,494
	151,393	157,138

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	48,444	10,489
Trade creditors		2,579	-
Taxation and social security		255,246	119,387
Accruals and deferred income		14,804	9,830
Other creditors		137,393	51,749
		458,466	191,455

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	76,532	68,189

7	Share capital

Allotted, called up and fully paid shares

	2025		2020
	No.	£	No.	£
Ordinary of £1 each	6	6	6	6

Principal Projx Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	76,532	68,189

Current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	48,444	10,489